Ellsworth Growth and Income Fund (NYSEAMERICAN:ECF) Stock Price Passes Below 200 Day Moving Average – Time to Sell?

Ellsworth Growth and Income Fund Ltd. (NYSEAMERICAN:ECF)’s share price crossed below its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $11.88 and traded as low as $10.81. Ellsworth Growth and Income Fund shares last traded at $10.82, with a volume of 34,968 shares.

Ellsworth Growth and Income Fund Trading Down 2.1%

The stock has a fifty day moving average price of $11.88 and a two-hundred day moving average price of $11.88.

Ellsworth Growth and Income Fund Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, March 24th. Investors of record on Tuesday, March 17th were paid a dividend of $0.19 per share. The ex-dividend date of this dividend was Tuesday, March 17th. This represents a $0.76 annualized dividend and a yield of 7.0%.

Insiders Place Their Bets

In other Ellsworth Growth and Income Fund news, major shareholder Saba Capital Management, L.P. sold 14,591 shares of Ellsworth Growth and Income Fund stock in a transaction that occurred on Wednesday, February 18th. The shares were sold at an average price of $12.16, for a total value of $177,426.56. Following the transaction, the insider owned 1,604,273 shares in the company, valued at approximately $19,507,959.68. The trade was a 0.90% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders have sold 76,347 shares of company stock worth $923,828 in the last ninety days. Company insiders own 0.54% of the company’s stock.

Hedge Funds Weigh In On Ellsworth Growth and Income Fund

A number of hedge funds have recently modified their holdings of ECF. Saba Capital Management L.P. lifted its stake in Ellsworth Growth and Income Fund by 2.8% during the fourth quarter. Saba Capital Management L.P. now owns 1,680,620 shares of the investment management company’s stock valued at $19,546,000 after buying an additional 45,368 shares in the last quarter. Wells Fargo & Company MN increased its position in shares of Ellsworth Growth and Income Fund by 3.3% in the fourth quarter. Wells Fargo & Company MN now owns 946,404 shares of the investment management company’s stock worth $11,007,000 after acquiring an additional 30,142 shares in the last quarter. Sit Investment Associates Inc. raised its holdings in shares of 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 valued at $10,846,000 after acquiring an additional 43,839 shares during the period. Advisors Asset Management Inc. raised its holdings in shares of Ellsworth Growth and Income Fund by 72.9% during the fourth quarter. Advisors Asset Management Inc. now owns 393,918 shares of the investment management company’s stock valued at $4,581,000 after acquiring an additional 166,043 shares during the period. Finally, Pathstone Holdings LLC lifted its position in shares of Ellsworth Growth and Income Fund by 42.0% in the 3rd quarter. Pathstone Holdings LLC now owns 390,077 shares of the investment management company’s stock valued at $4,525,000 after acquiring an additional 115,441 shares in the last quarter. 35.88% of the stock is currently owned by institutional investors and hedge funds.

Ellsworth Growth and Income Fund Company Profile

Ellsworth Growth and Income Fund (NYSEAMERICAN: ECF) is a closed-end management investment company that seeks to provide investors with a combination of capital appreciation and current income. The fund pursues its objectives by investing primarily in a diversified portfolio of common stocks of U.S. companies that pay dividends and exhibit long-term growth potential. To complement its equity holdings, the fund may also invest in preferred stocks, convertible securities and other income-oriented instruments.

ECF’s investment strategy emphasizes a disciplined, research-driven approach.