Nuveen New Jersey Quality Municipal Income Fund (NYSE:NXJ) Shares Pass Below 200-Day Moving Average After Insider Selling

Nuveen New Jersey Quality Municipal Income Fund (NYSE:NXJ) shares crossed below its 200-day moving average during trading on Tuesday following insider selling activity. The stock has a 200-day moving average of $12.54 and traded as low as $12.02. Nuveen New Jersey Quality Municipal Income Fund shares last traded at $12.03, with a volume of 190,514 shares.

Specifically, major shareholder Saba Capital Management, L.P. sold 23,956 shares of the company’s stock in a transaction that occurred on Friday, December 13th. The shares were sold at an average price of $12.32, for a total transaction of $295,137.92. Following the sale, the insider now directly owns 5,360,653 shares in the company, valued at approximately $66,043,244.96. This represents a 0.44 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Saba Capital Management, L.P. sold 34,906 shares of the firm’s stock in a transaction on Wednesday, December 11th. The shares were sold at an average price of $12.61, for a total transaction of $440,164.66. Following the completion of the sale, the insider now owns 5,395,827 shares in the company, valued at $68,041,378.47. The trade was a 0.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here.

Nuveen New Jersey Quality Municipal Income Fund Trading Down 1.4 %

The stock has a fifty day simple moving average of $12.54 and a 200-day simple moving average of $12.54.

Nuveen New Jersey Quality Municipal Income Fund Dividend Announcement

The firm also recently declared a monthly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, December 13th will be issued a $0.0785 dividend. This represents a $0.94 dividend on an annualized basis and a yield of 7.83%. The ex-dividend date is Friday, December 13th.

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

Hedge funds have recently added to or reduced their stakes in the stock. Pine Valley Investments Ltd Liability Co purchased a new position in shares of Nuveen New Jersey Quality Municipal Income Fund in the 3rd quarter valued at $143,000. HighTower Advisors LLC lifted its position in Nuveen New Jersey Quality Municipal Income Fund by 21.5% in the third quarter. HighTower Advisors LLC now owns 20,029 shares of the company’s stock valued at $260,000 after acquiring an additional 3,551 shares during the last quarter. Garden State Investment Advisory Services LLC purchased a new position in shares of Nuveen New Jersey Quality Municipal Income Fund during the third quarter worth about $157,000. Nations Financial Group Inc. IA ADV purchased a new position in shares of Nuveen New Jersey Quality Municipal Income Fund during the third quarter worth about $230,000. Finally, International Assets Investment Management LLC increased its position in shares of Nuveen New Jersey Quality Municipal Income Fund by 1,204.5% during the third quarter. International Assets Investment Management LLC now owns 5,492 shares of the company’s stock worth $72,000 after purchasing an additional 5,071 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.