Ellsworth Growth and Income Fund (NYSE:ECF) Trading Up 0.1% – Here’s Why

Ellsworth Growth and Income Fund Ltd. (NYSE:ECF)’s stock price rose 0.1% on Wednesday . The stock traded as high as $11.94 and last traded at $11.83. Approximately 13,413 shares were traded during mid-day trading, a decline of 65% from the average daily volume of 38,221 shares. The stock had previously closed at $11.82.

Ellsworth Growth and Income Fund Stock Performance

The company has a 50 day simple moving average of $11.91 and a 200 day simple moving average of $11.23.

Ellsworth Growth and Income Fund Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 30th. Investors of record on Monday, November 24th will be given a dividend of $0.41 per share. The ex-dividend date is Monday, November 24th. This represents a $1.64 dividend on an annualized basis and a yield of 13.9%. This is a positive change from Ellsworth Growth and Income Fund’s previous quarterly dividend of $0.16.

Insiders Place Their Bets

In related news, major shareholder Saba Capital Management, L.P. bought 33,764 shares of the business’s stock in a transaction on Friday, November 7th. The shares were purchased at an average price of $12.15 per share, for a total transaction of $410,232.60. Following the completion of the transaction, the insider directly owned 1,680,620 shares of the company’s stock, valued at approximately $20,419,533. This represents a 2.05% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this link. 0.54% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Ellsworth Growth and Income Fund

A number of hedge funds have recently modified their holdings of ECF. AdvisorNet Financial Inc acquired a new stake in Ellsworth Growth and Income Fund in the second quarter valued at $31,000. Osaic Holdings Inc. grew its position 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 buying an additional 1,535 shares during the last quarter. PMG Family Office LLC bought a new stake in shares of Ellsworth Growth and Income Fund in the 3rd quarter valued at about $212,000. K2 Principal Fund L.P. increased its stake in shares of Ellsworth Growth and Income Fund by 56.6% in the first quarter. K2 Principal Fund L.P. now owns 23,785 shares of the company’s stock valued at $216,000 after buying an additional 8,592 shares during the period. Finally, Uhlmann Price Securities LLC raised 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 acquiring an additional 6,202 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.