Bancroft Fund Limited (NYSEAMERICAN:BCV) Short Interest Up 146.3% in May
by Michael Walen · The Markets DailyBancroft Fund Limited (NYSEAMERICAN:BCV – Get Free Report) saw a significant increase in short interest in May. As of May 29th, there was short interest totaling 6,390 shares, an increase of 146.3% from the May 14th total of 2,594 shares. Currently, 0.1% of the company’s stock are short sold. Based on an average daily volume of 16,874 shares, the days-to-cover ratio is currently 0.4 days.
Institutional Inflows and Outflows
Institutional investors have recently modified their holdings of the business. Bank of America Corp DE raised its stake in Bancroft Fund by 25,710.4% during the third quarter. Bank of America Corp DE now owns 99,628 shares of the financial services provider’s stock valued at $2,180,000 after buying an additional 99,242 shares in the last quarter. Pathstone Holdings LLC raised its stake in Bancroft Fund by 245.0% during the third quarter. Pathstone Holdings LLC now owns 99,665 shares of the financial services provider’s stock valued at $2,181,000 after buying an additional 70,776 shares in the last quarter. Ameriprise Financial Inc. raised its stake in Bancroft Fund by 32.8% during the second quarter. Ameriprise Financial Inc. now owns 285,799 shares of the financial services provider’s stock valued at $5,403,000 after buying an additional 70,606 shares in the last quarter. Saba Capital Management L.P. raised its stake in Bancroft Fund by 14.9% during the fourth quarter. Saba Capital Management L.P. now owns 361,294 shares of the financial services provider’s stock valued at $7,985,000 after buying an additional 46,755 shares in the last quarter. Finally, Bulldog Investors LLP acquired a new stake in Bancroft Fund during the third quarter valued at approximately $863,000. Institutional investors and hedge funds own 22.43% of the company’s stock.
Bancroft Fund Trading Up 1.0%
Shares of BCV traded up $0.25 during midday trading on Friday, reaching $25.52. 42,876 shares of the company were exchanged, compared to its average volume of 17,967. The stock has a 50-day moving average price of $24.60 and a 200-day moving average price of $23.35. Bancroft Fund has a 1-year low of $18.11 and a 1-year high of $27.33.
Bancroft Fund Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 23rd. Investors of record on Monday, June 15th will be paid a $0.35 dividend. The ex-dividend date is Monday, June 15th. This represents a $1.40 annualized dividend and a dividend yield of 5.5%.
Bancroft Fund Company Profile
Bancroft Fund, Inc (NYSE American: BCV) is a closed-end management investment company that seeks long-term growth of capital. Shares of the Fund trade on the NYSE American exchange, providing investors with access to a diversified portfolio of U.S. equity securities under a closed-end structure. The Fund’s board of directors oversees a disciplined investment process governed by a stated strategy and risk parameters.
The Fund’s primary investment objective is capital appreciation. To pursue this goal, Bancroft Fund allocates at least 80% of its total assets to equity securities of U.S.