Eaton Vance FloatingRate Incme Plus Fund (NYSE:EFF) Shares Up 7.5% After Insider Buying Activity

Eaton Vance FloatingRate Incme Plus Fund (NYSE:EFF) rose 7.5% on Wednesday following insider buying activity. The company traded as high as $10.90 and last traded at $10.83, approximately 19,200 shares traded hands during trading. A decline of 28% from the average daily volume of 26,779 shares. The stock had previously closed at $10.07.

Specifically, major shareholder Saba Capital Management, L.P. purchased 5,131 shares of Eaton Vance FloatingRate Incme Plus Fund stock in a transaction dated Tuesday, March 24th. The shares were bought at an average cost of $10.82 per share, with a total value of $55,517.42.

The firm’s 50 day simple moving average is $14.57 and its 200-day simple moving average is $15.36.

The firm also recently declared a monthly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Tuesday, March 24th will be paid a $0.081 dividend. The ex-dividend date of this dividend is Monday, March 23rd. This represents a $0.97 annualized dividend and a yield of 8.98%.

Several institutional investors have recently added to or reduced their stakes in the company. Saba Capital Management L.P. increased its stake in shares of Eaton Vance FloatingRate Incme Plus Fund by 85.1% in the third quarter. Saba Capital Management L.P. now owns 1,336,866 shares of the company’s stock worth $20,334,000 after purchasing an additional 614,797 shares in the last quarter. Rivernorth Capital Management LLC boosted its position in shares of Eaton Vance FloatingRate Incme Plus Fund by 524.7% in the 3rd quarter. Rivernorth Capital Management LLC now owns 578,820 shares of the company’s stock valued at $8,804,000 after purchasing an additional 486,171 shares during the period. Bulldog Investors LLC boosted its position in shares of Eaton Vance FloatingRate Incme Plus Fund by 69.8% in the 4th quarter. Bulldog Investors LLC now owns 298,506 shares of the company’s stock valued at $4,776,000 after purchasing an additional 122,744 shares during the period. Guggenheim Capital LLC boosted its position in shares of Eaton Vance FloatingRate Incme Plus Fund by 68.4% in the 4th quarter. Guggenheim Capital LLC now owns 124,935 shares of the company’s stock valued at $1,999,000 after purchasing an additional 50,754 shares during the period. Finally, Icon Advisers Inc. Co. acquired a new stake in shares of Eaton Vance FloatingRate Incme Plus Fund in the 4th quarter valued at about $658,000.

Eaton Vance FloatingRate Incme Plus Fund Company Profile (NYSE:EFF)

Eaton Vance Floating-Rate Income Plus Fund is a close ended fixed income mutual fund launched and managed by Eaton Vance Management. It invests in fixed income markets across the globe. The fund primarily invests in senior, secured floating-rate loans of domestic and foreign borrowers that are denominated in U.S.

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