Insider Buying: Ellsworth Growth and Income Fund (NYSEAMERICAN:ECF) Major Shareholder Purchases $210,049.56 in Stock

Ellsworth Growth and Income Fund Ltd. (NYSEAMERICAN:ECF) major shareholder Saba Capital Management, L.P. purchased 17,548 shares of Ellsworth Growth and Income Fund stock in a transaction on Wednesday, October 7th. The stock was bought at an average price of $11.97 per share, for a total transaction of $210,049.56. Following the transaction, the insider directly owned 1,646,010 shares in the company, valued at approximately $19,702,739.70. The trade was a 1.08% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Major shareholders that own at least 10% of a company’s stock 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. acquired 6,800 shares of Ellsworth Growth and Income Fund stock. The stock was bought at an average cost of $12.36 per share, for a total transaction of $84,048.00.
• On Thursday, September 3rd, Saba Capital Management, L.P. bought 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. purchased 1,200 shares of Ellsworth Growth and Income Fund stock. The stock was acquired at an average cost of $12.47 per share, for a total transaction of $14,964.00.
• On Thursday, August 27th, Saba Capital Management, L.P. purchased 3,900 shares of Ellsworth Growth and Income Fund stock. The shares were acquired at an average price of $12.49 per share, for a total transaction of $48,711.00.
• On Friday, August 21st, Saba Capital Management, L.P. bought 5,742 shares of Ellsworth Growth and Income Fund stock. The shares were bought at an average price of $12.53 per share, for a total transaction of $71,947.26.
• On Thursday, August 20th, Saba Capital Management, L.P. purchased 1,547 shares of Ellsworth Growth and Income Fund stock. The stock was bought at an average price of $12.52 per share, with a total value of $19,368.44.

Ellsworth Growth and Income Fund Trading Up 1.1%

ECF traded up $0.14 during midday trading on Friday, hitting $12.09. The company had a trading volume of 3,902 shares, compared to its average volume of 32,120. The stock’s 50 day moving average price is $12.35 and its 200 day moving average price is $12.47. Ellsworth Growth and Income Fund Ltd. has a 52 week low of $10.70 and a 52 week high of $13.85.

Ellsworth Growth and Income Fund Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 23rd. Shareholders of record on Wednesday, September 16th were issued a $0.22 dividend. The ex-dividend date was Wednesday, September 16th. This is an increase from Ellsworth Growth and Income Fund’s previous quarterly dividend of $0.19. This represents a $0.88 annualized dividend and a yield of 7.3%.

Hedge Funds Weigh In On Ellsworth Growth and Income Fund

Institutional investors have recently modified their holdings of the company. Sit Investment Associates Inc. raised its holdings in Ellsworth Growth and Income Fund by 4.9% during the fourth quarter. Sit Investment Associates Inc. now owns 932,552 shares of the investment management company’s stock worth $10,846,000 after buying an additional 43,839 shares during the last quarter. Capstone Investment Advisors LLC bought a new position in shares of Ellsworth Growth and Income Fund in the second quarter valued at $1,076,000. Uhlmann Price Securities LLC grew its holdings in shares of Ellsworth Growth and Income Fund by 1.5% during the first quarter. Uhlmann Price Securities LLC now owns 68,718 shares of the investment management company’s stock valued at $766,000 after buying an additional 1,000 shares during the last quarter. Evolve Private Wealth LLC acquired a new position in shares of Ellsworth Growth and Income Fund during the second quarter valued at about $875,000. Finally, Royal Bank of Canada increased its position in shares of 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 acquiring an additional 7,955 shares in the last quarter. 35.88% of the stock is owned by institutional investors and hedge funds.

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.