Ellsworth Growth and Income Fund Ltd. (NYSEAMERICAN:ECF) Sees Significant Increase in Short Interest

Ellsworth Growth and Income Fund Ltd. (NYSEAMERICAN:ECF) was the target of a large increase in short interest in the month of September. As of September 15th, there was short interest totaling 8,752 shares, an increase of 378.5% from the August 31st total of 1,829 shares. Based on an average trading volume of 25,718 shares, the short-interest ratio is presently 0.3 days. Currently, 0.1% of the company’s shares are short sold.

Ellsworth Growth and Income Fund Price Performance

ECF stock traded down $0.10 during trading on Friday, reaching $11.92. 48,984 shares of the stock were exchanged, compared to its average volume of 26,506. The business has a 50 day moving average price of $12.44 and a 200-day moving average price of $12.43. Ellsworth Growth and Income Fund has a 1 year low of $10.70 and a 1 year high of $13.85.

Ellsworth Growth and Income Fund Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 23rd. Stockholders of record on Wednesday, September 16th were given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 7.4%. The ex-dividend date of this dividend was Wednesday, September 16th. This is a boost from Ellsworth Growth and Income Fund’s previous quarterly dividend of $0.19.

Insider Activity at Ellsworth Growth and Income Fund

In other news, major shareholder Saba Capital Management, L.P. purchased 6,800 shares of the stock in a transaction dated Friday, September 4th. The shares were purchased at an average price of $12.36 per share, with a total value of $84,048.00. Following the transaction, the insider owned 1,628,462 shares in the company, valued at $20,127,790.32. The trade was a 0.42% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In the last 90 days, insiders acquired 24,189 shares of company stock worth $300,289. 0.46% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Readystate Asset Management LP purchased a new position in shares of Ellsworth Growth and Income Fund during the 2nd quarter worth $154,000. Ruggaard & Associates LLC acquired a new stake in shares of Ellsworth Growth and Income Fund during the 2nd quarter worth about $248,000. Capstone Investment Advisors LLC purchased a new stake in Ellsworth Growth and Income Fund in the 2nd quarter valued at about $1,076,000. Evolve Private Wealth LLC purchased a new stake in Ellsworth Growth and Income Fund in the 2nd quarter valued at about $875,000. Finally, Beckerman Institutional LLC acquired a new position in Ellsworth Growth and Income Fund in the second quarter valued at about $169,000. 35.88% of the stock is currently owned by hedge funds and other institutional investors.

About Ellsworth Growth and Income Fund

Ellsworth Growth and Income Fund, Inc is a non-diversified, closed-end management investment company listed on the NYSE American under the symbol ECF. The fund seeks to provide investors with current income and long-term capital appreciation through a portfolio of income-producing securities.

The fund invests primarily in convertible securities, including convertible bonds and preferred stocks, as well as common stocks and other investments. Convertible securities may provide regular income while also offering the potential to participate in the capital appreciation of the underlying company’s common stock.