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

Nuveen New Jersey Quality Municipal Income Fund (NYSE:NXJ) was the target of a large increase in short interest in August. As of August 31st, there was short interest totalling 27,500 shares, an increase of 539.5% from the August 15th total of 4,300 shares. Based on an average trading volume of 74,900 shares, the days-to-cover ratio is currently 0.4 days.

Nuveen New Jersey Quality Municipal Income Fund Price Performance

NXJ traded up $0.04 during mid-day trading on Friday, reaching $13.01. 51,742 shares of the company traded hands, compared to its average volume of 69,045. The company’s fifty day moving average price is $12.62 and its 200-day moving average price is $12.22. Nuveen New Jersey Quality Municipal Income Fund has a 52-week low of $10.06 and a 52-week high of $13.08.

Nuveen New Jersey Quality Municipal Income Fund Cuts Dividend

The business also recently disclosed a monthly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th will be paid a $0.0785 dividend. The ex-dividend date is Friday, September 13th. This represents a $0.94 annualized dividend and a dividend yield of 7.24%.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. OMNI 360 Wealth Inc. boosted its holdings in shares of Nuveen New Jersey Quality Municipal Income Fund by 3.7% during the 2nd quarter. OMNI 360 Wealth Inc. now owns 23,377 shares of the company’s stock valued at $285,000 after purchasing an additional 830 shares during the last quarter. Tortoise Investment Management LLC raised its position in shares of Nuveen New Jersey Quality Municipal Income Fund by 9.3% during the 4th quarter. Tortoise Investment Management LLC now owns 16,784 shares of the company’s stock valued at $203,000 after buying an additional 1,429 shares in the last quarter. B. Riley Wealth Advisors Inc. raised its position in shares of Nuveen New Jersey Quality Municipal Income Fund by 72.1% during the 4th quarter. B. Riley Wealth Advisors Inc. now owns 17,915 shares of the company’s stock valued at $211,000 after buying an additional 7,506 shares in the last quarter. HBK Sorce Advisory LLC raised its position in shares of Nuveen New Jersey Quality Municipal Income Fund by 48.7% during the 2nd quarter. HBK Sorce Advisory LLC now owns 29,039 shares of the company’s stock valued at $355,000 after buying an additional 9,504 shares in the last quarter. Finally, Regal Investment Advisors LLC purchased a new stake in shares of Nuveen New Jersey Quality Municipal Income Fund during the 2nd quarter valued at about $132,000.

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.