Ellsworth Growth and Income Fund (NYSEAMERICAN:ECF) Stock: Insider Saba Capital Management, L.P. Buys 2,600 Shares

Key Points

• Saba Capital Management bought 2,600 ECF shares at an average price of $11.58, increasing its position to 1,792,455 shares valued at approximately $20.8 million.
• The purchase was part of a broader buying streak in October, during which Saba acquired more than 140,000 additional shares across multiple transactions.
• ECF shares traded at $11.47, while the fund raised its quarterly dividend to $0.22 per share, representing an annualized yield of approximately 7.7%.

Ellsworth Growth and Income Fund Ltd. (NYSEAMERICAN:ECF - Get Free Report) major shareholder Saba Capital Management, L.P. acquired 2,600 shares of the company's stock in a transaction that occurred on Wednesday, October 21st. The shares were acquired at an average cost of $11.58 per share, with a total value of $30,108.00. Following the purchase, the insider owned 1,792,455 shares in the company, valued at $20,756,628.90. This represents a 0.15% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Large shareholders that own more than 10% of a company's stock are required to disclose their sales and purchases with the SEC.

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

• On Tuesday, October 20th, Saba Capital Management, L.P. purchased 1,830 shares of Ellsworth Growth and Income Fund stock. The shares were purchased at an average cost of $11.39 per share, for a total transaction of $20,843.70.
• On Monday, October 19th, Saba Capital Management, L.P. acquired 17,079 shares of Ellsworth Growth and Income Fund stock. The stock was acquired at an average price of $11.47 per share, for a total transaction of $195,896.13.
• On Friday, October 16th, Saba Capital Management, L.P. acquired 16,347 shares of Ellsworth Growth and Income Fund stock. The stock was acquired at an average price of $11.65 per share, for a total transaction of $190,442.55.
• On Thursday, October 15th, Saba Capital Management, L.P. bought 9,969 shares of Ellsworth Growth and Income Fund stock. The shares were acquired at an average cost of $11.62 per share, with a total value of $115,839.78.
• On Wednesday, October 14th, Saba Capital Management, L.P. bought 56,083 shares of Ellsworth Growth and Income Fund stock. The stock was bought at an average price of $11.74 per share, with a total value of $658,414.42.
• On Monday, October 12th, Saba Capital Management, L.P. purchased 14,600 shares of Ellsworth Growth and Income Fund stock. The shares were purchased at an average price of $12.03 per share, with a total value of $175,638.00.
• On Thursday, October 8th, Saba Capital Management, L.P. purchased 27,937 shares of Ellsworth Growth and Income Fund stock. The shares were acquired at an average cost 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 price of $11.97 per share, for a total transaction 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 shares were 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. acquired 5,000 shares of Ellsworth Growth and Income Fund stock. The stock was purchased at an average price of $12.25 per share, for a total transaction of $61,250.00.

Ellsworth Growth and Income Fund Stock Performance

Ellsworth Growth and Income Fund stock traded down $0.33 during mid-day trading on Thursday, hitting $11.47. The company had a trading volume of 9,045 shares, compared to its average volume of 32,908. The business has a fifty day moving average of $12.21 and a 200 day moving average of $12.51. Ellsworth Growth and Income Fund Ltd. has a 1 year low of $10.70 and a 1 year high of $13.85.

Ellsworth Growth and Income Fund Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 23rd. Investors of record on Wednesday, September 16th were paid a dividend of $0.22 per share. The ex-dividend date was Wednesday, September 16th. This represents a $0.88 dividend on an annualized basis and a yield of 7.7%. This is a boost from Ellsworth Growth and Income Fund's previous quarterly dividend of $0.19.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. Waverly Advisors LLC lifted its position in Ellsworth Growth and Income Fund by 3.2% in the first 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 raised 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 worth $301,000 after purchasing an additional 1,916 shares during the last quarter. Global Retirement Partners LLC purchased a new stake in shares of Ellsworth Growth and Income Fund in the second quarter valued at $28,000. Royal Bank of Canada boosted its stake 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 worth $617,000 after purchasing an additional 7,955 shares during the last quarter. Finally, Readystate Asset Management LP acquired a new stake in Ellsworth Growth and Income Fund during the second quarter worth approximately $154,000. 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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