Ellsworth Growth and Income Fund (NYSEAMERICAN:ECF) Stock: Insider Saba Capital Management, L.P. Buys 27,937 Shares

Key Points

• Saba Capital Management bought 27,937 ECF shares at an average price of $11.95, investing approximately $333,847. The purchase increased its position by 1.70% to 1,673,947 shares.
• ECF shares traded at $11.94, below their 50-day average of $12.34 and 200-day average of $12.48, with a 12-month range of $10.70 to $13.85.
• The fund raised its quarterly dividend to $0.22 per share, or $0.88 annually, representing a 7.4% yield; institutional investors own 35.88% of the stock.

Ellsworth Growth and Income Fund Ltd. (NYSEAMERICAN:ECF - Get Free Report) major shareholder Saba Capital Management, L.P. acquired 27,937 shares of the firm's stock in a transaction that occurred on Thursday, October 8th. The shares were bought at an average cost of $11.95 per share, for a total transaction of $333,847.15. Following the acquisition, the insider owned 1,673,947 shares of the company's stock, valued at $20,003,666.65. This represents a 1.70% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Major shareholders that own 10% or more of a company's shares are required to disclose their transactions with the SEC.

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

• On Wednesday, October 7th, Saba Capital Management, L.P. bought 17,548 shares of Ellsworth Growth and Income Fund stock. The shares were bought 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 price of $12.36 per share, for a total transaction 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. bought 1,200 shares of Ellsworth Growth and Income Fund stock. The stock was bought at an average cost of $12.47 per share, with a total value 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 shares were bought at an average price of $12.49 per share, with a total value 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 price of $12.53 per share, with a total value 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 purchased at an average cost of $12.52 per share, for a total transaction of $19,368.44.

Ellsworth Growth and Income Fund Price Performance

Shares of NYSEAMERICAN:ECF traded down $0.11 during trading on Tuesday, hitting $11.94. 15,719 shares of the stock were exchanged, compared to its average volume of 32,259. The company has a fifty day moving average price of $12.34 and a two-hundred day moving average price of $12.48. Ellsworth Growth and Income Fund Ltd. has a 12-month low of $10.70 and a 12-month high of $13.85.

Ellsworth Growth and Income Fund Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 23rd. Investors of record on Wednesday, September 16th were issued a dividend of $0.22 per share. This is a boost from Ellsworth Growth and Income Fund's previous quarterly dividend of $0.19. This represents a $0.88 annualized dividend and a yield of 7.4%. The ex-dividend date of this dividend was Wednesday, September 16th.

Institutional Trading of Ellsworth Growth and Income Fund

A number of institutional investors have recently bought and sold shares of the company. Readystate Asset Management LP acquired a new stake in Ellsworth Growth and Income Fund in the second quarter valued at $154,000. Ruggaard & Associates LLC acquired a new position in shares of Ellsworth Growth and Income Fund during the 2nd quarter worth $248,000. Capstone Investment Advisors LLC acquired a new position in shares of Ellsworth Growth and Income Fund during the 2nd quarter worth $1,076,000. Evolve Private Wealth LLC acquired a new position in shares of Ellsworth Growth and Income Fund during the 2nd quarter worth $875,000. Finally, Beckerman Institutional LLC purchased a new stake in shares of Ellsworth Growth and Income Fund in the 2nd quarter worth about $169,000. 35.88% of the stock is currently owned by hedge funds and other institutional investors.

Ellsworth Growth and Income Fund Company Profile

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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