Insider Buying: Ellsworth Growth and Income Fund (NYSEAMERICAN:ECF) Major Shareholder Acquires $136,120.05 in Stock

Key Points

• Saba Capital Management purchased 11,565 ECF shares for approximately $136,120, increasing its stake by 0.64% to 1.81 million shares valued at about $21.35 million.
• The major shareholder made a series of additional purchases throughout October, including 56,083 shares on October 14, indicating sustained buying activity.
• Ellsworth Growth and Income Fund raised its quarterly dividend to $0.22 per share, representing an annualized payout of $0.88 and a 7.6% yield; the stock recently traded at $11.63.

Ellsworth Growth and Income Fund Ltd. (NYSEAMERICAN:ECF - Get Free Report) major shareholder Saba Capital Management, L.P. bought 11,565 shares of the stock in a transaction dated Friday, October 30th. The stock was acquired at an average price of $11.77 per share, with a total value of $136,120.05. Following the completion of the purchase, the insider owned 1,814,063 shares of the company's stock, valued at $21,351,521.51. This represents a 0.64% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Large shareholders that own 10% or more 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 Thursday, October 29th, Saba Capital Management, L.P. purchased 5,975 shares of Ellsworth Growth and Income Fund stock. The stock was 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 shares were bought at an average price of $11.75 per share, for a total transaction of $12,337.50.
• On Tuesday, October 27th, Saba Capital Management, L.P. purchased 400 shares of Ellsworth Growth and Income Fund stock. The shares were bought at an average price of $11.63 per share, for a total transaction of $4,652.00.
• On Monday, October 26th, Saba Capital Management, L.P. acquired 2,618 shares of Ellsworth Growth and Income Fund stock. The shares were bought at an average cost 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 bought 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. acquired 1,830 shares of Ellsworth Growth and Income Fund stock. The stock was bought 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 stock was bought at an average cost 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 cost of $11.65 per share, with a total value 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 bought at an average price of $11.62 per share, for a total transaction of $115,839.78.
• On Wednesday, October 14th, Saba Capital Management, L.P. purchased 56,083 shares of Ellsworth Growth and Income Fund stock. The shares were bought at an average cost of $11.74 per share, for a total transaction of $658,414.42.

Ellsworth Growth and Income Fund Price Performance

Shares of ECF traded down $0.09 during mid-day trading on Monday, hitting $11.63. 18,442 shares of the company traded hands, compared to its average volume of 32,384. Ellsworth Growth and Income Fund Ltd. has a one year low of $10.70 and a one year high of $13.85. The business has a 50-day moving average of $12.05 and a 200 day moving average of $12.29.

Ellsworth Growth and Income Fund Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 23rd. Shareholders of record on Wednesday, September 16th were issued a dividend of $0.22 per share. The ex-dividend date of this dividend was Wednesday, September 16th. This represents a $0.88 annualized dividend and a yield of 7.6%. This is a positive change from Ellsworth Growth and Income Fund's previous quarterly dividend of $0.19.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Capstone Investment Advisors LLC bought a new position in Ellsworth Growth and Income Fund in the second quarter valued at about $1,076,000. Evolve Private Wealth LLC bought a new stake in Ellsworth Growth and Income Fund during the 2nd quarter worth about $875,000. Blue Bell Private Wealth Management LLC raised its holdings 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 purchasing an additional 45,897 shares during the last quarter. Readystate Asset Management LP bought a new stake in Ellsworth Growth and Income Fund during the 2nd quarter worth about $154,000. Finally, Ruggaard & Associates LLC acquired a new position in Ellsworth Growth and Income Fund during the 2nd quarter valued at about $248,000. 35.88% of the stock is currently owned by institutional investors.

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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