Saba Capital Management, L.P. Sells 14,110 Shares of Ellsworth Growth and Income Fund (NYSE:ECF) Stock

Ellsworth Growth and Income Fund Ltd. (NYSE:ECF) major shareholder Saba Capital Management, L.P. sold 14,110 shares of the stock in a transaction on Wednesday, February 11th. The shares were sold at an average price of $12.24, for a total value of $172,706.40. Following the completion of the transaction, the insider directly owned 1,632,468 shares in the company, valued at approximately $19,981,408.32. This represents a 0.86% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Major shareholders that own more than 10% of a company’s shares are required to disclose their transactions 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.
• 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 value of $94,044.48.

Ellsworth Growth and Income Fund Price Performance

Shares of NYSE ECF opened at $12.30 on Friday. Ellsworth Growth and Income Fund Ltd. has a 1-year low of $8.15 and a 1-year high of $12.65. The stock’s 50-day moving average is $12.06 and its 200 day moving average is $11.71.

Ellsworth Growth and Income Fund Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, March 24th. Shareholders of record on Tuesday, March 17th will be paid a dividend of $0.19 per share. The ex-dividend date of this dividend is Tuesday, March 17th. This represents a $0.76 annualized dividend and a dividend yield of 6.2%.

Hedge Funds Weigh In On Ellsworth Growth and Income Fund

Several institutional investors and hedge funds have recently made changes to their positions in the business. Gilpin Wealth Management LLC bought a new stake in Ellsworth Growth and Income Fund in the fourth quarter worth $47,000. Osaic Holdings Inc. increased its holdings in shares of Ellsworth Growth and Income Fund by 11.1% in the second quarter. Osaic Holdings Inc. now owns 15,356 shares of the company’s stock worth $157,000 after buying an additional 1,535 shares during the period. PMG Family Office LLC purchased a new position in shares of Ellsworth Growth and Income Fund in the third quarter worth about $212,000. LPL Financial LLC lifted its stake in shares of Ellsworth Growth and Income Fund by 27.7% in the 4th quarter. LPL Financial LLC now owns 23,308 shares of the company’s stock valued at $271,000 after acquiring an additional 5,051 shares during the last quarter. Finally, Commonwealth Equity Services LLC boosted its holdings in Ellsworth Growth and Income Fund by 68.1% during the 4th quarter. Commonwealth Equity Services LLC now owns 32,592 shares of the company’s stock valued at $379,000 after acquiring an additional 13,199 shares during the period. Institutional investors own 35.88% of the company’s stock.

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.