Nuveen New Jersey Quality Municipal Income Fund (NYSE:NXJ) Stock Crosses Below 50-Day Moving Average – Here’s Why

Nuveen New Jersey Quality Municipal Income Fund (NYSE:NXJ)’s share price passed below its 50-day moving average during trading on Wednesday . The stock has a 50-day moving average of $12.08 and traded as low as $11.70. Nuveen New Jersey Quality Municipal Income Fund shares last traded at $11.71, with a volume of 146,127 shares traded.

Nuveen New Jersey Quality Municipal Income Fund Price Performance

The stock has a 50-day moving average of $12.08 and a 200-day moving average of $12.37.

Nuveen New Jersey Quality Municipal Income Fund Announces Dividend

The firm also recently declared a monthly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th will be issued a $0.0785 dividend. The ex-dividend date is Friday, March 14th. This represents a $0.94 annualized dividend and a dividend yield of 8.04%.

Insider Activity

In related news, major shareholder Saba Capital Management, L.P. acquired 44,915 shares of the stock in a transaction dated Monday, January 6th. The shares were purchased at an average price of $12.08 per share, for a total transaction of $542,573.20. Following the transaction, the insider now owns 5,155,126 shares in the company, valued at $62,273,922.08. This represents a 0.88 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website. In the last 90 days, insiders sold 524,510 shares of company stock worth $6,362,616.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Garden State Investment Advisory Services LLC purchased a new position in shares of Nuveen New Jersey Quality Municipal Income Fund in the 3rd quarter worth about $157,000. HighTower Advisors LLC lifted its position in Nuveen New Jersey Quality Municipal Income Fund by 21.5% in the 3rd quarter. HighTower Advisors LLC now owns 20,029 shares of the company’s stock worth $260,000 after buying an additional 3,551 shares during the last quarter. Pine Valley Investments Ltd Liability Co purchased a new stake in Nuveen New Jersey Quality Municipal Income Fund in the third quarter worth approximately $143,000. Janney Montgomery Scott LLC bought a new position in Nuveen New Jersey Quality Municipal Income Fund during the fourth quarter valued at approximately $320,000. Finally, Nations Financial Group Inc. IA ADV raised its stake in shares of Nuveen New Jersey Quality Municipal Income Fund by 25.9% during the fourth quarter. Nations Financial Group Inc. IA ADV now owns 22,256 shares of the company’s stock worth $271,000 after acquiring an additional 4,584 shares in the last quarter.

About Nuveen New Jersey Quality Municipal Income Fund

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.