Saba Capital Management L.P. Has $5.98 Million Stock Holdings in Bancroft Fund Limited $BCV

Saba Capital Management L.P. trimmed its position in Bancroft Fund Limited (NYSEAMERICAN:BCV) by 23.2% during the first quarter, HoldingsChannel.com reports. The fund owned 277,479 shares of the financial services provider’s stock after selling 83,815 shares during the quarter. Saba Capital Management L.P.’s holdings in Bancroft Fund were worth $5,977,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the company. Caldwell Trust Co bought a new stake in Bancroft Fund during the fourth quarter worth $55,000. Raymond James Financial Inc. acquired a new stake in shares of Bancroft Fund in the 2nd quarter valued at $136,000. Osaic Holdings Inc. increased its stake in shares of Bancroft Fund by 95.8% in the 2nd 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 last quarter. PNC Financial Services Group Inc. increased its stake in shares of Bancroft Fund by 48.3% in the 1st quarter. PNC Financial Services Group Inc. now owns 9,205 shares of the financial services provider’s stock valued at $198,000 after purchasing an additional 3,000 shares during the last quarter. Finally, First Trust Advisors LP acquired a new position in shares of Bancroft Fund during the 3rd quarter worth $206,000. 22.43% of the stock is owned by institutional investors.

Bancroft Fund Stock Performance

Shares of BCV stock opened at $23.92 on Tuesday. Bancroft Fund Limited has a twelve month low of $19.39 and a twelve month high of $27.33. The business has a fifty day simple moving average of $25.37 and a 200 day simple moving average of $24.02.

Bancroft Fund Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 23rd. Shareholders of record on Monday, June 15th were paid a dividend of $0.35 per share. The ex-dividend date of this dividend was Monday, June 15th. This represents a $1.40 annualized dividend and a yield of 5.9%.

Bancroft Fund 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.