Advisors Asset Management Inc. Cuts Position in Bancroft Fund Ltd. (NYSE:BCV)

Advisors Asset Management Inc. reduced its holdings in shares of Bancroft Fund Ltd. (NYSE:BCV) by 0.9% during the third quarter, HoldingsChannel.com reports. The fund owned 147,075 shares of the company’s stock after selling 1,265 shares during the quarter. Advisors Asset Management Inc.’s holdings in Bancroft Fund were worth $2,466,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also bought and sold shares of BCV. Blue Bell Private Wealth Management LLC increased its position in shares of Bancroft Fund by 19.2% during the 2nd quarter. Blue Bell Private Wealth Management LLC now owns 18,690 shares of the company’s stock valued at $293,000 after purchasing an additional 3,004 shares during the last quarter. Wolverine Asset Management LLC increased its holdings in Bancroft Fund by 424.3% during the third quarter. Wolverine Asset Management LLC now owns 27,478 shares of the company’s stock worth $461,000 after buying an additional 22,237 shares during the last quarter. Consolidated Portfolio Review Corp increased its holdings in Bancroft Fund by 1.3% during the third quarter. Consolidated Portfolio Review Corp now owns 52,646 shares of the company’s stock worth $883,000 after buying an additional 670 shares during the last quarter. Cambridge Investment Research Advisors Inc. raised its position in Bancroft Fund by 9.0% in the second quarter. Cambridge Investment Research Advisors Inc. now owns 64,028 shares of the company’s stock worth $1,003,000 after acquiring an additional 5,288 shares during the period. Finally, Beckerman Institutional LLC purchased a new position in Bancroft Fund in the third quarter valued at about $1,128,000. Hedge funds and other institutional investors own 22.43% of the company’s stock.

Bancroft Fund Stock Performance

Shares of BCV stock opened at $18.13 on Friday. The company has a 50 day moving average of $17.08 and a 200-day moving average of $16.31. Bancroft Fund Ltd. has a 12-month low of $14.51 and a 12-month high of $18.63.

Bancroft Fund Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Shareholders of record on Friday, November 22nd will be paid a $0.32 dividend. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $1.28 annualized dividend and a dividend yield of 7.06%.

Insider Activity

In related news, insider Mario J. Gabelli sold 4,000 shares of Bancroft Fund stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $16.38, for a total value of $65,520.00. Following the completion of the transaction, the insider now directly owns 131,000 shares in the company, valued at approximately $2,145,780. The trade was a 2.96 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 4.10% of the company’s stock.

Bancroft Fund Profile

Bancroft Fund Ltd. is a closed-ended equity mutual fund launched by GAMCO Investors, Inc It is managed by Gabelli Funds, LLC. The fund invests in the public equity markets. It primarily invests in convertible securities including convertible debt and convertible preferred stocks. The fund invests in stocks of companies across market capitalization.