Ellsworth Growth and Income Fund (NYSE:ECF) Major Shareholder Saba Capital Management, L.P. Sells 6,072 Shares of Stock

Ellsworth Growth and Income Fund Ltd. (NYSE:ECF) major shareholder Saba Capital Management, L.P. sold 6,072 shares of Ellsworth Growth and Income Fund stock in a transaction dated Tuesday, February 17th. The stock was sold at an average price of $12.20, for a total value of $74,078.40. Following the completion of the sale, the insider owned 1,618,864 shares of the company’s stock, valued at approximately $19,750,140.80. The trade was a 0.37% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Major shareholders that own at least 10% 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 shares were sold at an average price of $12.16, for a total transaction 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 stock was sold at an average price of $12.25, for a total transaction 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 shares were 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 Stock Performance

ECF stock traded up $0.12 during midday trading on Friday, hitting $12.14. 10,169 shares of the company’s stock were exchanged, compared to its average volume of 42,092. The stock’s fifty day moving average price is $12.07 and its 200-day moving average price is $11.76. Ellsworth Growth and Income Fund Ltd. has a one year low of $8.15 and a one year high of $12.65.

Ellsworth Growth and Income Fund Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 24th. Investors of record on Tuesday, March 17th will be issued a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a dividend yield of 6.3%. The ex-dividend date is Tuesday, March 17th.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Gilpin Wealth Management LLC bought a new stake in shares of Ellsworth Growth and Income Fund during the 4th quarter valued at $47,000. Osaic Holdings Inc. raised its position in 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 valued at $157,000 after purchasing an additional 1,535 shares in the last quarter. PMG Family Office LLC bought a new stake in Ellsworth Growth and Income Fund during the third quarter worth $212,000. LPL Financial LLC boosted its holdings in shares of Ellsworth Growth and Income Fund by 27.7% in the 4th quarter. LPL Financial LLC now owns 23,308 shares of the company’s stock valued at $271,000 after purchasing an additional 5,051 shares in the last quarter. Finally, K2 Principal Fund L.P. boosted its holdings in shares of Ellsworth Growth and Income Fund by 3.5% in the 4th quarter. K2 Principal Fund L.P. now owns 24,619 shares of the company’s stock valued at $286,000 after purchasing an additional 834 shares in the last quarter. Institutional investors and hedge funds own 35.88% of the company’s stock.

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.