Merit Financial Group LLC Cuts Position in Pioneer Municipal High Income Fund, Inc. (NYSE:MHI)

Merit Financial Group LLC reduced its stake in shares of Pioneer Municipal High Income Fund, Inc. (NYSE:MHI) by 21.1% during the 4th quarter, Holdings Channel.com reports. The firm owned 12,230 shares of the investment management company’s stock after selling 3,273 shares during the period. Merit Financial Group LLC’s holdings in Pioneer Municipal High Income Fund were worth $106,000 at the end of the most recent reporting period.

Several other institutional investors also recently made changes to their positions in MHI. Saba Capital Management L.P. lifted its stake in shares of Pioneer Municipal High Income Fund by 373.5% in the third quarter. Saba Capital Management L.P. now owns 2,366,369 shares of the investment management company’s stock valued at $17,109,000 after purchasing an additional 1,866,605 shares during the period. AQR Arbitrage LLC increased its stake in Pioneer Municipal High Income Fund by 86.3% in the 3rd quarter. AQR Arbitrage LLC now owns 327,254 shares of the investment management company’s stock valued at $2,366,000 after purchasing an additional 151,617 shares in the last quarter. Tyche Wealth Partners LLC acquired a new position in Pioneer Municipal High Income Fund during the fourth quarter worth $520,000. Advisor Resource Council purchased a new stake in Pioneer Municipal High Income Fund during the fourth quarter worth $292,000. Finally, Bank of New York Mellon Corp grew its holdings in Pioneer Municipal High Income Fund by 125.1% in the third quarter. Bank of New York Mellon Corp now owns 50,264 shares of the investment management company’s stock valued at $363,000 after purchasing an additional 27,931 shares during the last quarter.

Pioneer Municipal High Income Fund Stock Performance

Shares of MHI stock opened at $8.88 on Friday. Pioneer Municipal High Income Fund, Inc. has a fifty-two week low of $6.93 and a fifty-two week high of $8.95. The business has a fifty day simple moving average of $8.72 and a 200-day simple moving average of $8.42.

Pioneer Municipal High Income Fund Dividend Announcement

The business also recently disclosed a monthly dividend, which will be paid on Friday, May 31st. Stockholders of record on Friday, May 17th will be given a $0.035 dividend. The ex-dividend date of this dividend is Thursday, May 16th. This represents a $0.42 annualized dividend and a dividend yield of 4.73%.

Insider Activity at Pioneer Municipal High Income Fund

In other news, major shareholder Saba Capital Management, L.P. purchased 30,534 shares of the firm’s stock in a transaction on Monday, March 11th. The shares were bought at an average cost of $8.93 per share, with a total value of $272,668.62. Following the purchase, the insider now directly owns 3,400,844 shares of the company’s stock, valued at $30,369,536.92. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders have purchased a total of 40,965 shares of company stock valued at $363,472 over the last quarter.

Pioneer Municipal High Income Fund Company Profile

Pioneer Municipal High Income Fund, Inc is a closed-ended fixed income mutual fund launched and managed by Pioneer Investment Management, Inc It invests in the fixed income markets of the United States. The fund primarily invests in municipal securities. It seeks to invest in securities across the credit rating and maturity spectrum.