Saba Capital Management, L.P., a significant stakeholder in the Nuveen Pennsylvania Quality Municipal Income Fund (NYSE:NQP), recently sold 51,202 shares of the fund. The transaction, which took place on November 1, was executed at a price of $11.91 per share, amounting to a total of $609,815.
Following the sale, Saba Capital retains 5,097,408 shares in the fund. The filing was signed by Zachary Gindes on behalf of Saba Capital Management and by Boaz Weinstein, both of whom are ten percent owners of the fund.
InvestingPro Insights
While Saba Capital Management has reduced its position in the Nuveen Pennsylvania Quality Municipal Income Fund (NYSE:NQP), individual investors might find the fund's current metrics intriguing. According to InvestingPro data, NQP boasts a substantial dividend yield of 7.93%, which aligns with one of the InvestingPro Tips highlighting that the fund "pays a significant dividend to shareholders." This high yield could be particularly attractive to income-focused investors in the current market environment.
Moreover, NQP has demonstrated consistency in its dividend payments, with an InvestingPro Tip noting that it "has maintained dividend payments for 34 consecutive years." This long-standing track record of dividend stability may provide some reassurance to investors concerned about the recent share sale by a major stakeholder.
The fund's P/E ratio of 13.58 suggests a relatively modest valuation compared to broader market averages, which could indicate potential value for investors. However, it's worth noting that an InvestingPro Tip cautions that the "valuation implies a poor free cash flow yield," which investors should consider in their analysis.
For those interested in a deeper dive into NQP's financial health and market position, InvestingPro offers additional tips and metrics beyond what's discussed here. In fact, there are 7 more InvestingPro Tips available for NQP, providing a more comprehensive view for potential investors.
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