Bancroft Fund Limited (NYSEAMERICAN:BCV) Sees Significant Increase in Short Interest

Key Points

• Short interest in Bancroft Fund rose 56.1% to 9,349 shares as of September 30, representing 0.2% of shares outstanding and approximately one day of average trading volume to cover.
• Institutional investors and hedge funds own 22.43% of BCV, with several firms initiating or increasing positions during the latest reporting periods.
• BCV shares recently traded at $22.09, near the lower end of their 52-week range, while the fund increased its quarterly dividend to $0.41, implying an annualized yield of approximately 7.4%.

Bancroft Fund Limited (NYSEAMERICAN:BCV - Get Free Report) was the recipient of a significant growth in short interest in September. As of September 30th, there was short interest totaling 9,349 shares, a growth of 56.1% from the September 15th total of 5,990 shares. Based on an average daily volume of 9,531 shares, the days-to-cover ratio is presently 1.0 days. Currently, 0.2% of the company's stock are sold short.

Hedge Funds Weigh In On Bancroft Fund

A number of hedge funds have recently added to or reduced their stakes in BCV. Allworth Financial LP acquired a new stake in Bancroft Fund in the second quarter valued at approximately $26,000. Integrated Wealth Concepts LLC acquired a new position in shares of Bancroft Fund during the 2nd quarter worth $73,000. PNC Financial Services Group Inc. increased its stake in shares of Bancroft Fund by 48.3% during the 1st quarter. PNC Financial Services Group Inc. now owns 9,205 shares of the financial services provider's stock worth $198,000 after purchasing an additional 3,000 shares during the last quarter. Susquehanna International Group LLP bought a new position in shares of Bancroft Fund during the 2nd quarter valued at $301,000. Finally, Evolve Private Wealth LLC bought a new position in shares of Bancroft Fund during the 2nd quarter valued at $524,000. Institutional investors and hedge funds own 22.43% of the company's stock.

Bancroft Fund Stock Performance

BCV stock traded down $0.31 during mid-day trading on Friday, hitting $22.09. The stock had a trading volume of 5,791 shares, compared to its average volume of 15,345. Bancroft Fund has a 1-year low of $21.06 and a 1-year high of $27.33. The company has a fifty day moving average of $24.12 and a 200 day moving average of $24.45.

Bancroft Fund Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 23rd. Investors of record on Wednesday, September 16th were paid a $0.41 dividend. This represents a $1.64 annualized dividend and a dividend yield of 7.4%. The ex-dividend date of this dividend was Wednesday, September 16th. This is a positive change from Bancroft Fund's previous quarterly dividend of $0.35.

About Bancroft Fund

Bancroft Fund, Ltd. is a diversified, closed-end management investment company listed on the NYSE American under the symbol BCV. The fund seeks to provide investors with current income and the opportunity for capital appreciation by investing primarily in convertible securities.

Its portfolio may include convertible bonds, convertible preferred stocks and other income-producing securities. Convertible investments generally provide a combination of interest or dividend income and the potential to participate in the equity appreciation of the underlying issuer.

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