Short Interest in Pioneer Municipal High Income Fund, Inc. (NYSE:MHI) Drops By 42.4%

Pioneer Municipal High Income Fund, Inc. (NYSE:MHI) saw a large decrease in short interest in the month of August. As of August 31st, there was short interest totalling 34,800 shares, a decrease of 42.4% from the August 15th total of 60,400 shares. Based on an average daily volume of 47,900 shares, the days-to-cover ratio is presently 0.7 days.

Insider Activity

In related news, major shareholder Saba Capital Management, L.P. purchased 45,710 shares of the stock in a transaction on Thursday, July 11th. The shares were purchased at an average cost of $9.20 per share, with a total value of $420,532.00. Following the acquisition, the insider now directly owns 3,498,933 shares in the company, valued at $32,190,183.60. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. In the last ninety days, insiders have bought 145,789 shares of company stock valued at $1,359,405.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in MHI. Steward Partners Investment Advisory LLC grew its position in shares of Pioneer Municipal High Income Fund by 167.6% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 49,760 shares of the investment management company’s stock worth $429,000 after purchasing an additional 31,163 shares in the last quarter. Gridiron Partners LLC acquired a new position in shares of Pioneer Municipal High Income Fund during the 4th quarter worth approximately $872,000. Flow State Investments L.P. acquired a new position in shares of Pioneer Municipal High Income Fund during the 4th quarter worth approximately $181,000. Nomura Holdings Inc. acquired a new position in shares of Pioneer Municipal High Income Fund during the 4th quarter worth approximately $104,000. Finally, Park Avenue Securities LLC grew its position in shares of Pioneer Municipal High Income Fund by 1.5% during the 1st quarter. Park Avenue Securities LLC now owns 118,022 shares of the investment management company’s stock worth $1,043,000 after purchasing an additional 1,778 shares in the last quarter.

Pioneer Municipal High Income Fund Price Performance

Pioneer Municipal High Income Fund stock opened at $9.60 on Friday. Pioneer Municipal High Income Fund has a twelve month low of $6.93 and a twelve month high of $9.60. The company’s 50-day moving average price is $9.33 and its two-hundred day moving average price is $9.01.

Pioneer Municipal High Income Fund Cuts Dividend

The business also recently declared a monthly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, September 20th will be issued a $0.035 dividend. The ex-dividend date is Friday, September 20th. This represents a $0.42 annualized dividend and a yield of 4.38%.

About Pioneer Municipal High Income Fund

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.