Ellsworth Growth and Income Fund (NYSEAMERICAN:ECF) Stock Price Crosses Below 50-Day Moving Average - What's Next?

Key Points

• ECF shares fell below their 50-day moving average, trading as low as $12.25 before closing at $12.38. The 50-day and 200-day moving averages were $12.47 and $12.42, respectively.
• The fund raised its quarterly dividend to $0.22 per share, or $0.88 annually, representing a 7.1% yield. The dividend is payable September 23 to shareholders of record September 16.
• Insider and institutional activity was positive: Saba Capital Management bought additional shares, insiders purchased 24,189 shares over 90 days, and institutional investors own 35.88% of the stock.

Ellsworth Growth and Income Fund Ltd. (NYSEAMERICAN:ECF - Get Free Report)'s stock price passed below its fifty day moving average during trading on Monday . The stock has a fifty day moving average of $12.47 and traded as low as $12.25. Ellsworth Growth and Income Fund shares last traded at $12.38, with a volume of 14,516 shares.

Ellsworth Growth and Income Fund Trading Up 1.2%

The company's fifty day moving average is $12.47 and its 200-day moving average is $12.42.

Ellsworth Growth and Income Fund Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 23rd. Shareholders of record on Wednesday, September 16th will be paid a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 7.1%. The ex-dividend date is Wednesday, September 16th. This is an increase from Ellsworth Growth and Income Fund's previous quarterly dividend of $0.19.

Insider Buying and Selling at Ellsworth Growth and Income Fund

In related news, major shareholder Saba Capital Management, L.P. acquired 6,800 shares of the firm's stock in a transaction dated Friday, September 4th. The stock was acquired at an average price of $12.36 per share, with a total value of $84,048.00. Following the acquisition, the insider directly owned 1,628,462 shares in the company, valued at $20,127,790.32. This represents a 0.42% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In the last ninety days, insiders bought 24,189 shares of company stock worth $300,289. Company insiders own 0.46% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of ECF. Capstone Investment Advisors LLC purchased a new stake in Ellsworth Growth and Income Fund in the 2nd quarter worth approximately $1,076,000. Evolve Private Wealth LLC acquired a new stake in shares of Ellsworth Growth and Income Fund during the 2nd quarter worth approximately $875,000. Sit Investment Associates Inc. increased its holdings in shares of Ellsworth Growth and Income Fund by 4.9% during the 4th quarter. Sit Investment Associates Inc. now owns 932,552 shares of the investment management company's stock valued at $10,846,000 after purchasing an additional 43,839 shares in the last quarter. K2 Principal Fund L.P. purchased a new position in shares of Ellsworth Growth and Income Fund during the 2nd quarter valued at approximately $325,000. Finally, Ruggaard & Associates LLC purchased a new position in shares of Ellsworth Growth and Income Fund during the 2nd quarter valued at approximately $248,000. 35.88% of the stock is currently owned by hedge funds and other institutional investors.

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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