Pioneer Floating Rate Trust (NYSE:PHD) Major Shareholder Saba Capital Management, L.P. Buys 28,432 Shares

Pioneer Floating Rate Trust (NYSE:PHD) major shareholder Saba Capital Management, L.P. purchased 28,432 shares of the firm’s stock in a transaction on Monday, November 4th. The shares were purchased at an average price of $10.53 per share, with a total value of $299,388.96. Large shareholders that own at least 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

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

  • On Monday, October 28th, Saba Capital Management, L.P. purchased 5,659 shares of Pioneer Floating Rate Trust stock. The shares were purchased at an average price of $10.46 per share, with a total value of $59,193.14.
  • On Friday, October 25th, Saba Capital Management, L.P. purchased 106,566 shares of Pioneer Floating Rate Trust stock. The shares were purchased at an average price of $10.50 per share, with a total value of $1,118,943.00.

Shares of PHD opened at $10.47 on Thursday. The company has a 50-day simple moving average of $10.47 and a 200-day simple moving average of $10.52. Pioneer Floating Rate Trust has a 52 week low of $9.56 and a 52 week high of $10.84.

The business also recently disclosed a monthly dividend, which was paid on Thursday, October 31st. Stockholders of record on Thursday, October 17th were given a dividend of $0.063 per share. This represents a $0.76 dividend on an annualized basis and a dividend yield of 7.22%. The ex-dividend date of this dividend was Wednesday, October 16th.

Several institutional investors and hedge funds have recently made changes to their positions in PHD. PenderFund Capital Management Ltd. raised its position in Pioneer Floating Rate Trust by 607.9% in the second quarter. PenderFund Capital Management Ltd. now owns 707,934 shares of the investment management company’s stock worth $2,856,000 after purchasing an additional 607,934 shares in the last quarter. Rivernorth Capital Management LLC raised its position in Pioneer Floating Rate Trust by 68.2% in the second quarter. Rivernorth Capital Management LLC now owns 698,749 shares of the investment management company’s stock worth $7,470,000 after purchasing an additional 283,236 shares in the last quarter. Capital Investment Advisors LLC raised its position in Pioneer Floating Rate Trust by 7.1% in the third quarter. Capital Investment Advisors LLC now owns 550,402 shares of the investment management company’s stock worth $5,796,000 after purchasing an additional 36,662 shares in the last quarter. Zazove Associates LLC raised its position in Pioneer Floating Rate Trust by 946.1% in the second quarter. Zazove Associates LLC now owns 500,000 shares of the investment management company’s stock worth $511,000 after purchasing an additional 452,202 shares in the last quarter. Finally, Royal Bank of Canada raised its position in Pioneer Floating Rate Trust by 8.5% in the second quarter. Royal Bank of Canada now owns 428,842 shares of the investment management company’s stock worth $4,584,000 after purchasing an additional 33,640 shares in the last quarter.

About Pioneer Floating Rate Trust

Pioneer Floating Rate Trust is 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 senior secured floating-rate loans. It benchmarks the performance of its portfolio against the Barclays U.S.

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