Saba Capital Management, L.P., a major shareholder in Pioneer Municipal High Income Advantage Fund, Inc. (NYSE:MAV), recently acquired additional shares in the company. According to a recent SEC filing, the firm purchased 6,843 shares at a price of $8.65 each, totaling $59,191. This acquisition increases Saba Capital Management's stake to 3,359,978 shares. The purchase highlights ongoing interest in the fund, which focuses on high-yield municipal bonds.
InvestingPro Insights
Saba Capital Management's recent acquisition of Pioneer Municipal High Income Advantage Fund, Inc. (NYSE:MAV) shares aligns with several key metrics and insights from InvestingPro. The fund's stock currently trades at a price-to-earnings ratio of 54.97, reflecting investor confidence in its future earnings potential. This valuation is particularly interesting given MAV's consistent dividend history, as highlighted by one of the InvestingPro Tips: "Has maintained dividend payments for 22 consecutive years."
The fund's attractive dividend yield of 4.48% as of the latest data may be a contributing factor to Saba Capital's increased stake. This yield, combined with MAV's total return of 24.85% over the past year, suggests a strong performance that could be appealing to institutional investors like Saba Capital.
InvestingPro Data also reveals that MAV has been profitable over the last twelve months, with a gross profit of $19.57 million. This profitability is further underscored by an InvestingPro Tip stating that the fund has been "Profitable over the last twelve months," which may provide reassurance to investors about the fund's financial health.
It's worth noting that InvestingPro offers additional insights beyond what's mentioned here. In fact, there are 5 more InvestingPro Tips available for MAV, which could provide further context for understanding Saba Capital's investment decision and the fund's overall prospects.
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