Saba Capital Management, L.P. Buys 3,900 Shares of Ellsworth Growth and Income Fund (NYSEAMERICAN:ECF) Stock

Key Points

• Saba Capital Management bought 3,900 Ellsworth Growth and Income Fund shares at an average $12.49, investing $48,711 and increasing its holdings to 1.62 million shares. The purchase follows additional acquisitions of 5,742 shares on August 21 and 1,547 shares on August 20.
• Ellsworth Growth and Income Fund raised its quarterly dividend to $0.22 per share from $0.19, representing an annualized payout of $0.88 and a 7.1% yield. The dividend is payable September 23 to shareholders of record September 16.
• ECF shares traded at $12.45, near the fund’s 200-day moving average of $12.39, while institutional investors and hedge funds collectively owned 35.88% of the stock.

Ellsworth Growth and Income Fund Ltd. (NYSEAMERICAN:ECF - Get Free Report) major shareholder Saba Capital Management, L.P. acquired 3,900 shares of the business's stock in a transaction on Thursday, August 27th. The stock was purchased at an average price of $12.49 per share, for a total transaction of $48,711.00. Following the acquisition, the insider directly owned 1,615,462 shares in the company, valued at $20,177,120.38. This represents a 0.24% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 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, August 21st, Saba Capital Management, L.P. bought 5,742 shares of Ellsworth Growth and Income Fund stock. The shares were acquired 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 stock was acquired at an average cost of $12.52 per share, with a total value of $19,368.44.

Ellsworth Growth and Income Fund Price Performance

ECF stock traded down $0.02 during midday trading on Friday, hitting $12.45. 5,797 shares of the company's stock were exchanged, compared to its average volume of 30,678. The firm has a 50 day moving average price of $12.68 and a 200-day moving average price of $12.39. 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 business also recently declared a quarterly dividend, which will be paid on Wednesday, September 23rd. Investors of record on Wednesday, September 16th will be issued a $0.22 dividend. 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 7.1%. The ex-dividend date of this dividend is Wednesday, September 16th.

Hedge Funds Weigh In On Ellsworth Growth and Income Fund

Hedge funds have recently bought and sold shares of the company. Global Retirement Partners LLC bought a new stake in shares of Ellsworth Growth and Income Fund during the 2nd quarter valued at about $28,000. Gilpin Wealth Management LLC bought a new position in shares of Ellsworth Growth and Income Fund during the fourth quarter valued at approximately $47,000. Readystate Asset Management LP acquired a new stake in shares of Ellsworth Growth and Income Fund during the 2nd quarter worth approximately $154,000. Osaic Holdings Inc. lifted its holdings in shares of Ellsworth Growth and Income Fund by 11.1% in the 2nd quarter. Osaic Holdings Inc. now owns 15,356 shares of the investment management company's stock worth $157,000 after purchasing an additional 1,535 shares during the last quarter. Finally, Beckerman Institutional LLC bought a new stake in shares of Ellsworth Growth and Income Fund in the 2nd quarter worth approximately $169,000. 35.88% of the stock is currently owned by institutional investors and hedge funds.

Ellsworth Growth and Income Fund Company Profile

Ellsworth Growth and Income Fund NYSEAMERICAN: ECF is a closed-end management investment company that seeks to provide investors with a combination of capital appreciation and current income. The fund pursues its objectives by investing primarily in a diversified portfolio of common stocks of U.S. companies that pay dividends and exhibit long-term growth potential. To complement its equity holdings, the fund may also invest in preferred stocks, convertible securities and other income-oriented instruments.

ECF's investment strategy emphasizes a disciplined, research-driven approach.

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