Saba Capital Management, L.P. Sells 7,532 Shares of Ellsworth Growth and Income Fund (NYSE:ECF) Stock

Ellsworth Growth and Income Fund Ltd. (NYSE:ECF) major shareholder Saba Capital Management, L.P. sold 7,532 shares of the firm’s stock in a transaction on Friday, February 13th. The shares were sold at an average price of $12.25, for a total transaction of $92,267.00. Following the completion of the transaction, the insider directly owned 1,624,936 shares of the company’s stock, valued at approximately $19,905,466. This trade represents a 0.46% 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 Wednesday, February 11th, Saba Capital Management, L.P. sold 14,110 shares of Ellsworth Growth and Income Fund stock. The stock was 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 shares were sold at an average price of $12.02, for a total value of $94,044.48.

Ellsworth Growth and Income Fund Stock Down 0.2%

NYSE:ECF opened at $12.13 on Thursday. Ellsworth Growth and Income Fund Ltd. has a 52-week low of $8.15 and a 52-week high of $12.65. The stock’s 50-day simple moving average is $12.07 and its 200 day simple moving average is $11.75.

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 dividend of $0.19 per share. The ex-dividend date is Tuesday, March 17th. This represents a $0.76 dividend on an annualized basis and a dividend yield of 6.3%.

Hedge Funds Weigh In On Ellsworth Growth and Income Fund

Institutional investors have recently added to or reduced their stakes in the company. Gilpin Wealth Management LLC acquired a new stake in Ellsworth Growth and Income Fund in the fourth quarter valued at $47,000. Osaic Holdings Inc. raised its holdings 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 valued at $157,000 after purchasing an additional 1,535 shares during the period. PMG Family Office LLC acquired a new stake in Ellsworth Growth and Income Fund in the 3rd quarter valued at about $212,000. LPL Financial LLC lifted its stake in Ellsworth Growth and Income Fund by 27.7% in the 4th quarter. LPL Financial LLC now owns 23,308 shares of the company’s stock valued at $271,000 after purchasing an additional 5,051 shares during the last quarter. Finally, K2 Principal Fund L.P. grew its holdings in Ellsworth Growth and Income Fund by 3.5% during the fourth quarter. K2 Principal Fund L.P. now owns 24,619 shares of the company’s stock worth $286,000 after purchasing an additional 834 shares during the period. 35.88% of the stock is currently owned by institutional investors and hedge funds.

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.