Ellsworth Growth and Income Fund (NYSE:ECF) Major Shareholder Saba Capital Management, L.P. Sells 14,591 Shares of Stock

Ellsworth Growth and Income Fund Ltd. (NYSE:ECF) major shareholder Saba Capital Management, L.P. sold 14,591 shares of the firm’s stock in a transaction that occurred on Wednesday, February 18th. The stock was sold at an average price of $12.16, for a total transaction of $177,426.56. Following the sale, the insider directly owned 1,604,273 shares in the company, valued at approximately $19,507,959.68. The trade was a 0.90% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Major shareholders that own 10% or more 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 Tuesday, February 17th, Saba Capital Management, L.P. sold 6,072 shares of Ellsworth Growth and Income Fund stock. The stock was sold at an average price of $12.20, for a total value of $74,078.40.
• On Friday, February 13th, Saba Capital Management, L.P. sold 7,532 shares of Ellsworth Growth and Income Fund stock. The shares were sold at an average price of $12.25, for a total transaction of $92,267.00.
• On Wednesday, February 11th, Saba Capital Management, L.P. sold 14,110 shares of Ellsworth Growth and Income Fund stock. The shares were sold at an average price of $12.24, for a total value of $172,706.40.
• On Friday, February 6th, Saba Capital Management, L.P. sold 26,218 shares of Ellsworth Growth and Income Fund stock. The shares were sold at an average price of $11.95, for a total transaction of $313,305.10.
• On Thursday, February 5th, Saba Capital Management, L.P. sold 7,824 shares of Ellsworth Growth and Income Fund stock. The stock was sold at an average price of $12.02, for a total transaction of $94,044.48.

Ellsworth Growth and Income Fund Stock Up 1.0%

Shares of ECF traded up $0.12 during mid-day trading on Friday, hitting $12.14. The company’s stock had a trading volume of 9,726 shares, compared to its average volume of 42,029. Ellsworth Growth and Income Fund Ltd. has a 1-year low of $8.15 and a 1-year high of $12.65. The firm has a 50-day simple moving average of $12.07 and a 200 day simple moving average of $11.76.

Ellsworth Growth and Income Fund Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, March 24th. Stockholders of record on Tuesday, March 17th will be given a $0.19 dividend. The ex-dividend date is Tuesday, March 17th. This represents a $0.76 annualized dividend and a dividend yield of 6.3%.

Hedge Funds Weigh In On Ellsworth Growth and Income Fund

A number of institutional investors have recently made changes to their positions in the stock. Invesco Ltd. lifted its position in shares of Ellsworth Growth and Income Fund by 17.2% in the fourth quarter. Invesco Ltd. now owns 232,215 shares of the company’s stock valued at $2,701,000 after acquiring an additional 34,026 shares in the last quarter. Saba Capital Management L.P. lifted its holdings in Ellsworth Growth and Income Fund by 2.8% in the 4th quarter. Saba Capital Management L.P. now owns 1,680,620 shares of the company’s stock valued at $19,546,000 after purchasing an additional 45,368 shares in the last quarter. Evolve Private Wealth LLC purchased a new position in Ellsworth Growth and Income Fund in the 4th quarter valued at about $811,000. Guggenheim Capital LLC boosted its stake in shares of Ellsworth Growth and Income Fund by 16.0% during the 4th quarter. Guggenheim Capital LLC now owns 164,329 shares of the company’s stock worth $1,911,000 after purchasing an additional 22,611 shares during the last quarter. Finally, Royal Bank of Canada grew its holdings in shares of Ellsworth Growth and Income Fund by 10.7% during the fourth quarter. Royal Bank of Canada now owns 47,354 shares of the company’s stock worth $550,000 after buying an additional 4,574 shares in the last quarter. 35.88% of the stock is owned by institutional investors and hedge funds.

About Ellsworth Growth and Income Fund

Ellsworth Growth and Income Fund, Inc (NYSE: ECF) is a closed-end management investment company whose primary objective is to provide shareholders with total return through a combination of capital appreciation and current income. The Fund pursues this objective by investing principally in common stocks of U.S. companies that the investment adviser believes are undervalued relative to their growth prospects and exhibited attractive dividend yields. To complement its equity holdings, the Fund may also allocate assets to convertible securities, preferred stocks and high-quality fixed-income instruments.

The Fund employs a bottom-up, stock-picking approach, seeking issuers across a broad range of sectors that offer favorable risk-reward dynamics.