Short Interest in Federated Hermes Premier Municipal Income Fund (NYSE:FMN) Rises By 171.9%

Federated Hermes Premier Municipal Income Fund (NYSE:FMN) was the recipient of a large growth in short interest in the month of October. As of October 15th, there was short interest totalling 50,300 shares, a growth of 171.9% from the September 30th total of 18,500 shares. Based on an average trading volume of 46,700 shares, the days-to-cover ratio is presently 1.1 days.

Federated Hermes Premier Municipal Income Fund Price Performance

Shares of NYSE:FMN traded down $0.08 during midday trading on Friday, hitting $11.40. 79,223 shares of the stock were exchanged, compared to its average volume of 30,739. Federated Hermes Premier Municipal Income Fund has a 52-week low of $9.09 and a 52-week high of $12.53. The business’s fifty day simple moving average is $12.18 and its two-hundred day simple moving average is $11.63.

Federated Hermes Premier Municipal Income Fund Announces Dividend

The company also recently declared a monthly dividend, which will be paid on Friday, November 1st. Stockholders of record on Wednesday, October 23rd will be paid a dividend of $0.038 per share. This represents a $0.46 dividend on an annualized basis and a dividend yield of 4.00%. The ex-dividend date of this dividend is Wednesday, October 23rd.

Insiders Place Their Bets

In other news, major shareholder Saba Capital Management, L.P. sold 523,323 shares of the company’s stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $12.67, for a total value of $6,630,502.41. Following the transaction, the insider now owns 1,111,886 shares in the company, valued at $14,087,595.62. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In the last ninety days, insiders sold 524,791 shares of company stock worth $6,649,002.

Institutional Investors Weigh In On Federated Hermes Premier Municipal Income Fund

Several large investors have recently made changes to their positions in the company. Alpine Global Management LLC raised its position in Federated Hermes Premier Municipal Income Fund by 1.1% during the first quarter. Alpine Global Management LLC now owns 118,797 shares of the company’s stock valued at $1,315,000 after acquiring an additional 1,343 shares in the last quarter. Whitebox Advisors LLC bought a new position in shares of Federated Hermes Premier Municipal Income Fund during the 1st quarter valued at $438,000. Bank of New York Mellon Corp lifted its stake in shares of Federated Hermes Premier Municipal Income Fund by 100.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 38,925 shares of the company’s stock valued at $445,000 after purchasing an additional 19,477 shares during the last quarter. Signature Estate & Investment Advisors LLC bought a new stake in Federated Hermes Premier Municipal Income Fund in the second quarter worth $149,000. Finally, City of London Investment Management Co. Ltd. increased its position in Federated Hermes Premier Municipal Income Fund by 5.3% during the second quarter. City of London Investment Management Co. Ltd. now owns 190,300 shares of the company’s stock worth $2,175,000 after buying an additional 9,572 shares during the last quarter.

About Federated Hermes Premier Municipal Income Fund

Federated Premier Municipal Income Fund is a closed-ended fixed income mutual fund launched by Federated Investors, Inc The fund is managed by Federated Investment Management Company. It invests in fixed income markets of United States. The fund primarily invests in tax-exempt municipal bonds of GO state, GO local, special tax, hospital, transportation, pre-refunded, senior care, water and sewer, education, electric and gas, and public power sectors.