Ellsworth Growth and Income Fund (NYSE:ECF) Major Shareholder Sells $74,078.40 in Stock

Ellsworth Growth and Income Fund Ltd. (NYSE:ECF) major shareholder Saba Capital Management, L.P. sold 6,072 shares of the business’s stock in a transaction on Tuesday, February 17th. The shares were sold at an average price of $12.20, for a total value of $74,078.40. Following the sale, the insider owned 1,618,864 shares in the company, valued at approximately $19,750,140.80. The trade was a 0.37% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Large shareholders that own 10% or more of a company’s stock 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 18th, Saba Capital Management, L.P. sold 14,591 shares of Ellsworth Growth and Income Fund stock. The stock was sold at an average price of $12.16, for a total value of $177,426.56.
• On Friday, February 13th, Saba Capital Management, L.P. sold 7,532 shares of Ellsworth Growth and Income Fund stock. The shares were 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 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 transaction of $94,044.48.

Ellsworth Growth and Income Fund Price Performance

Ellsworth Growth and Income Fund stock opened at $12.02 on Friday. Ellsworth Growth and Income Fund Ltd. has a 1-year low of $8.15 and a 1-year high of $12.65. The firm’s 50 day simple moving average is $12.07 and its 200 day simple moving average is $11.77.

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. The ex-dividend date of this dividend is Tuesday, March 17th. This represents a $0.76 annualized dividend and a dividend yield of 6.3%.

Hedge Funds Weigh In On Ellsworth Growth and Income Fund

A number of institutional investors have recently added to or reduced their stakes in the business. Wolverine Asset Management LLC boosted its position in shares of Ellsworth Growth and Income Fund by 190.0% during the 2nd quarter. Wolverine Asset Management LLC now owns 136,527 shares of the company’s stock valued at $1,399,000 after acquiring an additional 89,456 shares during the last quarter. Invesco Ltd. raised its stake in Ellsworth Growth and Income Fund by 31.2% in the second quarter. Invesco Ltd. now owns 161,109 shares of the company’s stock valued at $1,651,000 after purchasing an additional 38,271 shares in the last quarter. Guggenheim Capital LLC raised its stake in Ellsworth Growth and Income Fund by 5.0% in the second quarter. Guggenheim Capital LLC now owns 148,511 shares of the company’s stock valued at $1,522,000 after purchasing an additional 7,089 shares in the last quarter. Baird Financial Group Inc. lifted its position in Ellsworth Growth and Income Fund by 1.0% during the second quarter. Baird Financial Group Inc. now owns 145,155 shares of the company’s stock valued at $1,488,000 after purchasing an additional 1,475 shares during the last quarter. Finally, NewEdge Advisors LLC grew its stake in Ellsworth Growth and Income Fund by 44.8% in the 2nd quarter. NewEdge Advisors LLC now owns 75,407 shares of the company’s stock worth $773,000 after buying an additional 23,340 shares in the last quarter. 35.88% of the stock is currently owned by institutional investors.

About Ellsworth Growth and Income Fund

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.