Ellsworth Growth and Income Fund Ltd. (NYSEAMERICAN:ECF) Stock Short Interest Rises 279.9%

Key Points

• Short interest surged 279.9% to 37,653 shares as of October 30, though only 0.3% of ECF’s shares were sold short; the days-to-cover ratio was 1.7.
• Ellsworth declared a quarterly dividend of $1.01 per share, up from $0.22, representing a stated annualized yield of 34.9% at the reported share price.
• Major shareholder Saba Capital bought 56,083 shares for about $658,000, and insiders purchased 217,537 shares worth roughly $2.57 million over the prior 90 days.

Ellsworth Growth and Income Fund Ltd. (NYSEAMERICAN:ECF - Get Free Report) saw a significant increase in short interest in the month of October. As of October 30th, there was short interest totaling 37,653 shares, an increase of 279.9% from the October 15th total of 9,912 shares. Currently, 0.3% of the shares of the company are short sold. Based on an average daily volume of 22,005 shares, the days-to-cover ratio is currently 1.7 days.

Insider Transactions at Ellsworth Growth and Income Fund

In related news, major shareholder Saba Capital Management, L.P. acquired 56,083 shares of Ellsworth Growth and Income Fund stock in a transaction on Wednesday, October 14th. The stock was purchased at an average cost of $11.74 per share, with a total value of $658,414.42. Following the purchase, the insider directly owned 1,744,630 shares in the company, valued at approximately $20,481,956.20. The trade was a 3.32% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In the last 90 days, insiders bought 217,537 shares of company stock valued at $2,573,176. Insiders own 0.46% of the company's stock.

Institutional Trading of Ellsworth Growth and Income Fund

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Waverly Advisors LLC grew its stake in Ellsworth Growth and Income Fund by 3.2% in the 1st quarter. Waverly Advisors LLC now owns 42,499 shares of the investment management company's stock worth $474,000 after acquiring an additional 1,300 shares during the period. Private Advisor Group LLC increased its holdings in Ellsworth Growth and Income Fund by 5.4% in the 3rd quarter. Private Advisor Group LLC now owns 28,493 shares of the investment management company's stock valued at $334,000 after purchasing an additional 1,464 shares in the last quarter. Global Retirement Partners LLC acquired a new stake in shares of Ellsworth Growth and Income Fund in the second quarter valued at about $28,000. Uhlmann Price Securities LLC raised its stake in shares of Ellsworth Growth and Income Fund by 3.4% during the third quarter. Uhlmann Price Securities LLC now owns 76,389 shares of the investment management company's stock valued at $895,000 after purchasing an additional 2,501 shares during the period. Finally, Royal Bank of Canada raised its stake in shares of Ellsworth Growth and Income Fund by 16.8% during the first quarter. Royal Bank of Canada now owns 55,309 shares of the investment management company's stock valued at $617,000 after purchasing an additional 7,955 shares during the period. Hedge funds and other institutional investors own 35.88% of the company's stock.

Ellsworth Growth and Income Fund Price Performance

NYSEAMERICAN:ECF traded down $0.09 during mid-day trading on Thursday, reaching $11.57. The stock had a trading volume of 4,783 shares, compared to its average volume of 31,840. The business has a 50 day simple moving average of $11.91 and a 200 day simple moving average of $12.26. Ellsworth Growth and Income Fund has a twelve month low of $10.70 and a twelve month high of $13.85.

Ellsworth Growth and Income Fund Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 30th. Stockholders of record on Monday, November 23rd will be given a $1.01 dividend. This is a boost from Ellsworth Growth and Income Fund's previous quarterly dividend of $0.22. This represents a $4.04 annualized dividend and a dividend yield of 34.9%. The ex-dividend date is Monday, November 23rd.

Ellsworth Growth and Income Fund Company Profile

Ellsworth Growth and Income Fund, Inc. (NYSE American: ECF) is a diversified closed-end management investment company. The fund seeks to provide investors with current income and long-term capital appreciation through a professionally managed portfolio of securities. ECF invests primarily in convertible securities, including convertible bonds and convertible preferred stocks, as well as common stocks. Convertible securities may offer income while also providing the potential to participate in the equity appreciation of the underlying companies.

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