Nuveen New Jersey Quality Municipal Income Fund (NYSE:NXJ) Sees Significant Decline in Short Interest

Nuveen New Jersey Quality Municipal Income Fund (NYSE:NXJ) was the recipient of a significant decline in short interest during the month of November. As of November 15th, there was short interest totalling 23,800 shares, a decline of 17.4% from the October 31st total of 28,800 shares. Based on an average daily trading volume, of 103,200 shares, the days-to-cover ratio is currently 0.2 days.

Insiders Place Their Bets

In other Nuveen New Jersey Quality Municipal Income Fund news, major shareholder Saba Capital Management, L.P. sold 19,316 shares of the stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $12.33, for a total value of $238,166.28. Following the completion of the transaction, the insider now directly owns 5,693,480 shares in the company, valued at approximately $70,200,608.40. This trade represents a 0.34 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Over the last quarter, insiders have sold 240,713 shares of company stock valued at $2,984,002.

Hedge Funds Weigh In On Nuveen New Jersey Quality Municipal Income Fund

Several large investors have recently modified their holdings of NXJ. International Assets Investment Management LLC increased its holdings in Nuveen New Jersey Quality Municipal Income Fund by 1,204.5% in the third quarter. International Assets Investment Management LLC now owns 5,492 shares of the company’s stock valued at $72,000 after purchasing an additional 5,071 shares during the period. Regal Investment Advisors LLC acquired a new stake in shares of Nuveen New Jersey Quality Municipal Income Fund in the second quarter valued at about $132,000. Private Advisor Group LLC acquired a new stake in shares of Nuveen New Jersey Quality Municipal Income Fund in the third quarter valued at about $134,000. Pine Valley Investments Ltd Liability Co bought a new position in shares of Nuveen New Jersey Quality Municipal Income Fund during the third quarter worth about $143,000. Finally, Garden State Investment Advisory Services LLC acquired a new position in shares of Nuveen New Jersey Quality Municipal Income Fund in the third quarter worth approximately $157,000.

Nuveen New Jersey Quality Municipal Income Fund Stock Up 1.1 %

Nuveen New Jersey Quality Municipal Income Fund stock opened at $12.62 on Friday. The business has a 50 day moving average of $12.64 and a 200-day moving average of $12.48. Nuveen New Jersey Quality Municipal Income Fund has a 1 year low of $11.45 and a 1 year high of $13.13.

Nuveen New Jersey Quality Municipal Income Fund Cuts Dividend

The firm also recently declared a monthly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Friday, November 15th will be given a $0.0785 dividend. This represents a $0.94 annualized dividend and a yield of 7.46%. The ex-dividend date is Friday, November 15th.

Nuveen New Jersey Quality Municipal Income Fund Company Profile

Nuveen New Jersey Quality Municipal Income Fund is a closed ended fixed income mutual fund launched by Nuveen Investments, Inc The fund is co-managed by Nuveen Fund Advisors LLC and Nuveen Asset Management, LLC. It invests in the fixed income markets of New Jersey. The fund invests in undervalued municipal securities and other related investments that are, exempt from regular federal and New Jersey income taxes that are rated Baa or BBB or better.