Saba Capital Management, L.P. Boosts Stake in Invesco Trust For Investment Grade New York Municipals
On October 31, 2023, Saba Capital Management, L.P. (Trades, Portfolio), a New York-based investment firm, significantly increased its holdings in Invesco Trust For Investment Grade New York Municipals (NYSE:VTN). The firm added 1,516,155 shares to its portfolio, marking a trade change of 258.46%. This transaction had a 0.34% impact on the firm's portfolio and increased its total holdings in VTN to 2,102,768 shares, representing 0.47% of its portfolio and 10.79% of VTN's total shares.
About Saba Capital Management, L.P. (Trades, Portfolio)
Saba Capital Management, L.P. (Trades, Portfolio), located at 405 Lexington Avenue, New York, NY 10174, is a renowned investment firm with a diverse portfolio. The firm's equity stands at $3.84 billion, spread across 624 stocks. Its 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). The firm's investments are primarily concentrated in the Financial Services and Technology sectors.
Details of the Transaction
The shares were acquired at a trade price of $8.56 per share. With this transaction, VTN now represents 0.47% of Saba Capital Management's portfolio. The firm now holds 10.79% of VTN's total shares.
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 aims to provide its shareholders with a high level of current income exempt from federal, New York State, and New York City income taxes, consistent with the preservation of capital. VTN operates in a single segment and has a market capitalization of $167.119 million. The stock's current price is $8.58, and it does not have a PE percentage as the company is currently at a loss.
Evaluation of VTN's Performance
VTN's GF valuation cannot be evaluated due to insufficient data. The stock has gained 0.23% since the transaction and has declined by 42.34% since its IPO. The year-to-date price change ratio stands at -15.3%. VTN's GF Score is 42/100, indicating poor future performance potential. The company's balance sheet rank is 6/10, its profitability rank is 3/10, and its growth rank is 0/10. The GF Value Rank and Momentum Rank are also not applicable due to insufficient data.
VTN's Future Performance Potential
VTN's Piotroski F-Score is 5, indicating a stable financial situation. However, its Altman Z Score is 0.00, and its cash to debt ratio is 0.03, suggesting potential financial distress. The company operates in the Asset Management industry, with a ROE of -12.24 and a ROA of -7.64.
VTN's Industry Performance and Momentum
VTN's RSI 5 Day is 41.10, its RSI 9 Day is 29.73, and its RSI 14 Day is 26.33. The stock's Momentum Index 6 - 1 Month is -10.77, and its Momentum Index 12 - 1 Month is -0.87. These figures suggest that the stock has been underperforming recently.
In conclusion, Saba Capital Management's recent acquisition of VTN shares represents a significant addition to its portfolio. However, given VTN's current performance and future potential, it remains to be seen how this transaction will impact the firm's overall portfolio performance.
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