Ellsworth Growth and Income Fund (NYSEAMERICAN:ECF) Stock: Insider Saba Capital Management, L.P. Purchases 7,747 Shares

Key Points

• Saba Capital Management bought 7,747 ECF shares on November 5 at an average price of $11.34, spending about $87,851. It then held 1,821,810 shares, worth approximately $20.66 million.
• ECF shares rose 0.6% to $11.37 on Friday, below their 50-day and 200-day moving averages of $11.97 and $12.28, respectively.
• The fund increased its quarterly dividend from $0.19 to $0.22 per share, equivalent to an annualized $0.88 dividend and a reported yield of 7.7%.

Ellsworth Growth and Income Fund Ltd. (NYSEAMERICAN:ECF - Get Free Report) major shareholder Saba Capital Management, L.P. acquired 7,747 shares of Ellsworth Growth and Income Fund stock in a transaction dated Thursday, November 5th. The stock was bought at an average price of $11.34 per share, for a total transaction of $87,850.98. Following the completion of the purchase, the insider owned 1,821,810 shares of the company's stock, valued at approximately $20,659,325.40. This represents a 0.43% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. Major shareholders that own at least 10% 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 Friday, October 30th, Saba Capital Management, L.P. acquired 11,565 shares of Ellsworth Growth and Income Fund stock. The stock was purchased at an average price of $11.77 per share, for a total transaction of $136,120.05.
• On Thursday, October 29th, Saba Capital Management, L.P. purchased 5,975 shares of Ellsworth Growth and Income Fund stock. The shares were acquired at an average cost of $11.87 per share, with a total value of $70,923.25.
• On Wednesday, October 28th, Saba Capital Management, L.P. purchased 1,050 shares of Ellsworth Growth and Income Fund stock. The stock was acquired at an average cost of $11.75 per share, with a total value of $12,337.50.
• On Tuesday, October 27th, Saba Capital Management, L.P. bought 400 shares of Ellsworth Growth and Income Fund stock. The stock was bought at an average cost of $11.63 per share, for a total transaction of $4,652.00.
• On Monday, October 26th, Saba Capital Management, L.P. bought 2,618 shares of Ellsworth Growth and Income Fund stock. The shares were purchased at an average price of $11.43 per share, for a total transaction of $29,923.74.
• On Wednesday, October 21st, Saba Capital Management, L.P. acquired 2,600 shares of Ellsworth Growth and Income Fund stock. The stock was purchased at an average price of $11.58 per share, with a total value of $30,108.00.
• On Tuesday, October 20th, Saba Capital Management, L.P. purchased 1,830 shares of Ellsworth Growth and Income Fund stock. The stock was acquired at an average price of $11.39 per share, with a total value of $20,843.70.
• On Monday, October 19th, Saba Capital Management, L.P. bought 17,079 shares of Ellsworth Growth and Income Fund stock. The shares were acquired at an average price of $11.47 per share, with a total value of $195,896.13.
• On Friday, October 16th, Saba Capital Management, L.P. bought 16,347 shares of Ellsworth Growth and Income Fund stock. The stock was bought 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. acquired 9,969 shares of Ellsworth Growth and Income Fund stock. The stock was purchased at an average price of $11.62 per share, for a total transaction of $115,839.78.

Ellsworth Growth and Income Fund Trading Up 0.6%

Shares of Ellsworth Growth and Income Fund stock traded up $0.07 on Friday, reaching $11.37. 20,261 shares of the stock were exchanged, compared to its average volume of 32,147. Ellsworth Growth and Income Fund Ltd. has a 1-year low of $10.70 and a 1-year high of $13.85. The business has a fifty day moving average price of $11.97 and a two-hundred day moving average price of $12.28.

Ellsworth Growth and Income Fund Increases Dividend

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

Institutional Investors Weigh In On Ellsworth Growth and Income Fund

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Blue Bell Private Wealth Management LLC increased its stake in Ellsworth Growth and Income Fund by 19.2% during the 3rd quarter. Blue Bell Private Wealth Management LLC now owns 285,041 shares of the investment management company's stock worth $3,341,000 after buying an additional 45,897 shares during the period. Capstone Investment Advisors LLC bought a new position in shares of Ellsworth Growth and Income Fund in the 2nd quarter worth about $1,076,000. Uhlmann Price Securities LLC boosted its stake in Ellsworth Growth and Income Fund by 3.4% in the third quarter. Uhlmann Price Securities LLC now owns 76,389 shares of the investment management company's stock valued at $895,000 after acquiring an additional 2,501 shares during the period. Evolve Private Wealth LLC bought a new position in Ellsworth Growth and Income Fund during the 2nd quarter worth $875,000. Finally, Royal Bank of Canada grew its position in Ellsworth Growth and Income Fund by 16.8% in 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. Hedge funds and other institutional investors own 35.88% of the company's stock.

Ellsworth Growth and Income Fund Company Profile

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

ECF invests primarily in convertible securities, including convertible bonds and convertible preferred stocks, as well as common stocks. Convertible securities may offer income while also providing the potential to participate in the equity appreciation of the underlying companies.

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