Ellsworth Growth and Income Fund Ltd. (NYSEAMERICAN:ECF) Short Interest Update

Key Points

• Short interest surged 378.5% to 8,752 shares as of September 15, though only 0.1% of shares were sold short and the days-to-cover ratio remained low at 0.3.
• Ellsworth Growth and Income Fund increased its quarterly dividend to $0.22 per share, equal to $0.88 annually and a 7.4% yield.
• Shares traded at $11.95, below their 50-day and 200-day moving averages, while Saba Capital bought 6,800 shares and institutional investors owned 35.88% of the fund.

Ellsworth Growth and Income Fund Ltd. (NYSEAMERICAN:ECF - Get Free Report) was the recipient of a large increase in short interest during the month of September. As of September 15th, there was short interest totaling 8,752 shares, an increase of 378.5% from the August 31st total of 1,829 shares. Currently, 0.1% of the company's shares are sold short. Based on an average trading volume of 25,718 shares, the days-to-cover ratio is presently 0.3 days.

Ellsworth Growth and Income Fund Stock Performance

NYSEAMERICAN:ECF traded down $0.07 on Friday, hitting $11.95. The stock had a trading volume of 25,412 shares, compared to its average volume of 30,479. The company has a fifty day moving average price of $12.45 and a two-hundred day moving average price of $12.44. Ellsworth Growth and Income Fund has a 1-year low of $10.70 and a 1-year high of $13.85.

Ellsworth Growth and Income Fund Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 23rd. Investors of record on Wednesday, September 16th were 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 dividend on an annualized basis and a yield of 7.4%. The ex-dividend date was Wednesday, September 16th.

Insider Buying and Selling at Ellsworth Growth and Income Fund

In other news, major shareholder Saba Capital Management, L.P. acquired 6,800 shares of the company's stock in a transaction that occurred on Friday, September 4th. The stock was purchased at an average price of $12.36 per share, with a total value of $84,048.00. Following the completion of the acquisition, the insider owned 1,628,462 shares of the company's stock, valued at $20,127,790.32. This trade represents a 0.42% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Over the last 90 days, insiders have bought 24,189 shares of company stock worth $300,289. Insiders own 0.46% of the company's stock.

Institutional Investors Weigh In On Ellsworth Growth and Income Fund

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

About Ellsworth Growth and Income Fund

Ellsworth Growth and Income Fund, Inc is a non-diversified, 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 portfolio of income-producing securities.

The fund invests primarily in convertible securities, including convertible bonds and preferred stocks, as well as common stocks and other investments. Convertible securities may provide regular income while also offering the potential to participate in the capital appreciation of the underlying company's common stock.

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