Insider Buying: Ellsworth Growth and Income Fund (NYSEAMERICAN:ECF) Major Shareholder Buys $658,414.42 in Stock

Key Points

• Saba Capital Management purchased 56,083 ECF shares for $658,414.42, increasing its position by 3.32% to 1.74 million shares valued at approximately $20.5 million.
• Saba has made several additional ECF purchases since August, signaling continued accumulation by the major shareholder.
• ECF recently increased its quarterly dividend to $0.22 per share, equivalent to an annualized $0.88 payout and a 7.5% yield; the stock was trading at $11.80.

Ellsworth Growth and Income Fund Ltd. (NYSEAMERICAN:ECF - Get Free Report) major shareholder Saba Capital Management, L.P. bought 56,083 shares of the business's stock in a transaction that occurred on Wednesday, October 14th. The stock was purchased at an average cost of $11.74 per share, for a total transaction of $658,414.42. Following the completion of the transaction, the insider directly owned 1,744,630 shares in the company, valued at approximately $20,481,956.20. This trade represents a 3.32% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Major 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 Monday, October 12th, Saba Capital Management, L.P. bought 14,600 shares of Ellsworth Growth and Income Fund stock. The stock was purchased at an average price of $12.03 per share, for a total transaction of $175,638.00.
• On Thursday, October 8th, Saba Capital Management, L.P. bought 27,937 shares of Ellsworth Growth and Income Fund stock. The stock was purchased 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. purchased 17,548 shares of Ellsworth Growth and Income Fund stock. The shares were purchased 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. purchased 6,800 shares of Ellsworth Growth and Income Fund stock. The shares were purchased 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. purchased 5,000 shares of Ellsworth Growth and Income Fund stock. The shares were purchased at an average price of $12.25 per share, with a total value of $61,250.00.
• On Friday, August 28th, Saba Capital Management, L.P. acquired 1,200 shares of Ellsworth Growth and Income Fund stock. The stock was purchased 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. acquired 3,900 shares of Ellsworth Growth and Income Fund stock. The stock was purchased 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. bought 5,742 shares of Ellsworth Growth and Income Fund stock. The shares were purchased 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. bought 1,547 shares of Ellsworth Growth and Income Fund stock. The shares were purchased at an average price of $12.52 per share, with a total value of $19,368.44.

Ellsworth Growth and Income Fund Stock Up 0.7%

ECF traded up $0.08 on Thursday, reaching $11.80. 71,890 shares of the company's stock were exchanged, compared to its average volume of 33,034. The company's 50 day moving average is $12.31 and its 200-day moving average is $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 firm also recently disclosed 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. This is an increase from Ellsworth Growth and Income Fund's previous quarterly dividend of $0.19. This represents a $0.88 annualized dividend and a yield of 7.5%. The ex-dividend date was Wednesday, September 16th.

Hedge Funds Weigh In On Ellsworth Growth and Income Fund

A number of hedge funds have recently made changes to their positions in the business. Uhlmann Price Securities LLC increased its holdings in 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 valued at $766,000 after purchasing 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% during the first quarter. Waverly Advisors LLC now owns 42,499 shares of the investment management company's stock worth $474,000 after purchasing an additional 1,300 shares in the last quarter. Private Advisor Group LLC lifted its stake in shares of Ellsworth Growth and Income Fund by 7.6% during the first 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 in the last quarter. Global Retirement Partners LLC acquired a new position in shares of Ellsworth Growth and Income Fund during the second quarter worth about $28,000. Finally, Royal Bank of Canada boosted its position in shares of Ellsworth Growth and Income Fund by 16.8% in the first quarter. Royal Bank of Canada now owns 55,309 shares of the investment management company's stock worth $617,000 after buying an additional 7,955 shares during the period. Hedge funds and other institutional investors 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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