Boaz Weinstein, a ten percent owner through Saba Capital Management, L.P., has increased his stake in BlackRock (NYSE:BLK) Innovation & Growth Term Trust (NYSE:BIGZ) with a recent purchase of 68,422 shares. The transaction, valued at approximately $537,796, was executed at a price of $7.86 per share. This acquisition boosts Weinstein's total holdings to 57,860,159 shares. The transaction was reported in an SEC filing dated November 25, 2024.
InvestingPro Insights
Boaz Weinstein's recent investment in BlackRock Innovation & Growth Term Trust (NYSE:BIGZ) aligns with several key metrics highlighted by InvestingPro. The trust's attractive dividend yield of 13.0% as of the last ex-dividend date on November 15, 2024, stands out as a significant factor that may have influenced Weinstein's decision to increase his stake. This high yield is consistent with one of the InvestingPro Tips, which notes that BIGZ "pays a significant dividend to shareholders."
The trust's current market capitalization of $1.75 billion and a P/E ratio of 7.87 suggest a potentially undervalued position, which could be appealing to value-oriented investors like Weinstein. Additionally, BIGZ has shown strong price performance, with a year-to-date total return of 20.17% and a one-year total return of 22.39%, indicating positive momentum that may have caught the attention of the Saba Capital Management founder.
It's worth noting that BIGZ is trading near its 52-week high, with its current price at 96.61% of the peak. This information, combined with the InvestingPro Tip that the trust is "trading near 52-week high," suggests that Weinstein's purchase comes at a time of relative strength for the fund.
Investors considering following Weinstein's move might be interested to know that InvestingPro offers additional insights, with 3 more tips available for BIGZ. These could provide further context for the trust's financial health and market position.
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