Ellsworth Growth and Income Fund (NYSE:ECF) Major Shareholder Sells $172,706.40 in Stock

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

Ellsworth Growth and Income Fund Stock Up 0.9%

NYSE:ECF opened at $12.30 on Friday. The stock’s 50-day simple moving average is $12.06 and its 200 day simple moving average is $11.72. Ellsworth Growth and Income Fund Ltd. has a 52-week low of $8.15 and a 52-week high of $12.65.

Ellsworth Growth and Income Fund Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, March 24th. Shareholders of record on Tuesday, March 17th will be given 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%.

Institutional Investors Weigh In On Ellsworth Growth and Income Fund

Large investors have recently made changes to their positions in the stock. Wells Fargo & Company MN increased its holdings in Ellsworth Growth and Income Fund by 3.3% during the fourth quarter. Wells Fargo & Company MN now owns 946,404 shares of the company’s stock worth $11,007,000 after buying an additional 30,142 shares during the last quarter. Advisors Asset Management Inc. increased its stake in shares of Ellsworth Growth and Income Fund by 72.9% during the 4th quarter. Advisors Asset Management Inc. now owns 393,918 shares of the company’s stock worth $4,581,000 after purchasing an additional 166,043 shares during the last quarter. Pathstone Holdings LLC raised its holdings in shares of Ellsworth Growth and Income Fund by 42.0% in the 3rd quarter. Pathstone Holdings LLC now owns 390,077 shares of the company’s stock valued at $4,525,000 after purchasing an additional 115,441 shares during the period. Blue Bell Private Wealth Management LLC lifted its stake in Ellsworth Growth and Income Fund by 7.5% in the 4th quarter. Blue Bell Private Wealth Management LLC now owns 199,783 shares of the company’s stock valued at $2,323,000 after purchasing an additional 13,974 shares during the last quarter. Finally, Invesco Ltd. grew its holdings in Ellsworth Growth and Income Fund by 31.2% during the second quarter. Invesco Ltd. now owns 161,109 shares of the company’s stock worth $1,651,000 after purchasing an additional 38,271 shares during the period. Institutional investors and hedge funds 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.