Saba Capital Management, led by Boaz Weinstein, recently made notable acquisitions of BlackRock (NYSE:) Innovation & Growth Term Trust (NYSE:BIGZ) shares, according to a recent SEC filing. The transactions, dated November 19 and 20, involved the purchase of a total of 174,630 shares at prices ranging from $7.60 to $7.64 per share. The total value of these transactions amounted to approximately $1,330,478.
Following these acquisitions, Saba Capital Management now holds 57,791,737 shares of BlackRock Innovation & Growth Term Trust. This activity underscores the firm’s continued interest in the trust, reflecting its strategic investment approach in innovative and growth-oriented sectors.
InvestingPro Insights
Saba Capital Management’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 13.49%, with the most recent ex-dividend date on November 15, 2024. This high yield is consistent with an InvestingPro Tip indicating that BIGZ “pays a significant dividend to shareholders,” which may be a key factor in Saba’s investment decision.
The trust’s market capitalization stands at $1.71 billion, with a relatively low P/E ratio of 7.87, suggesting potential value for investors. However, it’s worth noting that another InvestingPro Tip cautions that BIGZ “suffers from weak gross profit margins,” which could impact its long-term performance.
BIGZ has shown positive price momentum, with a year-to-date total return of 15.79% and a one-year total return of 18.59%. The trust is currently trading at 94.67% of its 52-week high, indicating strong recent performance.
For investors seeking a more comprehensive analysis, InvestingPro offers additional tips and metrics beyond those mentioned here. In fact, there are several more InvestingPro Tips available for BIGZ, which could provide valuable insights for those considering following Saba Capital’s lead or evaluating the trust’s potential.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
Click Here to Read the Full Original Article at All News…
