Bancroft Fund (NYSEAMERICAN:BCV) Trading Up 2% – Here’s What Happened

Bancroft Fund Limited (NYSEAMERICAN:BCV)’s stock price traded up 2% on Wednesday . The stock traded as high as $22.56 and last traded at $22.48. 2,336 shares were traded during mid-day trading, a decline of 82% from the average session volume of 13,160 shares. The stock had previously closed at $22.03.

Bancroft Fund Stock Down 1.2%

The business’s fifty day moving average is $23.22 and its 200-day moving average is $22.58.

Bancroft Fund Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, March 24th. Stockholders of record on Tuesday, March 17th will be paid a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 6.3%. The ex-dividend date is Tuesday, March 17th.

Insider Activity

In other news, insider Mario J. Gabelli sold 1,300 shares of the business’s stock in a transaction on Monday, January 5th. The shares were sold at an average price of $22.25, for a total transaction of $28,925.00. Following the completion of the sale, the insider owned 25,700 shares of the company’s stock, valued at $571,825. The trade was a 4.81% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 4.10% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Bancroft Fund

Institutional investors and hedge funds have recently bought and sold shares of the stock. Saba Capital Management L.P. grew its holdings in Bancroft Fund by 14.9% during the fourth quarter. Saba Capital Management L.P. now owns 361,294 shares of the financial services provider’s stock valued at $7,985,000 after purchasing an additional 46,755 shares during the period. Ameriprise Financial Inc. raised its stake in shares of Bancroft Fund by 7.4% in the third quarter. Ameriprise Financial Inc. now owns 306,950 shares of the financial services provider’s stock worth $6,717,000 after buying an additional 21,151 shares during the period. Pathstone Holdings LLC raised its stake in shares of Bancroft Fund by 245.0% in the third quarter. Pathstone Holdings LLC now owns 99,665 shares of the financial services provider’s stock worth $2,181,000 after buying an additional 70,776 shares during the period. Bank of America Corp DE lifted its position in shares of Bancroft Fund by 25,710.4% during the 3rd quarter. Bank of America Corp DE now owns 99,628 shares of the financial services provider’s stock valued at $2,180,000 after buying an additional 99,242 shares in the last quarter. Finally, Blue Bell Private Wealth Management LLC lifted its position in shares of Bancroft Fund by 21.3% during the 4th quarter. Blue Bell Private Wealth Management LLC now owns 97,374 shares of the financial services provider’s stock valued at $2,152,000 after buying an additional 17,095 shares in the last quarter. 22.43% of the stock is currently owned by hedge funds and other institutional investors.

About Bancroft Fund

Bancroft Fund, Inc (NYSE American: BCV) is a closed-end management investment company that seeks long-term growth of capital. Shares of the Fund trade on the NYSE American exchange, providing investors with access to a diversified portfolio of U.S. equity securities under a closed-end structure. The Fund’s board of directors oversees a disciplined investment process governed by a stated strategy and risk parameters.

The Fund’s primary investment objective is capital appreciation. To pursue this goal, Bancroft Fund allocates at least 80% of its total assets to equity securities of U.S.