Ellsworth Growth and Income Fund (NYSEAMERICAN:ECF) Major Shareholder Saba Capital Management, L.P. Acquires 17,548 Shares of Company Stock

Ellsworth Growth and Income Fund Ltd. (NYSEAMERICAN:ECF) major shareholder Saba Capital Management, L.P. bought 17,548 shares of the stock in a transaction dated Wednesday, October 7th. The stock was purchased at an average cost of $11.97 per share, for a total transaction of $210,049.56. Following the acquisition, the insider owned 1,646,010 shares of the company’s stock, valued at approximately $19,702,739.70. This represents a 1.08% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Major shareholders that own more than 10% of a company’s shares are required to disclose their transactions with the SEC.

Saba Capital Management, L.P. also recently made the following trade(s):

• On Friday, September 4th, Saba Capital Management, L.P. purchased 6,800 shares of Ellsworth Growth and Income Fund stock. The shares were purchased at an average price of $12.36 per share, for a total transaction of $84,048.00.
• On Thursday, September 3rd, Saba Capital Management, L.P. purchased 5,000 shares of Ellsworth Growth and Income Fund stock. The shares were purchased at an average cost of $12.25 per share, with a total value of $61,250.00.
• On Friday, August 28th, Saba Capital Management, L.P. acquired 1,200 shares of Ellsworth Growth and Income Fund stock. The stock was purchased at an average price of $12.47 per share, with a total value of $14,964.00.
• On Thursday, August 27th, Saba Capital Management, L.P. acquired 3,900 shares of Ellsworth Growth and Income Fund stock. The stock was purchased at an average price of $12.49 per share, with a total value of $48,711.00.
• On Friday, August 21st, Saba Capital Management, L.P. acquired 5,742 shares of Ellsworth Growth and Income Fund stock. The stock was acquired at an average cost of $12.53 per share, for a total transaction of $71,947.26.
• On Thursday, August 20th, Saba Capital Management, L.P. bought 1,547 shares of Ellsworth Growth and Income Fund stock. The shares were acquired at an average price of $12.52 per share, for a total transaction of $19,368.44.

Ellsworth Growth and Income Fund Trading Up 1.3%

NYSEAMERICAN ECF opened at $12.11 on Friday. The business’s 50 day moving average is $12.35 and its two-hundred day moving average is $12.47. Ellsworth Growth and Income Fund Ltd. has a 12-month low of $10.70 and a 12-month high of $13.85.

Ellsworth Growth and Income Fund Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 23rd. Investors of record on Wednesday, September 16th were issued a dividend of $0.22 per share. This is a boost from Ellsworth Growth and Income Fund’s previous quarterly dividend of $0.19. This represents a $0.88 dividend on an annualized basis and a yield of 7.3%. The ex-dividend date of this dividend was Wednesday, September 16th.

Institutional Investors Weigh In On Ellsworth Growth and Income Fund

A number of hedge funds and other institutional investors have recently bought and sold shares of ECF. Sit Investment Associates Inc. grew its stake 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 worth $10,846,000 after purchasing an additional 43,839 shares during the period. Capstone Investment Advisors LLC acquired a new stake in shares of Ellsworth Growth and Income Fund in the second quarter valued at about $1,076,000. Uhlmann Price Securities LLC lifted its stake in shares of Ellsworth Growth and Income Fund by 1.5% in the first quarter. Uhlmann Price Securities LLC now owns 68,718 shares of the investment management company’s stock valued at $766,000 after purchasing an additional 1,000 shares during the period. Evolve Private Wealth LLC purchased a new stake in Ellsworth Growth and Income Fund during the second quarter worth about $875,000. Finally, Royal Bank of Canada boosted its holdings in 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 worth $617,000 after buying an additional 7,955 shares in the last quarter. Institutional investors and hedge funds own 35.88% of the company’s stock.

Ellsworth Growth and Income Fund Company Profile

Ellsworth Growth and Income Fund, Inc is a 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 professionally managed portfolio of securities.

The fund invests primarily in convertible securities, including convertible bonds and preferred stocks, as well as common stocks and other income-producing investments. Convertible securities may provide regular income while also offering the potential to participate in the appreciation of the underlying companies’ common shares.