In recent transactions, Saba Capital Management, L.P. and Boaz Weinstein, both significant stakeholders in BlackRock (NYSE:BLK) Innovation & Growth Term Trust (NYSE:BIGZ), acquired a substantial amount of common stock. The purchases, made on October 29 and October 30, totaled 209,106 shares with a combined value of approximately $1.59 million. The shares were acquired at prices ranging from $7.60 to $7.66 per share. Following these transactions, the reporting owners collectively hold 57,142,055 shares. These acquisitions highlight continued interest and investment in the BlackRock Innovation & Growth Term Trust.
InvestingPro Insights
The recent insider purchases by Saba Capital Management, L.P. and Boaz Weinstein in BlackRock Innovation & Growth Term Trust (NYSE:BIGZ) align with some intriguing financial metrics and insights from InvestingPro.
BIGZ currently boasts a substantial dividend yield of 13.56%, with the most recent 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." This high yield could be a factor attracting insider investment, as it offers a potentially strong income stream for shareholders.
The trust's market capitalization stands at $1.65 billion, with a relatively low P/E ratio of 7.87. This valuation metric might suggest that the stock is undervalued, potentially explaining the insider buying activity. However, it's worth noting that another InvestingPro Tip indicates that the "valuation implies a poor free cash flow yield," which investors should consider alongside the attractive P/E ratio.
BIGZ has shown positive price performance across various timeframes, with a 33.98% total return over the past year and a 15.06% return over the last six months. The stock is currently trading at 91.39% of its 52-week high, suggesting it has recovered significantly from recent lows.
These insights provide context to the insider purchases and may help explain the continued interest in BIGZ. For investors seeking a more comprehensive analysis, InvestingPro offers additional tips and metrics that could further illuminate the investment case for BlackRock Innovation & Growth Term Trust.
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