Saba Capital Management, L.P. Increases Stake in Invesco Trust For Investment Grade New York ...
On November 2, 2023, Saba Capital Management, L.P. (Trades, Portfolio), a New York-based firm, added 6,500 shares of Invesco Trust For Investment Grade New York Municipals (NYSE:VTN) to its portfolio. The shares were acquired at a trade price of $8.62 per share. This transaction increased Saba Capital's total holdings in VTN to 2,109,268 shares, representing 0.47% of the firm's portfolio and 10.83% of VTN's total shares.
About Saba Capital Management, L.P. (Trades, Portfolio)
Saba Capital Management, L.P. (Trades, Portfolio) is a firm located at 405 Lexington Avenue, New York, NY. The firm's investment philosophy is centered around a diversified approach, with a focus on the Financial Services and Technology sectors. As of the date of this article, the firm's equity stands at $3.84 billion. Saba Capital's top holdings include Templeton Global Income Fund(NYSE:GIM), BlackRock Capital Allocation Trust(NYSE:BCAT), BlackRock Health Sciences Trust II(NYSE:BMEZ), BlackRock Innovation & Growth Tr(NYSE:BIGZ), and BlackRock ESG Capital Allocation Trust(NYSE:ECAT).
Overview of Invesco Trust For Investment Grade New York Municipals
Invesco Trust For Investment Grade New York Municipals (NYSE:VTN) is a diversified closed-end management investment company based in the USA. The company's objective is to provide shareholders with a high level of current income exempt from federal as well as from New York State and New York City income taxes, consistent with preservation of capital. As of the date of this article, the company's market capitalization stands at $176.858 million.
Performance of Invesco Trust For Investment Grade New York Municipals' Stock
Since the transaction, VTN's stock price has increased by 5.34% to $9.08. However, since its IPO, the stock has seen a decrease of 38.98%. Year-to-date, the stock has decreased by 10.37%.
Financial Health of Invesco Trust For Investment Grade New York Municipals
VTN's financial health is reflected in its GF Score of 42/100, indicating a poor future performance potential. The company's Balance Sheet Rank is 6/10, while its Profitability Rank is 3/10, and its Growth Rank is 0/10. The company's cash to debt ratio is 0.03, placing it in the Asset Management industry. VTN's ROE and ROA stand at -12.24 and -7.64 respectively.
Conclusion
The recent transaction by Saba Capital Management, L.P. (Trades, Portfolio) reflects a strategic move to increase its stake in VTN. Despite VTN's poor performance since its IPO and year-to-date, the stock has shown a positive gain since the transaction. However, VTN's financial health indicators suggest a need for caution. Investors should keep a close eye on this stock and the potential implications of this transaction for both Saba Capital Management, L.P. (Trades, Portfolio) and Invesco Trust For Investment Grade New York Municipals.
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