Saba Capital Management, L.P., a significant stakeholder in Nuveen Pennsylvania Quality Municipal Income Fund (NYSE:NQP), has sold shares worth $33,161. The transaction, executed on October 28, involved the sale of 2,789 shares at a price of $11.89 each. Following this sale, Saba Capital retains ownership of 5,151,310 shares in the fund. Boaz Weinstein, a notable figure associated with Saba Capital, was also listed in the filing.
InvestingPro Insights
While Saba Capital Management has reduced its stake in Nuveen Pennsylvania Quality Municipal Income Fund (NYSE:NQP), individual investors might find the fund's current valuation and dividend profile intriguing. According to InvestingPro data, NQP boasts a substantial dividend yield of 7.87%, with its last ex-dividend date on October 15, 2024. This aligns with one of the InvestingPro Tips, which highlights that NQP "pays a significant dividend to shareholders."
Furthermore, the fund has demonstrated resilience in its dividend policy, with InvestingPro noting that it "has maintained dividend payments for 34 consecutive years." This long-standing commitment to shareholder returns could be particularly appealing to income-focused investors, especially in the current economic climate.
The fund's market capitalization stands at $438.05 million, with a P/E ratio of 13.45, suggesting a relatively modest valuation compared to broader market averages. NQP has also shown profitability over the last twelve months, as indicated by another InvestingPro Tip.
It's worth noting that while the fund has experienced a slight decline in the short term, with a 1-week total return of -2.14% and a 1-month return of -5.11%, its longer-term performance tells a different story. The 1-year price total return stands at an impressive 29.2%, indicating strong performance over a more extended period.
For investors seeking additional insights, InvestingPro offers 7 more tips that could provide a more comprehensive view of NQP's investment potential.
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