Insider Selling: Ellsworth Growth and Income Fund (NYSE:ECF) Major Shareholder Sells $177,426.56 in Stock

Ellsworth Growth and Income Fund Ltd. (NYSE:ECF) major shareholder Saba Capital Management, L.P. sold 14,591 shares of the stock in a transaction that occurred on Wednesday, February 18th. The stock was sold at an average price of $12.16, for a total value of $177,426.56. Following the completion of the transaction, the insider owned 1,604,273 shares of the company’s stock, valued at $19,507,959.68. The trade was a 0.90% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Large shareholders that own 10% or more 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 Tuesday, February 17th, Saba Capital Management, L.P. sold 6,072 shares of Ellsworth Growth and Income Fund stock. The stock was sold at an average price of $12.20, for a total value of $74,078.40.
• On Friday, February 13th, Saba Capital Management, L.P. sold 7,532 shares of Ellsworth Growth and Income Fund stock. The shares were sold at an average price of $12.25, for a total transaction of $92,267.00.
• On Wednesday, February 11th, Saba Capital Management, L.P. sold 14,110 shares of Ellsworth Growth and Income Fund stock. The shares were sold at an average price of $12.24, for a total transaction of $172,706.40.
• 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 transaction 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 Stock Performance

Ellsworth Growth and Income Fund stock traded down $0.03 during midday trading on Thursday, reaching $12.10. 13,437 shares of the stock traded hands, compared to its average volume of 42,922. The company has a 50-day simple moving average of $12.07 and a two-hundred day simple moving average of $11.75. 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 Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 24th. Stockholders of record on Tuesday, March 17th will be paid a $0.19 dividend. This represents a $0.76 annualized dividend and a dividend yield of 6.3%. The ex-dividend date is Tuesday, March 17th.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in ECF. Invesco Ltd. raised its stake in Ellsworth Growth and Income Fund by 17.2% during the 4th quarter. Invesco Ltd. now owns 232,215 shares of the company’s stock worth $2,701,000 after acquiring an additional 34,026 shares in the last quarter. Saba Capital Management L.P. boosted its holdings in shares of Ellsworth Growth and Income Fund by 2.8% in the fourth quarter. Saba Capital Management L.P. now owns 1,680,620 shares of the company’s stock valued at $19,546,000 after acquiring an additional 45,368 shares during the period. Evolve Private Wealth LLC purchased a new position in shares of Ellsworth Growth and Income Fund during the fourth quarter worth approximately $811,000. Guggenheim Capital LLC increased its holdings in shares of Ellsworth Growth and Income Fund by 16.0% in the 4th quarter. Guggenheim Capital LLC now owns 164,329 shares of the company’s stock valued at $1,911,000 after acquiring an additional 22,611 shares during the period. Finally, Royal Bank of Canada raised its position in Ellsworth Growth and Income Fund by 10.7% in the 4th quarter. Royal Bank of Canada now owns 47,354 shares of the company’s stock valued at $550,000 after purchasing an additional 4,574 shares during the last quarter. Institutional investors and hedge funds own 35.88% of the company’s stock.

About Ellsworth Growth and Income Fund

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.