Saba Capital Management, L.P., a significant shareholder, has increased its holdings in Pioneer Municipal High Income Fund, Inc. (NYSE:MHI). The firm, led by Boaz Weinstein, purchased a total of 39,438 shares over two consecutive days. On November 19, Saba acquired 20,076 shares at a price of $9.42 each, followed by an additional 19,362 shares on November 20 at $9.41 per share. The transactions represent a total investment of approximately $371,312. Following these acquisitions, Saba Capital Management now holds 3,760,316 shares of the fund, reflecting its continued interest in the municipal high-income sector.
InvestingPro Insights
Saba Capital Management's recent increase in its Pioneer Municipal High Income Fund, Inc. (NYSE:MHI) holdings aligns with several key metrics and insights from InvestingPro. The fund's stock is currently trading near its 52-week high, with a price at 96.81% of its peak, indicating strong market performance. This trend is further supported by the fund's impressive 24.26% one-year price total return.
InvestingPro data reveals that MHI has a market capitalization of $214.28 million and offers a notable dividend yield of 4.45%. An InvestingPro Tip highlights that the fund has maintained dividend payments for 22 consecutive years, which may be a factor in Saba Capital's decision to increase its stake. This consistent dividend history could be particularly attractive in the municipal high-income sector that MHI operates in.
Another InvestingPro Tip notes that MHI's stock generally trades with low price volatility, which could be appealing to investors seeking stability in their portfolio. This characteristic, combined with the fund's long-term dividend consistency, may explain why large shareholders like Saba Capital are increasing their positions.
For investors interested in a deeper analysis, InvestingPro offers 6 additional tips for MHI, providing a more comprehensive view of the fund's financial health and market position.
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