Bancroft Fund (NYSEAMERICAN:BCV) Stock Price Crosses Above 50-Day Moving Average - Here's Why

Key Points

• Bancroft Fund shares rose 1.9% and crossed above their 50-day moving average, reaching $24.78 before closing at $24.70.
• The company increased its quarterly dividend to $0.41 per share from $0.35, implying a $1.64 annualized payout and a 6.6% yield.
• Institutional ownership stands at 22.43%, with several investment firms recently initiating or expanding positions in BCV.

Bancroft Fund Limited (NYSEAMERICAN:BCV - Get Free Report)'s stock price crossed above its fifty day moving average during trading on Tuesday . The stock has a fifty day moving average of $24.64 and traded as high as $24.78. Bancroft Fund shares last traded at $24.70, with a volume of 16,963 shares changing hands.

Bancroft Fund Stock Up 1.9%

The stock has a fifty day moving average price of $24.64 and a 200-day moving average price of $24.25.

Bancroft Fund Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 23rd. Investors of record on Wednesday, September 16th will be given a dividend of $0.41 per share. The ex-dividend date of this dividend is Wednesday, September 16th. This is a positive change from Bancroft Fund's previous quarterly dividend of $0.35. This represents a $1.64 annualized dividend and a yield of 6.6%.

Institutional Investors Weigh In On Bancroft Fund

Several hedge funds have recently bought and sold shares of BCV. Allworth Financial LP acquired a new stake in shares of Bancroft Fund during the 2nd quarter valued at about $26,000. Raymond James Financial Inc. bought a new stake in Bancroft Fund during the second quarter worth approximately $136,000. Osaic Holdings Inc. raised its position in shares of Bancroft Fund by 95.8% in the second quarter. Osaic Holdings Inc. now owns 8,415 shares of the financial services provider's stock valued at $159,000 after purchasing an additional 4,118 shares during the period. PNC Financial Services Group Inc. boosted its holdings 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 buying an additional 3,000 shares during the period. Finally, First Trust Advisors LP bought a new stake in Bancroft Fund during the third quarter valued at about $206,000. 22.43% of the stock is owned by hedge funds and other institutional investors.

Bancroft Fund Company Profile

Bancroft Fund, Inc (NYSE American: BCV) is a closed-end management investment company that seeks long-term growth of capital. Shares of the Fund trade on the NYSE American exchange, providing investors with access to a diversified portfolio of U.S. equity securities under a closed-end structure. The Fund's board of directors oversees a disciplined investment process governed by a stated strategy and risk parameters.

The Fund's primary investment objective is capital appreciation. To pursue this goal, Bancroft Fund allocates at least 80% of its total assets to equity securities of U.S.

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