Saba Capital Management, L.P., a significant stakeholder in BlackRock (NYSE:BLK) Innovation & Growth Term Trust (NYSE:BIGZ), has disclosed a substantial acquisition of the company's common stock. According to a recent SEC filing, Saba Capital purchased 123,691 shares on October 28, 2024, at an average price of $7.62 per share, totaling approximately $942,525.
The acquisition increases Saba Capital's stake to 56,932,949 shares, reinforcing its position as a major shareholder in the trust. The filing was signed by Zachary Gindes on behalf of Saba Capital Management and Boaz Weinstein, both of whom are identified as ten percent owners.
InvestingPro Insights
Saba Capital's recent acquisition of BlackRock Innovation & Growth Term Trust (NYSE:BIGZ) shares comes at a time when the trust offers a compelling dividend yield. According to InvestingPro data, BIGZ currently boasts a dividend yield of 13.6% for 2024, with the last ex-dividend date on October 15, 2024. This aligns with one of the InvestingPro Tips, which notes that BIGZ "pays a significant dividend to shareholders."
The trust's market capitalization stands at $1.66 billion, with a price-to-earnings ratio of 7.87, suggesting a potentially attractive valuation. However, investors should be aware that another InvestingPro Tip indicates BIGZ "suffers from weak gross profit margins," which could impact its long-term performance.
BIGZ has shown positive momentum across various timeframes, with a 1-year price total return of 35.56% and a year-to-date return of 13.77%. The trust is currently trading at 92.24% of its 52-week high, with a previous closing price of $7.63.
For investors seeking a more comprehensive analysis, InvestingPro offers additional tips and metrics beyond those mentioned here. To access the full range of insights, including more than 10 additional tips for BIGZ, consider exploring the InvestingPro product.
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