Saba Capital Management, L.P., a prominent investment firm led by Boaz Weinstein, has increased its holdings in Eaton (NYSE:ETN) Vance New York Municipal Bond Fund (NYSE:ENX). According to a recent SEC filing, the firm acquired a total of 14,480 shares over two consecutive days, November 14 and 15, 2024. The shares were purchased at prices ranging from $9.71 to $9.72 per share, totaling approximately $140,695.
Following these transactions, Saba Capital Management now holds 3,131,797 shares of Eaton Vance New York Municipal Bond Fund. These acquisitions underscore the firm's continued interest in the municipal bond fund sector.
InvestingPro Insights
Saba Capital Management's recent acquisition of Eaton Vance New York Municipal Bond Fund (NYSE:ENX) shares aligns with several attractive features of the fund. According to InvestingPro data, ENX boasts a dividend yield of 5.14% as of the latest available information, with its most recent ex-dividend date on October 23, 2024. This high yield is particularly noteworthy given that InvestingPro Tips highlight ENX's 23-year streak of maintaining dividend payments, a factor that likely appeals to income-focused investors like Saba Capital.
The fund's financial stability is further underscored by InvestingPro data showing a gross profit margin of 100% over the last twelve months as of Q2 2024, indicating efficient management of its investment portfolio. Additionally, an InvestingPro Tip reveals that ENX's liquid assets exceed its short-term obligations, suggesting a strong balance sheet that can support ongoing dividend payments.
While the fund has experienced a slight decline in quarterly revenue growth (-6.88% in Q2 2024), its year-to-date price total return stands at a positive 5.08%, outperforming some broader market indices. This performance, coupled with the fund's reputation for low price volatility—another InvestingPro Tip—may have factored into Saba Capital's decision to increase its position.
Investors interested in a deeper analysis of ENX can access additional insights through InvestingPro, which offers more than 10 extra tips for this security, providing a comprehensive view of its investment potential.
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