Insider Selling: Ellsworth Growth and Income Fund (NYSE:ECF) Major Shareholder Sells 14,110 Shares of Stock

Ellsworth Growth and Income Fund Ltd. (NYSE:ECF) major shareholder Saba Capital Management, L.P. sold 14,110 shares of the company’s stock in a transaction on Wednesday, February 11th. The shares were sold at an average price of $12.24, for a total value of $172,706.40. Following the completion of the sale, the insider owned 1,632,468 shares in the company, valued at $19,981,408.32. This represents a 0.86% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Major shareholders that own more than 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 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

NYSE ECF traded down $0.02 on Thursday, reaching $12.23. The company’s stock had a trading volume of 5,268 shares, compared to its average volume of 42,340. The business has a 50-day moving average price of $12.04 and a 200 day moving average price of $11.70. 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 company also recently declared a quarterly dividend, which will be paid on Tuesday, March 24th. Stockholders of record on Tuesday, March 17th will be issued a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a dividend yield of 6.2%. The ex-dividend date is Tuesday, March 17th.

Institutional Investors Weigh In On Ellsworth Growth and Income Fund

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Gilpin Wealth Management LLC purchased a new stake in Ellsworth Growth and Income Fund in the 4th quarter worth about $47,000. Osaic Holdings Inc. boosted its stake in shares of Ellsworth Growth and Income Fund by 11.1% in the 2nd quarter. Osaic Holdings Inc. now owns 15,356 shares of the company’s stock worth $157,000 after buying an additional 1,535 shares during the last quarter. PMG Family Office LLC purchased a new position in Ellsworth Growth and Income Fund in the third quarter worth about $212,000. LPL Financial LLC grew its position in Ellsworth Growth and Income Fund by 27.7% during the fourth quarter. LPL Financial LLC now owns 23,308 shares of the company’s stock valued at $271,000 after buying an additional 5,051 shares during the period. Finally, Uhlmann Price Securities LLC grew its position in shares of Ellsworth Growth and Income Fund by 10.3% during the 2nd quarter. Uhlmann Price Securities LLC now owns 66,680 shares of the company’s stock valued at $683,000 after acquiring an additional 6,202 shares during the period. 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.