Saba Capital Management, L.P., a major shareholder in BlackRock (NYSE:) Capital Allocation Term Trust (NYSE:BCAT), has recently sold shares totaling approximately $1.4 million. The transactions, reported on November 12, 2024, involved the sale of 47,389 shares on November 8 at $16.36 per share and 37,728 shares on November 11 at $16.43 per share. Following these transactions, Saba Capital Management retains ownership of 14,552,665 shares.
Boaz Weinstein, also listed as a ten percent owner, was part of the filing, indicating his involvement in the transactions. Both Weinstein and Saba Capital Management are based in New York.
InvestingPro Insights
While Saba Capital Management has reduced its stake in BlackRock Capital Allocation Term Trust (NYSE:BCAT), the trust continues to offer attractive features for income-focused investors. According to InvestingPro data, BCAT boasts a remarkable dividend yield of 21.19% for 2024, with the most recent ex-dividend date on October 15, 2024. This aligns with one of the InvestingPro Tips, which highlights that BCAT “pays a significant dividend to shareholders.”
The trust’s current market capitalization stands at $1.76 billion, with a price-to-earnings ratio of 8.78, suggesting a potentially undervalued position relative to earnings. This valuation metric could be of interest to value investors, especially when considered alongside the InvestingPro Tip that the “stock generally trades with low price volatility.”
BCAT’s year-to-date price total return of 24.24% indicates strong performance in 2024, with the stock trading at 94.99% of its 52-week high. This positive momentum is further supported by consistent gains across various timeframes, including a 6.15% return over the past three months and a 29% return over the last year.
For investors seeking more comprehensive analysis, InvestingPro offers additional tips and metrics beyond those mentioned here. The platform currently lists several more insights that could provide valuable context for BCAT’s investment potential.
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