In a recent transaction, Saba Capital Management, L.P., a significant stakeholder in Nuveen Pennsylvania Quality Municipal Income Fund (NYSE:NQP), sold 16,500 shares of the fund. The shares were sold at an average price of $11.97 each, amounting to a total transaction value of $197,505. Following this sale, Saba Capital Management holds 5,154,099 shares in the fund. The transaction was executed on October 25, 2024, and was reported to the SEC on October 28, 2024. Boaz Weinstein, a ten percent owner, is associated with the transaction.
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 7.84%, 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 dividend history suggests a commitment to shareholder returns and could indicate stability in the fund’s income-generating capabilities.
The fund’s market capitalization stands at $445.87 million, placing it in the small-cap category. With a P/E ratio of 13.71, NQP appears to be reasonably valued compared to broader market averages. Additionally, the fund has been profitable over the last twelve months, as pointed out by another InvestingPro Tip, which may provide some reassurance to investors concerned about the recent insider sale.
It’s worth noting that InvestingPro offers 7 additional tips for NQP, providing a more comprehensive analysis for investors considering this municipal bond fund. These insights could be particularly valuable given the fund’s recent price movements, with a 1-year price total return of 29.74% despite a slight 1-week decline of 1.73%.
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