Saba Capital Income & Opportunities Fund II (NYSE:SABA) Sees Significant Increase in Short Interest

Key Points

• Short interest rose 67.6% to 22,235 shares as of July 15, representing approximately 0.1% of shares outstanding and a low days-to-cover ratio of 0.3.
• SABA shares traded down 1.1% to $8.24, within a 12-month range of $7.96 to $9.46. The fund announced a monthly dividend of $0.058 per share, equating to an indicated yield of approximately 8.4%.
• Institutional investors own 22.22% of the fund, with several major holders—including RiverNorth Capital Management, Scotia Capital, Invesco and Fiera Capital—recently increasing their positions.

Saba Capital Income & Opportunities Fund II (NYSE:SABA - ) was the recipient of a significant increase in short interest during the month of July. As of July 15th, there was short interest totaling 22,235 shares, an increase of 67.6% from the June 30th total of 13,268 shares. Approximately 0.1% of the company's shares are sold short. Based on an average daily trading volume, of 73,944 shares, the days-to-cover ratio is currently 0.3 days.

Saba Capital Income & Opportunities Fund II Trading Down 1.1%

Shares of NYSE SABA traded down $0.10 during midday trading on Friday, hitting $8.24. The company's stock had a trading volume of 36,556 shares, compared to its average volume of 82,131. Saba Capital Income & Opportunities Fund II has a 12-month low of $7.96 and a 12-month high of $9.46. The business's 50 day moving average is $8.33 and its two-hundred day moving average is $8.28.

Saba Capital Income & Opportunities Fund II Dividend Announcement

The firm also recently announced a monthly dividend, which will be paid on Friday, July 31st. Shareholders of record on Thursday, July 9th will be paid a $0.058 dividend. The ex-dividend date is Thursday, July 9th. This represents a c) dividend on an annualized basis and a yield of 8.4%.

Institutional Trading of Saba Capital Income & Opportunities Fund II

Several institutional investors and hedge funds have recently made changes to their positions in the business. Rivernorth Capital Management LLC grew its holdings in shares of Saba Capital Income & Opportunities Fund II by 2.4% in the first quarter. Rivernorth Capital Management LLC now owns 2,857,603 shares of the company's stock worth $23,775,000 after purchasing an additional 66,554 shares during the last quarter. Focus Partners Wealth bought a new stake in Saba Capital Income & Opportunities Fund II during the 4th quarter valued at about $8,423,000. Scotia Capital Inc. lifted its holdings in Saba Capital Income & Opportunities Fund II by 17.8% during the 3rd quarter. Scotia Capital Inc. now owns 428,883 shares of the company's stock valued at $3,911,000 after buying an additional 64,711 shares in the last quarter. Invesco Ltd. boosted its position in Saba Capital Income & Opportunities Fund II by 3.8% in the 4th quarter. Invesco Ltd. now owns 418,725 shares of the company's stock valued at $3,454,000 after buying an additional 15,204 shares during the period. Finally, Fiera Capital Corp boosted its position in Saba Capital Income & Opportunities Fund II by 6.2% in the 4th quarter. Fiera Capital Corp now owns 335,657 shares of the company's stock valued at $2,769,000 after buying an additional 19,655 shares during the period. 22.22% of the stock is currently owned by institutional investors.

Saba Capital Income & Opportunities Fund II Company 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.

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