Insider Selling: Ellsworth Growth and Income Fund (NYSE:ECF) Major Shareholder Sells 7,824 Shares of Stock

Ellsworth Growth and Income Fund Ltd. (NYSE:ECF) major shareholder Saba Capital Management, L.P. sold 7,824 shares of the stock in a transaction on Thursday, February 5th. The shares were sold at an average price of $12.02, for a total value of $94,044.48. Following the sale, the insider directly owned 1,672,796 shares in the company, valued at $20,107,007.92. This trade represents a 0.47% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible 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 Friday, February 6th, Saba Capital Management, L.P. sold 26,218 shares of Ellsworth Growth and Income Fund stock. The stock was sold at an average price of $11.95, for a total value of $313,305.10.

Ellsworth Growth and Income Fund Price Performance

ECF stock traded up $0.25 during trading on Monday, reaching $12.05. 43,330 shares of the company traded hands, compared to its average volume of 43,201. The business has a 50 day simple moving average of $12.02 and a 200 day simple moving average of $11.67. Ellsworth Growth and Income Fund Ltd. has a 12 month low of $8.15 and a 12 month high of $12.65.

Ellsworth Growth and Income Fund Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, December 30th. Investors of record on Monday, November 24th were paid a dividend of $0.41 per share. This is a boost from Ellsworth Growth and Income Fund’s previous quarterly dividend of $0.16. The ex-dividend date was Monday, November 24th. This represents a $1.64 annualized dividend and a dividend yield of 13.6%.

Hedge Funds Weigh In On Ellsworth Growth and Income Fund

A number of large investors have recently made changes to their positions in ECF. Osaic Holdings Inc. lifted its holdings in shares of Ellsworth Growth and Income Fund by 11.1% during the 2nd quarter. Osaic Holdings Inc. now owns 15,356 shares of the company’s stock valued at $157,000 after purchasing an additional 1,535 shares during the last quarter. PMG Family Office LLC acquired a new position in Ellsworth Growth and Income Fund during the 3rd quarter valued at about $212,000. Uhlmann Price Securities LLC raised its stake in Ellsworth Growth and Income Fund by 10.3% in the second quarter. Uhlmann Price Securities LLC now owns 66,680 shares of the company’s stock valued at $683,000 after buying an additional 6,202 shares during the last quarter. NewEdge Advisors LLC boosted its holdings in Ellsworth Growth and Income Fund by 44.8% in the second quarter. NewEdge Advisors LLC now owns 75,407 shares of the company’s stock worth $773,000 after acquiring an additional 23,340 shares in the last quarter. Finally, Raymond James Financial Inc. grew its stake in shares of Ellsworth Growth and Income Fund by 1.3% during the third quarter. Raymond James Financial Inc. now owns 80,538 shares of the company’s stock worth $934,000 after acquiring an additional 996 shares during the last quarter. 35.88% of the stock is owned by institutional investors and hedge funds.

Ellsworth Growth and Income Fund Company Profile

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.