Ellsworth Growth and Income Fund (NYSEAMERICAN:ECF) Stock: Insider Saba Capital Management, L.P. Buys 1,830 Shares

Ellsworth Growth and Income Fund Ltd. (NYSEAMERICAN:ECF) major shareholder Saba Capital Management, L.P. acquired 1,830 shares of the firm’s stock in a transaction on Tuesday, October 20th. The shares were bought at an average cost of $11.39 per share, with a total value of $20,843.70. Following the completion of the acquisition, the insider directly owned 1,789,855 shares in the company, valued at approximately $20,386,448.45. This represents a 0.10% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Major shareholders that own at least 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 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 cost of $11.47 per share, with a total value of $195,896.13.
• On Friday, October 16th, Saba Capital Management, L.P. acquired 16,347 shares of Ellsworth Growth and Income Fund stock. The stock was bought at an average cost of $11.65 per share, with a total value 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 price 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 cost of $11.74 per share, for a total transaction of $658,414.42.
• On Monday, October 12th, Saba Capital Management, L.P. bought 14,600 shares of Ellsworth Growth and Income Fund stock. The shares were bought at an average cost of $12.03 per share, for a total transaction of $175,638.00.
• On Thursday, October 8th, Saba Capital Management, L.P. purchased 27,937 shares of Ellsworth Growth and Income Fund stock. The shares were bought at an average price of $11.95 per share, with a total value of $333,847.15.
• On Wednesday, October 7th, Saba Capital Management, L.P. purchased 17,548 shares of Ellsworth Growth and Income Fund stock. The stock was bought at an average cost of $11.97 per share, with a total value of $210,049.56.
• On Friday, September 4th, Saba Capital Management, L.P. purchased 6,800 shares of Ellsworth Growth and Income Fund stock. The stock was bought at an average cost of $12.36 per share, with a total value of $84,048.00.
• On Thursday, September 3rd, Saba Capital Management, L.P. acquired 5,000 shares of Ellsworth Growth and Income Fund stock. The shares were bought at an average price of $12.25 per share, for a total transaction of $61,250.00.
• On Friday, August 28th, Saba Capital Management, L.P. acquired 1,200 shares of Ellsworth Growth and Income Fund stock. The shares were bought at an average price of $12.47 per share, for a total transaction of $14,964.00.

Ellsworth Growth and Income Fund Price Performance

ECF traded up $0.34 during mid-day trading on Wednesday, reaching $11.80. 22,578 shares of the stock were exchanged, compared to its average volume of 33,029. The company has a 50 day moving average price of $12.23 and a two-hundred day moving average price of $12.51. Ellsworth Growth and Income Fund Ltd. has a 1 year low of $10.70 and a 1 year high of $13.85.

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 dividend of $0.22 per share. The ex-dividend date of this dividend was Wednesday, September 16th. This is an increase from Ellsworth Growth and Income Fund’s previous quarterly dividend of $0.19. This represents a $0.88 dividend on an annualized basis and a dividend yield of 7.5%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Waverly Advisors LLC grew its position in 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 worth $474,000 after purchasing an additional 1,300 shares in the last quarter. Private Advisor Group LLC lifted its position in shares of Ellsworth Growth and Income Fund by 7.6% during the 1st quarter. Private Advisor Group LLC now owns 27,015 shares of the investment management company’s stock worth $301,000 after buying an additional 1,916 shares in the last quarter. Global Retirement Partners LLC bought a new position in shares of Ellsworth Growth and Income Fund during the 2nd quarter worth approximately $28,000. Royal Bank of Canada lifted its position in shares of Ellsworth Growth and Income Fund by 16.8% during the 1st quarter. Royal Bank of Canada now owns 55,309 shares of the investment management company’s stock worth $617,000 after buying an additional 7,955 shares in the last quarter. Finally, Readystate Asset Management LP purchased a new position in shares of Ellsworth Growth and Income Fund in the 2nd quarter worth approximately $154,000. 35.88% of the stock is currently owned by hedge funds and other institutional investors.

About Ellsworth Growth and Income Fund

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.