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Saba Capital Management, L.P., a significant stakeholder in BlackRock (NYSE:BLK) MuniYield Pennsylvania Quality Fund (NYSE:MPA), has recently sold shares worth $352,716, according to a Form 4 filing with the Securities and Exchange Commission. The fund, currently valued at $152.55 million, offers investors a substantial 6.75% dividend yield and has maintained dividend payments for 33 consecutive years, according to InvestingPro data.
The transactions, carried out over two days, involved the sale of 17,158 shares on February 6 at a price of $11.87 per share, followed by the sale of 12,696 shares on February 7 at $11.74 per share. Following these sales, Saba Capital Management holds 2,112,307 shares of the fund. The stock currently trades at $11.78, near its 52-week low, with notably low price volatility reflected in its 0.5 beta.
The sales were executed by Saba Capital Management and Boaz Weinstein, both listed as ten percent owners in the filing. The transactions reflect a strategic adjustment in their holdings of BlackRock MuniYield Pennsylvania Quality Fund, a fund that focuses on providing investors with a high level of current income exempt from federal income tax. For deeper insights into MPA’s financial health metrics and additional investment tips, visit InvestingPro.
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