Saba Capital Management, L.P., a significant stakeholder in Federated Hermes (NYSE:FHI) Premier Municipal Income Fund (NYSE:FMN), has sold a substantial portion of its holdings. The firm, along with Boaz Weinstein, reported selling 523,323 shares of the fund's common stock on October 14, 2024. The shares were sold at a price of $12.67 each, amounting to a total transaction value of approximately $6.63 million.
Following the sale, Saba Capital continues to hold 1,111,886 shares indirectly. This transaction underscores the firm's ongoing management of its investment portfolio in Federated Hermes Premier Municipal Income Fund.
InvestingPro Insights
While Saba Capital Management has reduced its stake in Federated Hermes Premier Municipal Income Fund (NYSE:FMN), the fund continues to demonstrate resilience and stability in the market. According to InvestingPro data, FMN's market capitalization stands at $141.08 million, with a P/E ratio of 26.39, indicating investor confidence in its earnings potential.
InvestingPro Tips reveal that FMN has maintained dividend payments for 22 consecutive years, a testament to its commitment to shareholder returns. This consistency is particularly noteworthy in the current economic climate. The fund's dividend yield of 3.71% as of the latest data adds to its appeal for income-focused investors.
Furthermore, FMN is trading near its 52-week high, with a price that is 98.16% of its peak. This performance is reflected in its impressive year-to-date total return of 15.18% and a robust one-year total return of 32.54%. These figures suggest that despite Saba Capital's recent sale, the fund continues to perform well in the market.
For investors seeking a more comprehensive analysis, InvestingPro offers additional tips and insights. Currently, there are 6 more InvestingPro Tips available for FMN, providing a deeper understanding of the fund's financial health and market position.
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