Bancroft Fund Ltd. (NYSEAMERICAN:BCV) Sees Significant Drop in Short Interest

Bancroft Fund Ltd. (NYSEAMERICAN:BCV – Get Rating) was the target of a large drop in short interest during the month of May. As of May 15th, there was short interest totalling 4,700 shares, a drop of 50.5% from the April 30th total of 9,500 shares. Based on an average trading volume of 19,200 shares, the days-to-cover ratio is presently 0.2 days.

Shares of Bancroft Fund stock traded up $0.54 on Friday, hitting $19.60. 21,631 shares of the company’s stock were exchanged, compared to its average volume of 21,590. Bancroft Fund has a 1 year low of $18.07 and a 1 year high of $33.58.

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 23rd. Investors of record on Wednesday, June 15th will be paid a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a dividend yield of 6.53%. The ex-dividend date of this dividend is Tuesday, June 14th.

Several institutional investors and hedge funds have recently added to or reduced their stakes in BCV. Western Pacific Wealth Management LP purchased a new position in shares of Bancroft Fund during the 4th quarter valued at $48,000. Bank of America Corp DE lifted its stake in shares of Bancroft Fund by 74.2% during the 2nd quarter. Bank of America Corp DE now owns 2,235 shares of the financial services provider’s stock valued at $72,000 after buying an additional 952 shares in the last quarter. UBS Group AG increased its holdings in Bancroft Fund by 47.7% in the 3rd quarter. UBS Group AG now owns 4,328 shares of the financial services provider’s stock valued at $128,000 after acquiring an additional 1,398 shares during the last quarter. First Trust Advisors LP bought a new stake in Bancroft Fund in the 1st quarter valued at $200,000. Finally, 6 Meridian bought a new stake in Bancroft Fund in the 4th quarter valued at $220,000. Institutional investors own 20.36% of the company’s stock.

About Bancroft Fund (Get Rating)

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.

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