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Saba Capital Management sells $6.16m in BlackRock Capital Allocation Term Trust shares

Published 15/10/2024, 15:16
BCAT
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NEW YORK—Saba Capital Management, L.P., led by Boaz Weinstein, has reported significant stock sales in BlackRock (NYSE:BLK) Capital Allocation Term Trust (NYSE:BCAT). According to the latest SEC filing, Saba Capital sold a total of 372,925 shares over three days, from October 10 to October 14, 2024. The shares were sold at prices ranging from $16.45 to $16.60, resulting in a total sale value of approximately $6.16 million.

Following these transactions, Saba Capital Management now holds 15,096,159 shares of the trust. The sales were conducted indirectly, as indicated in the filing.

InvestingPro Insights

While Saba Capital Management has reduced its position in BlackRock Capital Allocation Term Trust (NYSE:BCAT), individual investors might find the trust's current metrics intriguing. According to InvestingPro data, BCAT boasts a substantial dividend yield of 21.06%, with the most recent ex-dividend date on October 15, 2024. This aligns with one of the InvestingPro Tips, which notes that BCAT "pays a significant dividend to shareholders."

The trust's market capitalization stands at $1.79 billion, with a relatively low P/E ratio of 8.78. This valuation metric could be of interest to value-oriented investors. Another InvestingPro Tip highlights that the stock "generally trades with low price volatility," which may appeal to risk-averse investors seeking stable returns.

BCAT has shown positive price performance across various timeframes, with a 1-year total return of 32.81% and a year-to-date return of 24.42%. The stock is currently trading at 95.46% of its 52-week high, suggesting it has maintained much of its recent gains despite Saba Capital's sell-off.

For investors seeking a more comprehensive analysis, InvestingPro offers additional insights, with 2 more tips available for BCAT. These additional tips could provide valuable context for understanding the trust's financial health and market position.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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