Ellsworth Growth and Income Fund (NYSEAMERICAN:ECF) Major Shareholder Saba Capital Management, L.P. Purchases 11,565 Shares of Company Stock

Ellsworth Growth and Income Fund Ltd. (NYSEAMERICAN:ECF) major shareholder Saba Capital Management, L.P. bought 11,565 shares of the company’s stock in a transaction on Friday, October 30th. The shares were acquired at an average price of $11.77 per share, with a total value of $136,120.05. Following the transaction, the insider directly owned 1,814,063 shares in the company, valued at approximately $21,351,521.51. The trade was a 0.64% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Major shareholders that own more than 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

Saba Capital Management, L.P. also recently made the following trade(s):

• On Thursday, October 29th, Saba Capital Management, L.P. purchased 5,975 shares of Ellsworth Growth and Income Fund stock. The stock was bought at an average cost of $11.87 per share, for a total transaction of $70,923.25.
• On Wednesday, October 28th, Saba Capital Management, L.P. purchased 1,050 shares of Ellsworth Growth and Income Fund stock. The stock was bought at an average price of $11.75 per share, for a total transaction of $12,337.50.
• On Tuesday, October 27th, Saba Capital Management, L.P. purchased 400 shares of Ellsworth Growth and Income Fund stock. The stock was bought at an average price of $11.63 per share, for a total transaction of $4,652.00.
• On Monday, October 26th, Saba Capital Management, L.P. acquired 2,618 shares of Ellsworth Growth and Income Fund stock. The shares were bought at an average cost of $11.43 per share, with a total value of $29,923.74.
• On Wednesday, October 21st, Saba Capital Management, L.P. acquired 2,600 shares of Ellsworth Growth and Income Fund stock. The shares were bought at an average cost of $11.58 per share, with a total value of $30,108.00.
• On Tuesday, October 20th, Saba Capital Management, L.P. acquired 1,830 shares of Ellsworth Growth and Income Fund stock. The stock was bought at an average price of $11.39 per share, with a total value of $20,843.70.
• On Monday, October 19th, Saba Capital Management, L.P. acquired 17,079 shares of Ellsworth Growth and Income Fund stock. The stock was bought at an average price of $11.47 per share, with a total value of $195,896.13.
• On Friday, October 16th, Saba Capital Management, L.P. bought 16,347 shares of Ellsworth Growth and Income Fund stock. The stock was bought at an average cost of $11.65 per share, for a total transaction of $190,442.55.
• On Thursday, October 15th, Saba Capital Management, L.P. bought 9,969 shares of Ellsworth Growth and Income Fund stock. The stock was bought at an average cost of $11.62 per share, for a total transaction of $115,839.78.
• On Wednesday, October 14th, Saba Capital Management, L.P. bought 56,083 shares of Ellsworth Growth and Income Fund stock. The shares were bought at an average price of $11.74 per share, for a total transaction of $658,414.42.

Ellsworth Growth and Income Fund Price Performance

ECF traded down $0.09 during midday trading on Monday, reaching $11.63. 18,442 shares of the company were exchanged, compared to its average volume of 32,384. Ellsworth Growth and Income Fund Ltd. has a one year low of $10.70 and a one year high of $13.85. The stock’s 50-day simple moving average is $12.05 and its 200 day simple moving average is $12.29.

Ellsworth Growth and Income Fund Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 23rd. Investors of record on Wednesday, September 16th were given a $0.22 dividend. The ex-dividend date was Wednesday, September 16th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 7.6%. This is a positive change from Ellsworth Growth and Income Fund’s previous quarterly dividend of $0.19.

Institutional Investors Weigh In On Ellsworth Growth and Income Fund

Several hedge funds have recently bought and sold shares of ECF. Blue Bell Private Wealth Management LLC boosted its position in shares of Ellsworth Growth and Income Fund by 19.2% during the third quarter. Blue Bell Private Wealth Management LLC now owns 285,041 shares of the investment management company’s stock worth $3,341,000 after purchasing an additional 45,897 shares in the last quarter. Capstone Investment Advisors LLC acquired a new position in shares of Ellsworth Growth and Income Fund in the 2nd quarter valued at $1,076,000. Evolve Private Wealth LLC acquired a new position in shares of Ellsworth Growth and Income Fund in the 2nd quarter valued at $875,000. Royal Bank of Canada increased its position in shares of Ellsworth Growth and Income Fund by 16.8% in the 1st quarter. Royal Bank of Canada now owns 55,309 shares of the investment management company’s stock valued at $617,000 after buying an additional 7,955 shares in the last quarter. Finally, Waverly Advisors LLC increased its position in shares of Ellsworth Growth and Income Fund by 3.2% in the 1st quarter. Waverly Advisors LLC now owns 42,499 shares of the investment management company’s stock valued at $474,000 after buying an additional 1,300 shares in the last quarter. 35.88% of the stock is currently owned by institutional investors and hedge funds.

About Ellsworth Growth and Income Fund

Ellsworth Growth and Income Fund, Inc (NYSE American: ECF) is a diversified closed-end management investment company. The fund seeks to provide investors with current income and long-term capital appreciation through a professionally managed portfolio of securities.

ECF invests primarily in convertible securities, including convertible bonds and convertible preferred stocks, as well as common stocks. Convertible securities may offer income while also providing the potential to participate in the equity appreciation of the underlying companies.