Saba Capital Management, L.P., a significant stakeholder in Pioneer Municipal High Income Advantage Fund, Inc. (NYSE:MAV), has increased its position in the company. According to a recent SEC filing, Saba Capital purchased a total of 30,681 shares over two transactions on November 21 and 22, 2024. The shares were acquired at a consistent price of $8.64 per share, resulting in a total investment of approximately $265,083.
These acquisitions raise Saba Capital's total ownership in Pioneer Municipal High Income Advantage Fund to 3,476,339 shares. The transactions were reported by Boaz Weinstein, a key figure at Saba Capital, who is listed as a ten percent owner in the fund.
InvestingPro Insights
Saba Capital's recent investment in Pioneer Municipal High Income Advantage Fund, Inc. (NYSE:MAV) aligns with several attractive features of the stock highlighted by InvestingPro. The fund's stock price of $8.67 as of the last close is near its 52-week high, with the current price at 95.6% of that peak. This proximity to the yearly high, coupled with a 22.66% one-year price total return, suggests strong investor confidence in MAV's performance.
InvestingPro Tips indicate that MAV has maintained dividend payments for 22 consecutive years, a testament to its financial stability and commitment to shareholder returns. This consistency is particularly appealing in the municipal bond fund sector, where income-seeking investors often prioritize steady payouts. The current dividend yield of 4.48% further enhances the stock's attractiveness for income-focused portfolios.
Additionally, MAV's financial health appears robust, with InvestingPro Data showing that liquid assets exceed short-term obligations. This strong liquidity position provides a safety buffer and operational flexibility, which may have factored into Saba Capital's decision to increase its stake.
It's worth noting that InvestingPro offers 5 additional tips for MAV, providing investors with a more comprehensive analysis of the fund's prospects. Those seeking a deeper understanding of MAV's investment potential may find value in exploring these additional insights on the InvestingPro platform.
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