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Saba Capital Management, L.P., under the direction of Boaz Weinstein, has recently sold a significant portion of its holdings in BlackRock (NYSE:BLK) Capital Allocation Term Trust (NYSE:BCAT), a $1.67 billion market cap trust currently trading near its 52-week low. According to a recent SEC filing, the firm divested a total of 174,659 shares over two consecutive days.
On February 13, Saba Capital Management sold 116,265 shares at a price of $15.86 per share. The following day, February 14, they sold an additional 58,394 shares at $15.60 per share. These transactions amounted to a total sale value of approximately $2.75 million. InvestingPro data shows BCAT offers an attractive 22.23% dividend yield with a P/E ratio of 8.78.
Following these sales, Saba Capital Management’s remaining stake in the trust stands at 12,784,947 shares. The sales were conducted indirectly, as noted in the filing. For more detailed insights and additional metrics, including exclusive ProTips about BCAT’s financial health and market performance, visit InvestingPro.
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