Saba Capital Income & Opportunities Fund II $SABA Shares Sold by Shaker Financial Services LLC

Key Points

• Shaker Financial Services cut its SABA position by 26% in the third quarter, selling 153,597 shares and retaining 436,616 shares worth approximately $3.48 million.
• Institutional investors and hedge funds own 22.22% of SABA, with several firms—including Royal Bank of Canada—recently increasing their holdings.
• SABA shares recently traded at $7.71, near their 52-week low, while the fund announced a monthly dividend of $0.058 per share, equivalent to an annualized yield of about 9.0%.

Shaker Financial Services LLC decreased its holdings in shares of Saba Capital Income & Opportunities Fund II (NYSE:SABA - Free Report) by 26.0% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 436,616 shares of the company's stock after selling 153,597 shares during the period. Saba Capital Income & Opportunities Fund II comprises 1.2% of Shaker Financial Services LLC's portfolio, making the stock its 27th biggest holding. Shaker Financial Services LLC owned about 1.63% of Saba Capital Income & Opportunities Fund II worth $3,480,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in the stock. Integrated Wealth Concepts LLC bought a new stake in shares of Saba Capital Income & Opportunities Fund II in the 2nd quarter valued at approximately $42,000. Private Advisor Group LLC raised its stake in Saba Capital Income & Opportunities Fund II by 10.1% during the first quarter. Private Advisor Group LLC now owns 87,448 shares of the company's stock worth $728,000 after acquiring an additional 8,000 shares in the last quarter. Comprehensive Money Management Services LLC raised its stake in Saba Capital Income & Opportunities Fund II by 9.5% during the first quarter. Comprehensive Money Management Services LLC now owns 125,898 shares of the company's stock worth $1,047,000 after acquiring an additional 10,975 shares in the last quarter. TrueMark Investments LLC lifted its holdings in shares of Saba Capital Income & Opportunities Fund II by 5.4% during the first quarter. TrueMark Investments LLC now owns 224,709 shares of the company's stock valued at $1,870,000 after acquiring an additional 11,448 shares during the period. Finally, Royal Bank of Canada lifted its holdings in shares of Saba Capital Income & Opportunities Fund II by 227.5% during the first quarter. Royal Bank of Canada now owns 22,768 shares of the company's stock valued at $189,000 after acquiring an additional 15,815 shares during the period. 22.22% of the stock is owned by institutional investors and hedge funds.

Saba Capital Income & Opportunities Fund II Stock Down 0.3%

Shares of SABA traded down $0.03 during trading hours on Wednesday, hitting $7.71. The stock had a trading volume of 37,019 shares, compared to its average volume of 75,517. The company's fifty day moving average is $8.11 and its two-hundred day moving average is $8.27. Saba Capital Income & Opportunities Fund II has a 52 week low of $7.68 and a 52 week high of $9.00.

Saba Capital Income & Opportunities Fund II Announces Dividend

The company also recently announced a monthly dividend, which will be paid on Friday, October 30th. Stockholders of record on Friday, October 9th will be paid a $0.0580 dividend. The ex-dividend date is Friday, October 9th. This represents a $0.70 dividend on an annualized basis and a dividend yield of 9.0%.

Saba Capital Income & Opportunities Fund II Profile

Saba Capital Income & Opportunities Fund II is a closed-ended fixed income mutual fund launched and managed by Saba Capital Management, L.P. The fund invests in fixed income markets across the globe. It primarily invests in government bonds. The fund is actively managed. It benchmarks the performance of its portfolio against the J.P. Morgan Global Government Bond Index. Saba Capital Income & Opportunities Fund II was formed on March 17, 1988 and is domiciled in the United States.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.