Bancroft Fund Limited (NYSEAMERICAN:BCV – Get Free Report) saw a significant decline in short interest during the month of October. As of October 15th, there was short interest totaling 3,231 shares, a decline of 65.4% from the September 30th total of 9,349 shares. Based on an average trading volume of 16,602 shares, the days-to-cover ratio is presently 0.2 days. Currently, 0.1% of the shares of the stock are sold short.
Hedge Funds Weigh In On Bancroft Fund
Several institutional investors and hedge funds have recently modified their holdings of BCV. Mezzasalma Advisors LLC raised its holdings in Bancroft Fund by 1.4% in the 3rd quarter. Mezzasalma Advisors LLC now owns 37,244 shares of the financial services provider’s stock valued at $860,000 after acquiring an additional 521 shares during the last quarter. Royal Bank of Canada boosted its holdings in shares of Bancroft Fund by 2.1% during the first quarter. Royal Bank of Canada now owns 36,148 shares of the financial services provider’s stock worth $779,000 after purchasing an additional 729 shares during the last quarter. Allworth Financial LP acquired a new stake in shares of Bancroft Fund during the second quarter worth $26,000. Integrated Wealth Concepts LLC acquired a new position in Bancroft Fund in the second quarter valued at $73,000. Finally, PNC Financial Services Group Inc. lifted its position in Bancroft Fund by 48.3% during the first quarter. PNC Financial Services Group Inc. now owns 9,205 shares of the financial services provider’s stock worth $198,000 after buying an additional 3,000 shares during the period. Hedge funds and other institutional investors own 22.43% of the company’s stock.
Bancroft Fund Stock Down 0.7%
Shares of BCV traded down $0.15 during trading hours on Thursday, reaching $22.20. 17,812 shares of the company traded hands, compared to its average volume of 12,537. Bancroft Fund has a fifty-two week low of $21.06 and a fifty-two week high of $27.33. The stock has a fifty day simple moving average of $23.47 and a 200 day simple moving average of $23.95.
Bancroft Fund Increases Dividend
The company also recently declared a quarterly dividend, which was paid on Wednesday, September 23rd. Stockholders of record on Wednesday, September 16th were issued a dividend of $0.41 per share. This represents a $1.64 dividend on an annualized basis and a dividend yield of 7.4%. This is a boost from Bancroft Fund’s previous quarterly dividend of $0.35. The ex-dividend date was Wednesday, September 16th.
About Bancroft Fund
Bancroft Fund, Inc is a closed-end investment company listed on the NYSE American under the symbol BCV. The fund seeks to provide shareholders with a combination of current income and long-term capital appreciation through a managed portfolio of investments.
The fund primarily invests in convertible securities, including convertible bonds and convertible preferred stocks, as well as other income-producing and equity securities. Convertible investments may provide regular income while also offering the potential to participate in the growth of the underlying companies’ common stocks.
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