Insider Buying: Ellsworth Growth and Income Fund (NYSEAMERICAN:ECF) Major Shareholder Acquires $115,839.78 in Stock

Ellsworth Growth and Income Fund Ltd. (NYSEAMERICAN:ECF) major shareholder Saba Capital Management, L.P. purchased 9,969 shares of the company’s stock in a transaction on Thursday, October 15th. The shares were bought at an average price of $11.62 per share, for a total transaction of $115,839.78. Following the completion of the transaction, the insider directly owned 1,754,599 shares in the company, valued at $20,388,440.38. This represents a 0.57% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Large shareholders that own more than 10% 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 Wednesday, October 14th, Saba Capital Management, L.P. acquired 56,083 shares of Ellsworth Growth and Income Fund stock. The stock was bought at an average price of $11.74 per share, with a total value of $658,414.42.
• On Monday, October 12th, Saba Capital Management, L.P. acquired 14,600 shares of Ellsworth Growth and Income Fund stock. The stock was bought at an average price of $12.03 per share, with a total value of $175,638.00.
• On Thursday, October 8th, Saba Capital Management, L.P. acquired 27,937 shares of Ellsworth Growth and Income Fund stock. The shares were bought at an average price of $11.95 per share, for a total transaction of $333,847.15.
• On Wednesday, October 7th, Saba Capital Management, L.P. acquired 17,548 shares of Ellsworth Growth and Income Fund stock. The shares were bought at an average price of $11.97 per share, for a total transaction of $210,049.56.
• On Friday, September 4th, Saba Capital Management, L.P. bought 6,800 shares of Ellsworth Growth and Income Fund stock. The shares were purchased at an average cost of $12.36 per share, for a total transaction of $84,048.00.
• On Thursday, September 3rd, Saba Capital Management, L.P. bought 5,000 shares of Ellsworth Growth and Income Fund stock. The shares were purchased at an average cost of $12.25 per share, for a total transaction of $61,250.00.
• On Friday, August 28th, Saba Capital Management, L.P. bought 1,200 shares of Ellsworth Growth and Income Fund stock. The stock was purchased 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. bought 3,900 shares of Ellsworth Growth and Income Fund stock. The stock was purchased 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 shares were purchased 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 shares were purchased at an average cost of $12.52 per share, with a total value of $19,368.44.

Ellsworth Growth and Income Fund Stock Down 1.7%

Shares of ECF stock traded down $0.20 during mid-day trading on Monday, hitting $11.45. 33,169 shares of the stock traded hands, compared to its average volume of 33,099. The company’s 50-day simple moving average is $12.28 and its 200-day simple moving average is $12.50. Ellsworth Growth and Income Fund Ltd. has a twelve month low of $10.70 and a twelve month high of $13.85.

Ellsworth Growth and Income Fund Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 23rd. Shareholders of record on Wednesday, September 16th were issued a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 7.7%. The ex-dividend date of this dividend was Wednesday, September 16th. This is a positive change from Ellsworth Growth and Income Fund’s previous quarterly dividend of $0.19.

Hedge Funds Weigh In On Ellsworth Growth and Income Fund

Several large investors have recently made changes to their positions in the business. Capstone Investment Advisors LLC acquired a new position in shares of Ellsworth Growth and Income Fund in the 2nd quarter worth approximately $1,076,000. Evolve Private Wealth LLC acquired a new stake in Ellsworth Growth and Income Fund during the second quarter valued at approximately $875,000. K2 Principal Fund L.P. acquired a new stake in Ellsworth Growth and Income Fund during the second quarter valued at approximately $325,000. Ruggaard & Associates LLC bought a new stake in Ellsworth Growth and Income Fund during the second quarter worth approximately $248,000. Finally, Beckerman Institutional LLC acquired a new position in Ellsworth Growth and Income Fund in the second quarter worth approximately $169,000. Institutional investors own 35.88% of the company’s stock.

Ellsworth Growth and Income Fund Company Profile

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.