Bancroft Fund (NYSEAMERICAN:BCV) Stock Passes Below 200 Day Moving Average – Here’s Why

Bancroft Fund Limited (NYSEAMERICAN:BCV)’s stock price crossed below its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $24.29 and traded as low as $23.45. Bancroft Fund shares last traded at $23.91, with a volume of 10,592 shares traded.

Bancroft Fund Price Performance

The firm has a 50-day moving average price of $24.50 and a 200 day moving average price of $24.30.

Bancroft Fund Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 23rd. Shareholders of record on Wednesday, September 16th will be issued a $0.41 dividend. The ex-dividend date of this dividend is Wednesday, September 16th. This represents a $1.64 dividend on an annualized basis and a yield of 6.9%. This is a positive change from Bancroft Fund’s previous quarterly dividend of $0.35.

Institutional Investors Weigh In On Bancroft Fund

Hedge funds and other institutional investors have recently modified their holdings of the company. Allworth Financial LP bought a new stake in Bancroft Fund in the 2nd quarter valued at about $26,000. Integrated Wealth Concepts LLC bought a new position in shares of Bancroft Fund during the second quarter worth approximately $73,000. PNC Financial Services Group Inc. increased its holdings in shares of Bancroft Fund by 48.3% during the first quarter. PNC Financial Services Group Inc. now owns 9,205 shares of the financial services provider’s stock worth $198,000 after purchasing an additional 3,000 shares during the period. Susquehanna International Group LLP acquired a new stake in shares of Bancroft Fund in the second quarter valued at approximately $301,000. Finally, Uhlmann Price Securities LLC raised its position in shares of Bancroft Fund by 2.8% in the first quarter. Uhlmann Price Securities LLC now owns 24,189 shares of the financial services provider’s stock valued at $521,000 after buying an additional 670 shares in the last quarter. Institutional investors and hedge funds own 22.43% of the company’s stock.

About Bancroft Fund

Bancroft Fund (NYSEAMERICAN:BCV) is a diversified closed-end investment company that seeks to provide investors with current income and long-term capital appreciation. The fund invests primarily in convertible securities, which may offer income characteristics associated with bonds and potential participation in the performance of the underlying equity securities.

In addition to convertible securities, Bancroft Fund may invest in common stocks and other equity-related investments. Its portfolio is actively managed across companies and industries, with the goal of balancing income generation and capital-growth opportunities.

The fund is advised by Advent Capital Management, LLC, an investment manager specializing in convertible and related securities.