Insider Buying: Ellsworth Growth and Income Fund (NYSEAMERICAN:ECF) Major Shareholder Purchases $210,049.56 in Stock

Key Points

• Saba Capital Management bought 17,548 Ellsworth Growth and Income Fund shares at an average $11.97 each, spending $210,049.56. The purchase increased its position by 1.08% to 1.65 million shares worth approximately $19.7 million.
• Ellsworth Growth and Income Fund raised its quarterly dividend to $0.22 per share, or $0.88 annually, representing a 7.3% dividend yield.
• ECF shares traded at $12.09, within a 52-week range of $10.70 to $13.85. Institutional investors and hedge funds collectively own 35.88% of the fund.

Ellsworth Growth and Income Fund Ltd. (NYSEAMERICAN:ECF - Get Free Report) major shareholder Saba Capital Management, L.P. acquired 17,548 shares of Ellsworth Growth and Income Fund stock in a transaction that occurred on Wednesday, October 7th. The shares were purchased at an average cost of $11.97 per share, for a total transaction of $210,049.56. Following the purchase, the insider directly owned 1,646,010 shares of the company's stock, valued at approximately $19,702,739.70. This trade represents a 1.08% increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Major shareholders that own more than 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, 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, for a total transaction 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 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. acquired 1,200 shares of Ellsworth Growth and Income Fund stock. The stock was acquired 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. acquired 3,900 shares of Ellsworth Growth and Income Fund stock. The stock was purchased at an average cost of $12.49 per share, for a total transaction 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 acquired at an average cost of $12.53 per share, for a total transaction 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 acquired 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 up $0.14 during midday trading on Friday, reaching $12.09. 3,902 shares of the company traded hands, compared to its average volume of 32,120. Ellsworth Growth and Income Fund Ltd. has a 52 week low of $10.70 and a 52 week high of $13.85. The stock has a 50-day moving average price of $12.35 and a 200 day moving average price of $12.47.

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 $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 7.3%. The ex-dividend date was Wednesday, September 16th. This is a positive change from Ellsworth Growth and Income Fund's previous quarterly dividend of $0.19.

Hedge Funds Weigh In On Ellsworth Growth and Income Fund

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

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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