Nuveen New Jersey Quality Municipal Income Fund (NYSE:NXJ) Stock Passes Below 50-Day Moving Average After Insider Selling

Nuveen New Jersey Quality Municipal Income Fund (NYSE:NXJ)’s share price passed below its 50 day moving average during trading on Thursday following insider selling activity. The stock has a 50 day moving average of $12.25 and traded as low as $12.01. Nuveen New Jersey Quality Municipal Income Fund shares last traded at $12.10, with a volume of 168,745 shares traded.

Specifically, major shareholder Saba Capital Management, L.P. sold 16,318 shares of Nuveen New Jersey Quality Municipal Income Fund stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $11.97, for a total value of $195,326.46. Following the transaction, the insider now directly owns 5,041,939 shares in the company, valued at approximately $60,352,009.83. This trade represents a 0.32 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, major shareholder Saba Capital Management, L.P. sold 16,889 shares of the stock in a transaction dated Monday, January 13th. The shares were sold at an average price of $12.01, for a total transaction of $202,836.89. Following the sale, the insider now directly owns 5,072,604 shares of the company’s stock, valued at approximately $60,921,974.04. The trade was a 0.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In other Nuveen New Jersey Quality Municipal Income Fund news, major shareholder Saba Capital Management, L.P. sold 30,844 shares of Nuveen New Jersey Quality Municipal Income Fund stock in a transaction on Friday, January 10th. The shares were sold at an average price of $12.02, for a total value of $370,744.88. Following the transaction, the insider now directly owns 5,089,493 shares of the company’s stock, valued at approximately $61,175,705.86. The trade was a 0.60 % 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 the SEC website.

Nuveen New Jersey Quality Municipal Income Fund Stock Up 0.9 %

The business has a 50 day simple moving average of $12.25 and a 200 day simple moving average of $12.53.

Nuveen New Jersey Quality Municipal Income Fund Dividend Announcement

The company also recently disclosed a monthly dividend, which will be paid on Monday, February 3rd. Stockholders of record on Wednesday, January 15th will be paid a $0.0785 dividend. This represents a $0.94 annualized dividend and a dividend yield of 7.79%. The ex-dividend date is Wednesday, January 15th.

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

Several hedge funds and other institutional investors have recently bought and sold shares of the business. International Assets Investment Management LLC boosted its stake in shares of 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 worth $72,000 after buying an additional 5,071 shares during the last quarter. Private Advisor Group LLC acquired a new stake in Nuveen New Jersey Quality Municipal Income Fund during the third quarter valued at $134,000. Regal Investment Advisors LLC purchased a new position in Nuveen New Jersey Quality Municipal Income Fund in the second quarter valued at $132,000. Pine Valley Investments Ltd Liability Co acquired a new position in shares of Nuveen New Jersey Quality Municipal Income Fund in the third quarter worth about $143,000. Finally, Garden State Investment Advisory Services LLC purchased a new stake in shares of Nuveen New Jersey Quality Municipal Income Fund during the 3rd quarter worth about $157,000.

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.