Ellsworth Growth and Income Fund (NYSEAMERICAN:ECF) Shares Cross Below 50 Day Moving Average – Here’s Why

Shares of Ellsworth Growth and Income Fund Ltd. (NYSEAMERICAN:ECF) crossed below its 50 day moving average during trading on Monday . The stock has a 50 day moving average of $12.47 and traded as low as $12.25. Ellsworth Growth and Income Fund shares last traded at $12.38, with a volume of 14,516 shares.

Ellsworth Growth and Income Fund Stock Down 1.0%

The firm has a fifty day moving average of $12.46 and a 200-day moving average of $12.43.

Ellsworth Growth and Income Fund Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 23rd. Stockholders of record on Wednesday, September 16th will be paid a $0.22 dividend. This is a boost from Ellsworth Growth and Income Fund’s previous quarterly dividend of $0.19. The ex-dividend date of this dividend is Wednesday, September 16th. This represents a $0.88 annualized dividend and a dividend yield of 7.1%.

Insider Activity at Ellsworth Growth and Income Fund

In other Ellsworth Growth and Income Fund news, major shareholder Saba Capital Management, L.P. purchased 6,800 shares of the company’s stock in a transaction that occurred on Friday, September 4th. The stock was acquired at an average cost of $12.36 per share, with a total value of $84,048.00. Following the completion of the purchase, the insider directly owned 1,628,462 shares in the company, valued at approximately $20,127,790.32. This represents a 0.42% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In the last ninety days, insiders have purchased 24,189 shares of company stock worth $300,289. 0.46% of the stock is owned by insiders.

Institutional Trading of Ellsworth Growth and Income Fund

Institutional investors have recently bought and sold shares of the business. Capstone Investment Advisors LLC acquired a new position in shares of Ellsworth Growth and Income Fund in the 2nd quarter valued at $1,076,000. Evolve Private Wealth LLC acquired a new position in Ellsworth Growth and Income Fund in the second quarter valued at about $875,000. Sit Investment Associates Inc. boosted its holdings in Ellsworth Growth and Income Fund by 4.9% during the fourth quarter. Sit Investment Associates Inc. now owns 932,552 shares of the investment management company’s stock worth $10,846,000 after buying an additional 43,839 shares during the last quarter. Ruggaard & Associates LLC acquired a new position in shares of Ellsworth Growth and Income Fund during the 2nd quarter worth about $248,000. Finally, K2 Principal Fund L.P. grew its position in shares of Ellsworth Growth and Income Fund by 3.5% during the 4th quarter. K2 Principal Fund L.P. now owns 24,619 shares of the investment management company’s stock worth $286,000 after buying an additional 834 shares during the period. 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 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.