Bancroft Fund (NYSE:BCV) Trading 2% Higher – Here’s Why

Bancroft Fund Ltd. (NYSE:BCV)’s share price traded up 2% during mid-day trading on Wednesday . The stock traded as high as $24.48 and last traded at $24.46. 15,237 shares traded hands during trading, an increase of 19% from the average session volume of 12,758 shares. The stock had previously closed at $23.98.

Bancroft Fund Stock Up 2.0%

The firm’s fifty day simple moving average is $22.55 and its two-hundred day simple moving average is $21.86.

Bancroft Fund Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, December 30th. Stockholders of record on Monday, November 24th were paid a $0.35 dividend. This is a boost from Bancroft Fund’s previous quarterly dividend of $0.32. The ex-dividend date of this dividend was Monday, November 24th. This represents a $1.40 annualized dividend and a dividend yield of 5.7%.

Insider Buying and Selling

In other Bancroft Fund news, insider Mario J. Gabelli sold 1,300 shares of the stock in a transaction dated Monday, January 5th. The shares were sold at an average price of $22.25, for a total transaction of $28,925.00. Following the completion of the transaction, the insider owned 25,700 shares of the company’s stock, valued at $571,825. This trade represents a 4.81% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 4.10% of the stock is owned by insiders.

Institutional Trading of Bancroft Fund

Institutional investors have recently added to or reduced their stakes in the stock. Laurel Wealth Advisors LLC raised its position in Bancroft Fund by 1,790.0% in the second quarter. Laurel Wealth Advisors LLC now owns 3,780 shares of the company’s stock valued at $71,000 after purchasing an additional 3,580 shares during the period. PNC Financial Services Group Inc. boosted its position in shares of Bancroft Fund by 8.1% during the third quarter. PNC Financial Services Group Inc. now owns 6,660 shares of the company’s stock worth $146,000 after buying an additional 500 shares during the period. Raymond James Financial Inc. acquired a new stake in shares of Bancroft Fund in the second quarter valued at $136,000. Osaic Holdings Inc. grew its stake in shares of Bancroft Fund by 95.8% in the second quarter. Osaic Holdings Inc. now owns 8,415 shares of the company’s stock valued at $159,000 after buying an additional 4,118 shares in the last quarter. Finally, First Trust Advisors LP purchased a new stake in shares of Bancroft Fund in the 3rd quarter valued at $206,000. Institutional investors and hedge funds own 22.43% of the company’s stock.

About Bancroft Fund

The Bancroft Fund (NYSE:BCV) is a closed-end management investment company that seeks to provide total return through both current income and capital appreciation. Established as a publicly traded fund, Bancroft offers investors access to a diversified portfolio of income-oriented securities, with a particular emphasis on funds that themselves invest in dividend-paying and other cash-flow assets.

To pursue its investment objective, the Fund allocates principally to shares of registered investment companies, including other closed-end funds and exchange-traded funds.