Bancroft Fund (NYSE:BCV) Trading 2% Higher – Still a Buy?

Bancroft Fund Ltd. (NYSE:BCV) rose 2% during mid-day trading on Wednesday . The company traded as high as $22.56 and last traded at $22.48. Approximately 2,336 shares changed hands during trading, a decline of 82% from the average daily volume of 13,160 shares. The stock had previously closed at $22.03.

Bancroft Fund Trading Up 2.0%

The company has a 50-day moving average price of $23.21 and a 200-day moving average price of $22.56.

Bancroft Fund Dividend Announcement

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 given a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 6.2%. The ex-dividend date is Tuesday, March 17th.

Insider Activity

In related news, insider Mario J. Gabelli sold 1,300 shares of Bancroft Fund stock in a transaction on Monday, January 5th. The shares were sold at an average price of $22.25, for a total transaction of $28,925.00. Following the sale, the insider directly owned 25,700 shares in the company, valued at $571,825. This trade represents a 4.81% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 3.50% of the company’s stock.

Institutional Trading of Bancroft Fund

A number of large investors have recently bought and sold shares of the business. Caldwell Trust Co acquired a new position in Bancroft Fund in the fourth quarter valued at $55,000. Laurel Wealth Advisors LLC boosted its stake in shares of Bancroft Fund by 1,790.0% during the second quarter. Laurel Wealth Advisors LLC now owns 3,780 shares of the company’s stock worth $71,000 after buying an additional 3,580 shares during the period. PNC Financial Services Group Inc. grew its holdings in shares of Bancroft Fund by 8.1% during the third quarter. PNC Financial Services Group Inc. now owns 6,660 shares of the company’s stock worth $146,000 after buying an additional 500 shares during the last quarter. Raymond James Financial Inc. purchased a new position in shares of Bancroft Fund during the second quarter worth about $136,000. Finally, Osaic Holdings Inc. increased its position in Bancroft Fund by 95.8% in the 2nd quarter. Osaic Holdings Inc. now owns 8,415 shares of the company’s stock valued at $159,000 after acquiring an additional 4,118 shares during the period. Institutional investors and hedge funds own 22.43% of the company’s stock.

Bancroft Fund Company Profile

The Bancroft Fund (NYSE:BCV) is a closed-end management investment company that seeks to provide total return through both current income and capital appreciation. Established as a publicly traded fund, Bancroft offers investors access to a diversified portfolio of income-oriented securities, with a particular emphasis on funds that themselves invest in dividend-paying and other cash-flow assets.

To pursue its investment objective, the Fund allocates principally to shares of registered investment companies, including other closed-end funds and exchange-traded funds.