Saba Capital Management, L.P., a significant stakeholder in BlackRock (NYSE:BLK) Innovation & Growth Term Trust (NYSE:BIGZ), recently expanded its investment in the company. According to a recent SEC filing, Saba Capital Management purchased a total of 145,836 shares over two days. The transactions occurred on October 24 and October 25, with shares acquired at prices ranging from $7.53 to $7.55, amounting to a total investment of approximately $1.1 million.
The acquisitions increased Saba Capital's holdings in the trust to 56,809,258 shares. The transactions were executed indirectly, as indicated in the filing. The move underscores Saba Capital's continued interest in the growth prospects of BlackRock Innovation & Growth Term Trust.
InvestingPro Insights
Saba Capital Management's recent investment in BlackRock Innovation & Growth Term Trust (NYSE:BIGZ) aligns with some intriguing financial metrics. According to InvestingPro data, BIGZ boasts a substantial dividend yield of 13.83% for 2024, with the most recent ex-dividend date on October 15, 2024. This high yield is particularly noteworthy given that one of the InvestingPro Tips highlights BIGZ's significant dividend payments to shareholders.
The trust's market capitalization stands at $1.67 billion, with a relatively low P/E ratio of 7.87, potentially indicating an undervalued position. This valuation perspective is further supported by BIGZ's strong performance over the past year, with a 1-year price total return of 33.26%.
However, investors should note that another InvestingPro Tip suggests BIGZ suffers from weak gross profit margins, which could impact long-term profitability. For a more comprehensive analysis, InvestingPro offers additional tips and insights that could be valuable for investors considering BIGZ's potential.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.