Ellsworth Growth and Income Fund (NYSEAMERICAN:ECF) Stock: Insider Saba Capital Management, L.P. Buys 14,600 Shares

Key Points

• Saba Capital Management bought 14,600 ECF shares at an average price of $12.03, increasing its position by 0.87% to 1,688,547 shares valued at about $20.3 million.
• ECF shares recently traded at $11.72, below their 50-day and 200-day moving averages, while institutional investors collectively own 35.88% of the fund.
• The fund increased its quarterly dividend to $0.22 per share, implying an annualized payout of $0.88 and a dividend yield of approximately 7.5%.

Ellsworth Growth and Income Fund Ltd. (NYSEAMERICAN:ECF - Get Free Report) major shareholder Saba Capital Management, L.P. purchased 14,600 shares of the firm's stock in a transaction dated Monday, October 12th. The stock was acquired at an average price of $12.03 per share, for a total transaction of $175,638.00. Following the purchase, the insider owned 1,688,547 shares in the company, valued at approximately $20,313,220.41. The trade was a 0.87% increase in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Major shareholders that own more than 10% of a company's stock are required to disclose their transactions with the SEC.

Saba Capital Management, L.P. also recently made the following trade(s):

• On Thursday, October 8th, Saba Capital Management, L.P. bought 27,937 shares of Ellsworth Growth and Income Fund stock. The stock was acquired at an average price of $11.95 per share, for a total transaction of $333,847.15.
• On Wednesday, October 7th, Saba Capital Management, L.P. bought 17,548 shares of Ellsworth Growth and Income Fund stock. The shares were acquired at an average cost of $11.97 per share, with a total value of $210,049.56.
• On Friday, September 4th, Saba Capital Management, L.P. bought 6,800 shares of Ellsworth Growth and Income Fund stock. The stock was bought at an average cost of $12.36 per share, with a total value of $84,048.00.
• On Thursday, September 3rd, Saba Capital Management, L.P. bought 5,000 shares of Ellsworth Growth and Income Fund stock. The stock was bought at an average cost of $12.25 per share, with a total value of $61,250.00.
• On Friday, August 28th, Saba Capital Management, L.P. purchased 1,200 shares of Ellsworth Growth and Income Fund stock. The stock was bought at an average price of $12.47 per share, for a total transaction of $14,964.00.
• On Thursday, August 27th, Saba Capital Management, L.P. purchased 3,900 shares of Ellsworth Growth and Income Fund stock. The stock was bought at an average price of $12.49 per share, for a total transaction of $48,711.00.
• On Friday, August 21st, Saba Capital Management, L.P. purchased 5,742 shares of Ellsworth Growth and Income Fund stock. The shares were bought at an average cost of $12.53 per share, for a total transaction of $71,947.26.
• On Thursday, August 20th, Saba Capital Management, L.P. purchased 1,547 shares of Ellsworth Growth and Income Fund stock. The shares were bought at an average cost of $12.52 per share, for a total transaction of $19,368.44.

Ellsworth Growth and Income Fund Price Performance

ECF stock traded down $0.28 during trading on Wednesday, reaching $11.72. 127,051 shares of the company were exchanged, compared to its average volume of 32,837. The company has a 50-day moving average of $12.33 and a two-hundred day moving average of $12.49. Ellsworth Growth and Income Fund Ltd. has a twelve month low of $10.70 and a twelve month high of $13.85.

Ellsworth Growth and Income Fund Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, September 23rd. Shareholders of record on Wednesday, September 16th were paid a dividend of $0.22 per share. The ex-dividend date of this dividend was Wednesday, September 16th. This is a boost from Ellsworth Growth and Income Fund's previous quarterly dividend of $0.19. This represents a $0.88 dividend on an annualized basis and a dividend yield of 7.5%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in ECF. Uhlmann Price Securities LLC raised its position in shares of Ellsworth Growth and Income Fund by 1.5% in the 1st quarter. Uhlmann Price Securities LLC now owns 68,718 shares of the investment management company's stock worth $766,000 after acquiring an additional 1,000 shares in the last quarter. Waverly Advisors LLC lifted its stake in shares of Ellsworth Growth and Income Fund by 3.2% in the 1st quarter. Waverly Advisors LLC now owns 42,499 shares of the investment management company's stock valued at $474,000 after purchasing an additional 1,300 shares during the period. Private Advisor Group LLC boosted its position in shares of Ellsworth Growth and Income Fund by 7.6% during the 1st quarter. Private Advisor Group LLC now owns 27,015 shares of the investment management company's stock valued at $301,000 after purchasing an additional 1,916 shares in the last quarter. Global Retirement Partners LLC bought a new stake in shares of Ellsworth Growth and Income Fund during the 2nd quarter valued at about $28,000. Finally, Royal Bank of Canada boosted its position in shares of Ellsworth Growth and Income Fund by 16.8% during the 1st quarter. Royal Bank of Canada now owns 55,309 shares of the investment management company's stock valued at $617,000 after purchasing an additional 7,955 shares in the last quarter. Institutional investors and hedge funds own 35.88% of the company's stock.

About Ellsworth Growth and Income Fund

Ellsworth Growth and Income Fund, Inc is a closed-end management investment company listed on the NYSE American under the symbol ECF. The fund seeks to provide investors with current income and long-term capital appreciation through a professionally managed portfolio of securities.

The fund invests primarily in convertible securities, including convertible bonds and preferred stocks, as well as common stocks and other income-producing investments. Convertible securities may provide regular income while also offering the potential to participate in the appreciation of the underlying companies' common shares.

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