NEW YORK—Saba Capital Management, L.P., a significant shareholder in Nuveen Pennsylvania Quality Municipal Income Fund (NYSE:NQP), reported the sale of 2,700 shares on October 29. The shares were sold at a price of $11.84 each, totaling $31,968. Following this transaction, Saba Capital Management holds 5,148,610 shares indirectly.
The transaction was disclosed in a Form 4 filing with the Securities and Exchange Commission, with the report signed by Zachary Gindes on behalf of Saba Capital Management and Boaz Weinstein. Both entities are listed as ten percent owners of the fund.
InvestingPro Insights
While Saba Capital Management has reduced its position in Nuveen Pennsylvania Quality Municipal Income Fund (NYSE:NQP), individual investors may find the fund's characteristics intriguing. According to InvestingPro data, NQP boasts a substantial dividend yield of 7.88%, with its last ex-dividend date on October 15, 2024. This aligns with one of the InvestingPro Tips, which highlights that NQP "pays a significant dividend to shareholders."
Moreover, NQP has demonstrated resilience in its dividend policy. An InvestingPro Tip reveals that the fund "has maintained dividend payments for 34 consecutive years," showcasing a commitment to providing consistent income to its investors. This long-standing dividend history may be particularly appealing to income-focused investors in the current market environment.
The fund's market capitalization stands at $443.26 million, with a P/E ratio of 13.6, suggesting a relatively modest valuation compared to broader market averages. NQP's stock performance has been mixed, with a 28.43% total return over the past year, despite a recent 5.26% decline over the last month. This recent dip could explain why another InvestingPro Tip indicates that the "RSI suggests the stock is in oversold territory," potentially signaling a buying opportunity for value investors.
For those interested in a deeper analysis, InvestingPro offers additional insights with 7 more tips available for NQP, providing a comprehensive view of the fund's financial health and market position.
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