Saba Capital Management, L.P. Buys 67,460 Shares of AllianceBernstein National Municipal Income Fund, Inc. (NYSE:AFB) Stock

AllianceBernstein National Municipal Income Fund, Inc. (NYSE:AFB) major shareholder Saba Capital Management, L.P. acquired 67,460 shares of the stock in a transaction dated Monday, May 20th. The shares were bought at an average price of $10.90 per share, for a total transaction of $735,314.00. Following the transaction, the insider now owns 3,039,614 shares in the company, valued at approximately $33,131,792.60. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Major shareholders that own at least 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

Saba Capital Management, L.P. also recently made the following trade(s):

• On Wednesday, May 15th, Saba Capital Management, L.P. acquired 11,181 shares of AllianceBernstein National Municipal Income Fund stock. The shares were bought at an average price of $10.92 per share, for a total transaction of $122,096.52.

AllianceBernstein National Municipal Income Fund Stock Performance

AllianceBernstein National Municipal Income Fund stock opened at $10.86 on Thursday. The firm’s fifty day moving average price is $10.72 and its 200-day moving average price is $10.68. AllianceBernstein National Municipal Income Fund, Inc. has a fifty-two week low of $8.95 and a fifty-two week high of $11.05.

AllianceBernstein National Municipal Income Fund (NYSE:AFB) last posted its quarterly earnings data on Friday, March 22nd. The investment management company reported $0.10 earnings per share for the quarter.

AllianceBernstein National Municipal Income Fund Increases Dividend

The firm also recently announced a monthly dividend, which was paid on Friday, May 17th. Investors of record on Friday, May 3rd were issued a dividend of $0.033 per share. The ex-dividend date was Thursday, May 2nd. This represents a $0.40 annualized dividend and a dividend yield of 3.65%. This is a positive change from AllianceBernstein National Municipal Income Fund’s previous monthly dividend of $0.03.

Hedge Funds Weigh In On AllianceBernstein National Municipal Income Fund

Several institutional investors and hedge funds have recently made changes to their positions in AFB. Advisors Asset Management Inc. lifted its position in shares of AllianceBernstein National Municipal Income Fund by 31.3% in the 1st quarter. Advisors Asset Management Inc. now owns 305,880 shares of the investment management company’s stock worth $3,362,000 after purchasing an additional 72,914 shares during the period. Van ECK Associates Corp lifted its position in AllianceBernstein National Municipal Income Fund by 13.9% during the 1st quarter. Van ECK Associates Corp now owns 250,533 shares of the investment management company’s stock valued at $2,753,000 after acquiring an additional 30,594 shares during the period. Blue Bell Private Wealth Management LLC raised its holdings in AllianceBernstein National Municipal Income Fund by 79.8% in the first quarter. Blue Bell Private Wealth Management LLC now owns 17,800 shares of the investment management company’s stock worth $196,000 after buying an additional 7,900 shares during the last quarter. Inscription Capital LLC purchased a new position in AllianceBernstein National Municipal Income Fund in the first quarter worth about $131,000. Finally, Park Avenue Securities LLC purchased a new position in AllianceBernstein National Municipal Income Fund in the first quarter worth about $124,000.

About AllianceBernstein National Municipal Income Fund

AllianceBernstein National Municipal Income Fund, Inc is a closed-ended fixed income mutual fund launched and managed by AllianceBernstein L.P. The fund invests in the fixed income markets of the United States. It primarily invests in investment-grade municipal securities which pay interest that is exempt from federal income tax.