Insider Buying: AllianceBernstein National Municipal Income Fund, Inc. (NYSE:AFB) Major Shareholder Buys 67,460 Shares of Stock

AllianceBernstein National Municipal Income Fund, Inc. (NYSE:AFB) major shareholder Saba Capital Management, L.P. bought 67,460 shares of the company’s stock in a transaction on Monday, May 20th. The stock was purchased at an average cost of $10.90 per share, with a total value of $735,314.00. Following the completion of the transaction, the insider now owns 3,039,614 shares in the company, valued at $33,131,792.60. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Large shareholders that own more than 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. bought 11,181 shares of AllianceBernstein National Municipal Income Fund stock. The stock was purchased at an average cost of $10.92 per share, with a total value of $122,096.52.

AllianceBernstein National Municipal Income Fund Price Performance

Shares of AllianceBernstein National Municipal Income Fund stock opened at $10.86 on Thursday. AllianceBernstein National Municipal Income Fund, Inc. has a one year low of $8.95 and a one year high of $11.05. The business has a 50-day simple moving average of $10.72 and a 200-day simple moving average of $10.68.

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

AllianceBernstein National Municipal Income Fund Increases Dividend

The business also recently disclosed a monthly dividend, which was paid on Friday, May 17th. Stockholders of record on Friday, May 3rd were given a dividend of $0.033 per share. The ex-dividend date of this dividend was Thursday, May 2nd. This is an increase from AllianceBernstein National Municipal Income Fund’s previous monthly dividend of $0.03. This represents a $0.40 dividend on an annualized basis and a dividend yield of 3.65%.

Hedge Funds Weigh In On AllianceBernstein National Municipal Income Fund

Institutional investors and hedge funds have recently made changes to their positions in the stock. Raymond James & Associates raised its stake in AllianceBernstein National Municipal Income Fund by 108.7% during the 3rd quarter. Raymond James & Associates now owns 39,237 shares of the investment management company’s stock worth $366,000 after acquiring an additional 20,432 shares in the last quarter. Landscape Capital Management L.L.C. lifted its holdings in shares of AllianceBernstein National Municipal Income Fund by 9.7% in the 3rd quarter. Landscape Capital Management L.L.C. now owns 16,038 shares of the investment management company’s stock valued at $150,000 after purchasing an additional 1,422 shares during the last quarter. Fort Point Capital Partners LLC acquired a new stake in shares of AllianceBernstein National Municipal Income Fund in the 3rd quarter valued at about $181,000. Wolverine Asset Management LLC purchased a new position in AllianceBernstein National Municipal Income Fund during the 3rd quarter worth approximately $56,000. Finally, Saba Capital Management L.P. increased its position in AllianceBernstein National Municipal Income Fund by 227.8% during the third quarter. Saba Capital Management L.P. now owns 1,676,795 shares of the investment management company’s stock worth $15,661,000 after buying an additional 1,165,325 shares during the period.

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.