Insider Buying: Ellsworth Growth and Income Fund (NYSEAMERICAN:ECF) Major Shareholder Acquires $14,964.00 in Stock

Ellsworth Growth and Income Fund Ltd. (NYSEAMERICAN:ECF) major shareholder Saba Capital Management, L.P. acquired 1,200 shares of the firm’s stock in a transaction dated Friday, August 28th. The stock was bought at an average price of $12.47 per share, for a total transaction of $14,964.00. Following the completion of the acquisition, the insider owned 1,616,662 shares in the company, valued at approximately $20,159,775.14. The trade was a 0.07% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Major shareholders that own 10% or more 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 Thursday, August 27th, Saba Capital Management, L.P. acquired 3,900 shares of Ellsworth Growth and Income Fund stock. The shares were bought at an average cost of $12.49 per share, with a total value of $48,711.00.
• On Friday, August 21st, Saba Capital Management, L.P. bought 5,742 shares of Ellsworth Growth and Income Fund stock. The stock was bought at an average price of $12.53 per share, with a total value of $71,947.26.
• On Thursday, August 20th, Saba Capital Management, L.P. bought 1,547 shares of Ellsworth Growth and Income Fund stock. The stock was purchased at an average cost of $12.52 per share, for a total transaction of $19,368.44.

Ellsworth Growth and Income Fund Stock Performance

NYSEAMERICAN:ECF opened at $12.29 on Friday. The stock’s fifty day moving average is $12.59 and its two-hundred day moving average is $12.39. Ellsworth Growth and Income Fund Ltd. has a 52 week low of $10.70 and a 52 week high of $13.85.

Ellsworth Growth and Income Fund Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 23rd. Shareholders of record on Wednesday, September 16th will be paid a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 7.2%. This is a boost from Ellsworth Growth and Income Fund’s previous quarterly dividend of $0.19. The ex-dividend date is Wednesday, September 16th.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Saba Capital Management L.P. lifted its position in shares of Ellsworth Growth and Income Fund by 2.8% during the 4th quarter. Saba Capital Management L.P. now owns 1,680,620 shares of the investment management company’s stock worth $19,546,000 after purchasing an additional 45,368 shares during the last quarter. Wells Fargo & Company MN increased its holdings in Ellsworth Growth and Income Fund by 3.3% in the fourth quarter. Wells Fargo & Company MN now owns 946,404 shares of the investment management company’s stock valued at $11,007,000 after buying an additional 30,142 shares during the last quarter. Sit Investment Associates Inc. raised its stake in Ellsworth Growth and Income Fund by 4.9% in the fourth quarter. Sit Investment Associates Inc. now owns 932,552 shares of the investment management company’s stock valued at $10,846,000 after buying an additional 43,839 shares in the last quarter. Advisors Asset Management Inc. raised its stake in Ellsworth Growth and Income Fund by 72.9% in the fourth quarter. Advisors Asset Management Inc. now owns 393,918 shares of the investment management company’s stock valued at $4,581,000 after buying an additional 166,043 shares in the last quarter. Finally, Pathstone Holdings LLC lifted its holdings in Ellsworth Growth and Income Fund by 42.0% during the 3rd quarter. Pathstone Holdings LLC now owns 390,077 shares of the investment management company’s stock worth $4,525,000 after buying an additional 115,441 shares during the last quarter. Hedge funds and other institutional investors own 35.88% of the company’s stock.

Ellsworth Growth and Income Fund Company Profile

Ellsworth Growth and Income Fund (NYSEAMERICAN: ECF) is a closed-end management investment company that seeks to provide investors with a combination of capital appreciation and current income. The fund pursues its objectives by investing primarily in a diversified portfolio of common stocks of U.S. companies that pay dividends and exhibit long-term growth potential. To complement its equity holdings, the fund may also invest in preferred stocks, convertible securities and other income-oriented instruments.

ECF’s investment strategy emphasizes a disciplined, research-driven approach.