Saba Capital Management, L.P., a prominent investment firm, has recently increased its stake in Pioneer Municipal High Income Advantage Fund, Inc. (NYSE:MAV) by purchasing 16,116 shares of common stock. This transaction, completed on October 31, 2024, was executed at a price of $8.51 per share, amounting to a total investment of $137,147. Following this acquisition, Saba Capital Management now holds 3,343,065 shares in the fund. The purchase underscores the firm's continued interest in the fund, as Saba Capital Management is a significant shareholder, classified as a ten percent owner.
InvestingPro Insights
Saba Capital Management's recent investment in Pioneer Municipal High Income Advantage Fund, Inc. (NYSE:MAV) aligns with several attractive features of the stock, as highlighted by InvestingPro data and tips.
MAV's stock currently offers a dividend yield of 4.58%, which is particularly noteworthy given that the fund has maintained dividend payments for 22 consecutive years, according to an InvestingPro Tip. This consistent dividend history may have been a factor in Saba Capital's decision to increase its stake, as it suggests a reliable income stream for investors.
The fund's financial health appears robust, with InvestingPro data showing a gross profit margin of 100% for the last twelve months as of Q4 2024. Additionally, the revenue growth of 11.49% over the same period indicates positive momentum in the fund's performance.
An InvestingPro Tip suggests that MAV's stock generally trades with low price volatility, which could be appealing to investors seeking stability in their portfolio. This characteristic may have contributed to Saba Capital's decision to expand its position in the fund.
It's worth noting that InvestingPro offers 6 additional tips for MAV, providing investors with a more comprehensive analysis of the stock's potential. Those interested in gaining deeper insights into MAV's investment prospects may find value in exploring the full range of tips available through InvestingPro.
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