Saba Capital Management, L.P., a significant stakeholder in Eaton (NYSE:ETN) Vance New York Municipal Bond Fund (NYSE:ENX), has recently increased its holdings in the company. According to a Form 4 filing with the Securities and Exchange Commission, Saba Capital acquired a total of 7,295 shares over two days, with transaction prices ranging from $9.74 to $9.75 per share. This acquisition represents a total investment of $71,082.
The transactions occurred on November 19 and November 20, 2024, with Saba Capital now holding a total of 3,139,092 shares in the fund. Boaz Weinstein, a key figure associated with Saba Capital, is also listed as a reporting owner in the filing. These recent purchases highlight Saba Capital's continued interest and investment in Eaton Vance New York Municipal Bond Fund.
InvestingPro Insights
Saba Capital's recent acquisition of Eaton Vance New York Municipal Bond Fund (NYSE:ENX) shares aligns with several positive aspects of the fund's performance and financial health. According to InvestingPro data, ENX has maintained dividend payments for 23 consecutive years, demonstrating a strong commitment to shareholder returns. This consistency is particularly attractive in the current market environment, with the fund offering a dividend yield of 5.11% as of the most recent data.
InvestingPro Tips suggest that ENX generally trades with low price volatility, which may appeal to Saba Capital's investment strategy, potentially seeking stable returns in the municipal bond sector. Additionally, the fund's liquid assets exceed short-term obligations, indicating a solid financial position that could support ongoing dividend payments.
The fund's profitability over the last twelve months, as highlighted by InvestingPro, further supports Saba Capital's decision to increase its stake. With a gross profit margin of 100% in the last twelve months as of Q2 2024, ENX demonstrates efficient management of its investment portfolio.
It's worth noting that InvestingPro offers additional insights, with 5 more tips available for ENX on the InvestingPro platform. These could provide further context to Saba Capital's investment decision and offer valuable information for other investors considering ENX.
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