👀 Ones to watch: The MOST undervalued stocks to buy right nowSee Undervalued Stocks

BlackRock Innovation & Growth Term Trust sees $1.1m stock acquisition by Saba Capital

Published 2024-11-12, 11:32 a/m
BIGZ
-

Saba Capital Management, L.P., a significant stakeholder in BlackRock (NYSE:BLK) Innovation & Growth Term Trust (NYSE:BIGZ), has acquired a substantial amount of the company's common stock. According to a recent SEC filing, Saba Capital purchased a total of 142,426 shares over three consecutive days, from November 7 to November 11, 2024. The shares were acquired at prices ranging between $7.71 and $7.83, amounting to a total investment of approximately $1.1 million.

This acquisition increases Saba Capital's holdings in BlackRock Innovation & Growth Term Trust to 57,417,734 shares. The transactions reflect Saba Capital's continued interest in the trust, which focuses on innovation and growth opportunities.

InvestingPro Insights

Saba Capital's recent acquisition of BlackRock Innovation & Growth Term Trust (NYSE:BIGZ) shares aligns with some intriguing financial metrics and insights from InvestingPro. As of the latest data, BIGZ boasts a substantial dividend yield of 13.21%, with the most recent ex-dividend date on October 15, 2024. This high yield could be a key factor in Saba Capital's investment decision, as it offers a significant income stream for shareholders.

The trust's market capitalization stands at $1.7 billion, with a relatively low P/E ratio of 7.87, potentially indicating an undervalued position. This valuation metric might have caught the attention of value-oriented investors like Saba Capital. Additionally, BIGZ has shown strong performance across various timeframes, with a notable 27.81% total return over the past year and a 16.9% return year-to-date.

InvestingPro Tips highlight that while BIGZ pays a significant dividend to shareholders, it also suffers from weak gross profit margins. The valuation implies a poor free cash flow yield, which could be a point of concern for some investors. These insights, along with 8 additional tips available on InvestingPro, provide a more comprehensive view of BIGZ's financial health and potential.

For investors seeking a deeper understanding of BIGZ's financial landscape, InvestingPro offers a wealth of additional insights and metrics to inform investment decisions.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.