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

Ellsworth Growth and Income Fund Ltd. (NYSE:ECF) major shareholder Saba Capital Management, L.P. sold 7,532 shares of the stock in a transaction that occurred 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 sale, the insider directly owned 1,624,936 shares in the company, valued at $19,905,466. This trade represents a 0.46% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 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 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 Trading Down 0.9%

Shares of ECF stock traded down $0.12 on Tuesday, reaching $12.18. 24,297 shares of the stock were exchanged, compared to its average volume of 42,534. Ellsworth Growth and Income Fund Ltd. has a one year low of $8.15 and a one year high of $12.65. The stock has a 50 day moving average price of $12.07 and a 200 day moving average price of $11.74.

Ellsworth Growth and Income Fund Cuts Dividend

The company also recently disclosed 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 6.2%. The ex-dividend date of this dividend is Tuesday, March 17th.

Institutional Investors Weigh In On Ellsworth Growth and Income Fund

Several institutional investors have recently modified their holdings of ECF. Gilpin Wealth Management LLC acquired a new position in Ellsworth Growth and Income Fund in the fourth quarter valued at approximately $47,000. Osaic Holdings Inc. grew its stake in shares of Ellsworth Growth and Income Fund by 11.1% during the second quarter. Osaic Holdings Inc. now owns 15,356 shares of the company’s stock worth $157,000 after purchasing an additional 1,535 shares during the period. PMG Family Office LLC bought a new stake in Ellsworth Growth and Income Fund in the third quarter valued at about $212,000. LPL Financial LLC lifted its stake in Ellsworth Growth and Income Fund by 27.7% in 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, K2 Principal Fund L.P. boosted 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 buying an additional 834 shares during the last quarter. Institutional investors and hedge funds own 35.88% of the company’s stock.

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.