Insider Selling: Ellsworth Growth and Income Fund (NYSE:ECF) Major Shareholder Sells 26,218 Shares of Stock

Ellsworth Growth and Income Fund Ltd. (NYSE:ECF) major shareholder Saba Capital Management, L.P. sold 26,218 shares of the firm’s stock in a transaction that occurred on Friday, February 6th. The shares were sold at an average price of $11.95, for a total transaction of $313,305.10. Following the completion of the transaction, the insider owned 1,646,578 shares of the company’s stock, valued at approximately $19,676,607.10. This trade represents a 1.57% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Major shareholders that own more than 10% of a company’s stock are required to disclose their transactions with the SEC.

Saba Capital Management, L.P. also recently made the following trade(s):

• 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 transaction of $94,044.48.

Ellsworth Growth and Income Fund Price Performance

Shares of ECF stock traded up $0.25 during trading hours on Monday, hitting $12.05. 43,330 shares of the company’s stock traded hands, compared to its average volume of 43,201. Ellsworth Growth and Income Fund Ltd. has a 12 month low of $8.15 and a 12 month high of $12.65. The stock’s 50 day simple moving average is $12.02 and its 200 day simple moving average is $11.67.

Ellsworth Growth and Income Fund Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, December 30th. Shareholders of record on Monday, November 24th were given a $0.41 dividend. This is a boost from Ellsworth Growth and Income Fund’s previous quarterly dividend of $0.16. The ex-dividend date was Monday, November 24th. This represents a $1.64 dividend on an annualized basis and a dividend yield of 13.6%.

Institutional Trading of Ellsworth Growth and Income Fund

Several institutional investors have recently added to or reduced their stakes in ECF. Osaic Holdings Inc. increased its position in Ellsworth Growth and Income Fund by 11.1% during 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 bought a new stake in shares of Ellsworth Growth and Income Fund in the 3rd quarter valued at $212,000. Uhlmann Price Securities LLC increased its position in shares of Ellsworth Growth and Income Fund by 10.3% during the second quarter. Uhlmann Price Securities LLC now owns 66,680 shares of the company’s stock worth $683,000 after buying an additional 6,202 shares during the period. NewEdge Advisors LLC increased its position in shares of Ellsworth Growth and Income Fund by 44.8% during the second quarter. NewEdge Advisors LLC now owns 75,407 shares of the company’s stock worth $773,000 after buying an additional 23,340 shares during the period. Finally, Raymond James Financial Inc. raised its stake in Ellsworth Growth and Income Fund by 1.3% during the third quarter. Raymond James Financial Inc. now owns 80,538 shares of the company’s stock worth $934,000 after buying an additional 996 shares during 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.