Saba Capital Management, L.P. Purchases 5,000 Shares of Ellsworth Growth and Income Fund (NYSEAMERICAN:ECF) Stock

Key Points

• Saba Capital Management purchased 5,000 Ellsworth Growth and Income Fund shares at an average of $12.25, increasing its holdings to 1,621,662 shares valued at approximately $19.9 million. The firm has made several additional purchases recently.
• Ellsworth Growth and Income Fund raised its quarterly dividend to $0.22 per share, or $0.88 annually, representing a 7.1% yield. The dividend is payable September 23 to shareholders of record as of September 16.
• ECF shares recently traded at $12.44, within a 52-week range of $10.70 to $13.85, while 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. purchased 5,000 shares of Ellsworth Growth and Income Fund stock in a transaction dated Thursday, September 3rd. The stock was acquired at an average cost of $12.25 per share, with a total value of $61,250.00. Following the completion of the acquisition, the insider directly owned 1,621,662 shares in the company, valued at approximately $19,865,359.50. This trade represents a 0.31% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Large shareholders that own at least 10% of a company's shares are required to disclose their sales and purchases 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 stock was acquired at an average price of $12.36 per share, for a total transaction of $84,048.00.
• On Friday, August 28th, Saba Capital Management, L.P. acquired 1,200 shares of Ellsworth Growth and Income Fund stock. The shares were acquired at an average cost 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 acquired at an average price of $12.49 per share, with a total value of $48,711.00.
• On Friday, August 21st, Saba Capital Management, L.P. acquired 5,742 shares of Ellsworth Growth and Income Fund stock. The stock was 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. bought 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

Shares of NYSEAMERICAN ECF traded up $0.12 during trading on Tuesday, hitting $12.44. 5,519 shares of the company were exchanged, compared to its average volume of 30,605. Ellsworth Growth and Income Fund Ltd. has a 1 year low of $10.70 and a 1 year high of $13.85. The firm's fifty day moving average price is $12.56 and its 200 day moving average price is $12.39.

Ellsworth Growth and Income Fund Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 23rd. Investors of record on Wednesday, September 16th will be paid a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 7.1%. This is a positive change from Ellsworth Growth and Income Fund's previous quarterly dividend of $0.19. The ex-dividend date is Wednesday, September 16th.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Global Retirement Partners LLC acquired a new position in Ellsworth Growth and Income Fund during the second quarter worth about $28,000. Gilpin Wealth Management LLC acquired a new stake in shares of Ellsworth Growth and Income Fund during the 4th 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 valued at approximately $154,000. Osaic Holdings Inc. boosted its stake in shares of Ellsworth Growth and Income Fund by 11.1% during the 2nd quarter. Osaic Holdings Inc. now owns 15,356 shares of the investment management company's stock worth $157,000 after acquiring an additional 1,535 shares in the last quarter. Finally, Beckerman Institutional LLC purchased a new stake in shares of Ellsworth Growth and Income Fund during the 2nd quarter worth approximately $169,000. 35.88% of the stock is currently owned by institutional investors and hedge funds.

About Ellsworth Growth and Income Fund

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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