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

Nuveen New Jersey Quality Municipal Income Fund (NYSE:NXJ) saw a large decline in short interest in 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 trading volume of 103,200 shares, the days-to-cover ratio is presently 0.2 days.

Nuveen New Jersey Quality Municipal Income Fund Stock Up 1.1 %

NXJ stock opened at $12.62 on Monday. Nuveen New Jersey Quality Municipal Income Fund has a 12 month low of $11.45 and a 12 month high of $13.13. The firm’s fifty day simple moving average is $12.64 and its 200-day simple moving average is $12.48.

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 issued a $0.0785 dividend. This represents a $0.94 annualized dividend and a yield of 7.46%. The ex-dividend date of this dividend is Friday, November 15th.

Insiders Place Their Bets

In related news, major shareholder Saba Capital Management, L.P. sold 5,400 shares of the stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $12.54, for a total value of $67,716.00. Following the transaction, the insider now owns 5,934,954 shares in the company, valued at approximately $74,424,323.16. This represents a 0.09 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In the last 90 days, insiders sold 240,713 shares of company stock valued at $2,984,002.

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

Institutional investors have recently modified their holdings of the stock. Pine Valley Investments Ltd Liability Co purchased a new stake in shares of Nuveen New Jersey Quality Municipal Income Fund in the third quarter worth about $143,000. HighTower Advisors LLC lifted its holdings 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 period. Garden State Investment Advisory Services LLC purchased a new stake in Nuveen New Jersey Quality Municipal Income Fund in the 3rd quarter worth approximately $157,000. Nations Financial Group Inc. IA ADV purchased a new stake in Nuveen New Jersey Quality Municipal Income Fund in the 3rd quarter worth approximately $230,000. Finally, International Assets Investment Management LLC grew its stake in shares of Nuveen New Jersey Quality Municipal Income Fund by 1,204.5% during the 3rd 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 during the period.

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.