Ellsworth Growth and Income Fund (NYSEAMERICAN:ECF) Major Shareholder Saba Capital Management, L.P. Buys 27,937 Shares of Company Stock

Ellsworth Growth and Income Fund Ltd. (NYSEAMERICAN:ECF) major shareholder Saba Capital Management, L.P. acquired 27,937 shares of the stock in a transaction that occurred on Thursday, October 8th. The shares were bought at an average price of $11.95 per share, for a total transaction of $333,847.15. Following the purchase, the insider directly owned 1,673,947 shares of the company’s stock, valued at approximately $20,003,666.65. This trade represents a 1.70% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Large shareholders that own more than 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

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

• On Wednesday, October 7th, Saba Capital Management, L.P. bought 17,548 shares of Ellsworth Growth and Income Fund stock. The shares were purchased at an average cost of $11.97 per share, with a total value of $210,049.56.
• On Friday, September 4th, Saba Capital Management, L.P. purchased 6,800 shares of Ellsworth Growth and Income Fund stock. The stock was acquired 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 stock was acquired 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 shares were acquired 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 shares were acquired 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. acquired 1,547 shares of Ellsworth Growth and Income Fund stock. The stock was acquired at an average cost of $12.52 per share, for a total transaction of $19,368.44.

Ellsworth Growth and Income Fund Trading Down 0.4%

NYSEAMERICAN ECF opened at $12.00 on Wednesday. The company’s 50 day simple moving average is $12.33 and its 200 day simple moving average is $12.49. 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 announced 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. The ex-dividend date was Wednesday, September 16th. This is a positive change 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%.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in ECF. Capstone Investment Advisors LLC purchased a new stake in shares of Ellsworth Growth and Income Fund during the 2nd quarter worth about $1,076,000. Evolve Private Wealth LLC acquired a new stake in shares of Ellsworth Growth and Income Fund during the 2nd quarter valued at about $875,000. Sit Investment Associates Inc. grew its stake in shares of Ellsworth Growth and Income Fund by 4.9% in 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 buying an additional 43,839 shares in the last quarter. K2 Principal Fund L.P. bought a new stake in shares of Ellsworth Growth and Income Fund in the 2nd quarter valued at approximately $325,000. Finally, Ruggaard & Associates LLC bought a new stake in shares of Ellsworth Growth and Income Fund in the 2nd quarter valued at approximately $248,000. Institutional investors and hedge funds own 35.88% of the company’s stock.

About Ellsworth Growth and Income Fund

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.