BGT Stock Summary and Trading Ideas (Blackrock Floating Rate Trust | NYSE:BGT)

BlackRock Floating Rate Income Trust’s (BGT) (the “Trust”) primary investment objective is to provide a high level of current income. The Trust’s secondary investment objective is to seek the preservation of capital. The Trust seeks to achieve its investment objectives by investing primarily, under normal conditions, at least 80% of its assets in floating and variable rate instruments of U.S. and non-U.S. issuers, including a substantial portion of its assets in global floating and variable rate securities including senior secured floating rate loans made to corporate and other business entities. Under normal market conditions, the Trust expects that the average effective duration of its portfolio will be no more than 1.5 years. The Trust may invest directly in such securities or synthetically through the use of derivatives.

Blackrock Floating Rate Trust trades on the NYSE stock market under the symbol BGT.

As of April 25, 2024, BGT stock price declined to $12.89 with 64,017 million shares trading.

BGT has a beta of 0.47, meaning it tends to be less sensitive to market movements. BGT has a correlation of 0.25 to the broad based SPY ETF.

BGT has a market cap of $287.65 million. This is considered a Small Cap stock.

In the last 3 years, BGT stock traded as high as $14.74 and as low as $10.56.

BGT has outperformed the market in the last year with a price return of +24.7% while the SPY ETF gained +23.1%. BGT has also outperformed the stock market ETF in the last 3 month and 2 week periods returning +8.6% and -1.1%, respectively, while the SPY returned +3.6% and -2.5%, respectively.

BGT support price is $12.89 and resistance is $13.09 (based on 1 day standard deviation move). This means that using the most recent 20 day stock volatility and applying a one standard deviation move around the stock's closing price, stastically there is a 67% probability that BGT stock will trade within this expected range on the day.