Ellsworth Growth and Income Fund (NYSE:ECF) Major Shareholder Saba Capital Management, L.P. Sells 14,591 Shares

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 on Wednesday, February 18th. The shares were sold at an average price of $12.16, for a total transaction of $177,426.56. Following the completion of the transaction, the insider directly owned 1,604,273 shares in the company, valued at $19,507,959.68. This trade represents a 0.90% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Major shareholders that own at least 10% 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 Tuesday, February 17th, Saba Capital Management, L.P. sold 6,072 shares of Ellsworth Growth and Income Fund stock. The shares were sold at an average price of $12.20, for a total transaction 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 stock was sold at an average price of $12.25, for a total value 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 value 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 value 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 shares were sold at an average price of $12.02, for a total value of $94,044.48.

Ellsworth Growth and Income Fund Stock Performance

Shares of Ellsworth Growth and Income Fund stock traded down $0.03 during trading on Thursday, reaching $12.10. The company’s stock had a trading volume of 13,437 shares, compared to its average volume of 42,922. The company has a 50-day moving average price of $12.07 and a two-hundred day moving average price of $11.75. Ellsworth Growth and Income Fund Ltd. has a fifty-two week low of $8.15 and a fifty-two week high of $12.65.

Ellsworth Growth and Income Fund Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, March 24th. Shareholders of record on Tuesday, March 17th will be issued a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a yield of 6.3%. The ex-dividend date is Tuesday, March 17th.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. Advisors Asset Management Inc. increased its holdings in Ellsworth Growth and Income Fund by 72.9% in the fourth 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 in the last quarter. Pathstone Holdings LLC lifted its stake in shares of Ellsworth Growth and Income Fund by 42.0% in the third quarter. Pathstone Holdings LLC now owns 390,077 shares of the company’s stock valued at $4,525,000 after buying an additional 115,441 shares in the last quarter. Wolverine Asset Management LLC increased its position in shares of Ellsworth Growth and Income Fund by 190.0% during the second quarter. Wolverine Asset Management LLC now owns 136,527 shares of the company’s stock worth $1,399,000 after acquiring an additional 89,456 shares in the last quarter. Evolve Private Wealth LLC acquired a new stake in shares of Ellsworth Growth and Income Fund in the 4th quarter worth about $811,000. Finally, Saba Capital Management L.P. boosted its stake in 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 company’s stock valued at $19,546,000 after purchasing an additional 45,368 shares during the last quarter. 35.88% of the stock is owned by institutional investors.

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.