Saba Capital Management, L.P., a prominent investment firm, has sold 72,769 shares of Nuveen Pennsylvania Quality Municipal Income Fund (NYSE:NQP), according to a recent SEC filing. The transaction, which took place on November 8, 2024, was executed at a price of $11.84 per share, totaling approximately $861,584. Following this sale, Saba Capital Management holds 5,024,639 shares in the fund. The transaction was signed off by Boaz Weinstein and Zachary Gindes on behalf of Saba Capital Management.
InvestingPro Insights
While Saba Capital Management has reduced its position in Nuveen Pennsylvania Quality Municipal Income Fund (NYSE:NQP), individual investors might find the fund’s characteristics intriguing. According to InvestingPro data, NQP boasts a substantial dividend yield of 7.88%, 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 remarkable 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 reassurance to investors seeking reliable income streams, especially in light of Saba Capital’s recent share reduction.
The fund’s P/E ratio of 13.47 suggests a relatively modest valuation compared to broader market averages, which could indicate potential value for investors. Additionally, NQP’s 1-year price total return of 20.76% outpaces its YTD return of 7.71%, indicating strong performance over the past year despite some recent moderation.
For investors interested in a deeper analysis, InvestingPro offers 6 additional tips for NQP, providing a more comprehensive view of the fund’s financial health and market position.
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