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 (VTN, Financial). 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 (GIM, Financial), BlackRock Capital Allocation Trust (BCAT, Financial), BlackRock Health Sciences Trust II (BMEZ, Financial), BlackRock Innovation & Growth Tr (BIGZ, Financial), and BlackRock ESG Capital Allocation Trust (ECAT, Financial). 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 (VTN, Financial) 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.
This article, generated by GuruFocus, is designed to provide general insights and is not tailored financial advice. Our commentary is rooted in historical data and analyst projections, utilizing an impartial methodology, and is not intended to serve as specific investment guidance. It does not formulate a recommendation to purchase or divest any stock and does not consider individual investment objectives or financial circumstances. Our objective is to deliver long-term, fundamental data-driven analysis. Be aware that our analysis might not incorporate the most recent, price-sensitive company announcements or qualitative information. GuruFocus holds no position in the stocks mentioned herein.
