PFG Investments LLC Takes $1.02 Million Position in Bancroft Fund Ltd. (NYSE:BCV)

PFG Investments LLC purchased a new stake in shares of Bancroft Fund Ltd. (NYSE:BCV - Free Report) in the first quarter, according to its most recent 13F filing with the SEC. The fund purchased 63,454 shares of the company's stock, valued at approximately $1,015,000. PFG Investments LLC owned approximately 1.08% of Bancroft Fund at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in BCV. Blue Bell Private Wealth Management LLC raised its stake in shares of Bancroft Fund by 23.2% during the fourth quarter. Blue Bell Private Wealth Management LLC now owns 14,295 shares of the company's stock valued at $228,000 after acquiring an additional 2,696 shares during the last quarter. John G Ullman & Associates Inc. purchased a new stake in shares of Bancroft Fund in the 3rd quarter worth $287,000. Bulldog Investors LLP increased its stake in shares of Bancroft Fund by 47.6% in the 4th quarter. Bulldog Investors LLP now owns 22,345 shares of the company's stock worth $357,000 after purchasing an additional 7,202 shares in the last quarter. AQR Arbitrage LLC increased its stake in Bancroft Fund by 3.4% in the 3rd quarter. AQR Arbitrage LLC now owns 23,148 shares of the company's stock worth $365,000 after buying an additional 760 shares in the last quarter. Finally, Consolidated Portfolio Review Corp purchased a new stake in Bancroft Fund in the 4th quarter worth $460,000. 22.43% of the stock is currently owned by hedge funds and other institutional investors.

Bancroft Fund Stock Up 0.7 %

Shares of Bancroft Fund stock traded up $0.11 during trading on Friday, reaching $15.05. 21,927 shares of the stock traded hands, compared to its average volume of 18,600. The firm's fifty day moving average price is $15.44. Bancroft Fund Ltd. has a 52-week low of $14.09 and a 52-week high of $18.11.

Bancroft Fund Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 21st. Stockholders of record on Thursday, March 14th were given a dividend of $0.32 per share. The ex-dividend date was Wednesday, March 13th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 8.50%.

Insider Activity

In related news, insider Mario J. Gabelli sold 2,000 shares of the stock in a transaction dated Thursday, April 11th. The shares were sold at an average price of $15.46, for a total value of $30,920.00. Following the completion of the transaction, the insider now owns 31,000 shares of the company's stock, valued at approximately $479,260. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Company insiders own 4.10% of the company's stock.

About Bancroft Fund

Bancroft Fund Ltd. is a closed-ended equity mutual fund launched by GAMCO Investors, Inc It is managed by Gabelli Funds, LLC. The fund invests in the public equity markets. It primarily invests in convertible securities including convertible debt and convertible preferred stocks. The fund invests in stocks of companies across market capitalization.

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