Saba Capital Management, L.P. Acquires 5,000 Shares of Ellsworth Growth and Income Fund (NYSEAMERICAN:ECF) Stock

Ellsworth Growth and Income Fund Ltd. (NYSEAMERICAN:ECF) major shareholder Saba Capital Management, L.P. acquired 5,000 shares of the stock in a transaction dated Thursday, September 3rd. The stock was acquired at an average cost of $12.25 per share, with a total value of $61,250.00. Following the transaction, the insider directly owned 1,621,662 shares in the company, valued at approximately $19,865,359.50. This represents a 0.31% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Large shareholders that own 10% or more 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. bought 6,800 shares of Ellsworth Growth and Income Fund stock. The shares were acquired at an average cost of $12.36 per share, for a total transaction of $84,048.00.
• On Friday, August 28th, Saba Capital Management, L.P. bought 1,200 shares of Ellsworth Growth and Income Fund stock. The shares were 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 stock was 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. purchased 5,742 shares of Ellsworth Growth and Income Fund stock. The stock was acquired at an average cost of $12.53 per share, with a total value 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 acquired at an average cost of $12.52 per share, with a total value of $19,368.44.

Ellsworth Growth and Income Fund Stock Performance

Shares of ECF stock opened at $12.57 on Thursday. Ellsworth Growth and Income Fund Ltd. has a fifty-two week low of $10.70 and a fifty-two week high of $13.85. The stock’s 50-day simple moving average is $12.54 and its 200-day simple moving average is $12.40.

Ellsworth Growth and Income Fund Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 23rd. Shareholders of record on Wednesday, September 16th will be given a dividend of $0.22 per share. The ex-dividend date of this dividend is Wednesday, September 16th. This represents a $0.88 annualized dividend and a yield of 7.0%. This is a boost from Ellsworth Growth and Income Fund’s previous quarterly dividend of $0.19.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Advisors Asset Management Inc. grew 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 buying an additional 166,043 shares during the last quarter. Pathstone Holdings LLC raised its stake in 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 worth $4,525,000 after acquiring an additional 115,441 shares during the last quarter. Capstone Investment Advisors LLC purchased a new position in Ellsworth Growth and Income Fund in the 2nd quarter worth $1,076,000. Evolve Private Wealth LLC acquired a new stake in Ellsworth Growth and Income Fund during the 4th quarter worth about $811,000. Finally, Saba Capital Management L.P. lifted its position in Ellsworth Growth and Income Fund by 2.8% during the 4th quarter. Saba Capital Management L.P. now owns 1,680,620 shares of the investment management company’s stock worth $19,546,000 after acquiring an additional 45,368 shares during the period. Hedge funds and other institutional investors own 35.88% of the company’s stock.

About Ellsworth Growth and Income Fund

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.