Nuveen New Jersey Quality Municipal Income Fund (NYSE:NXJ) Share Price Passes Below 200 Day Moving Average After Insider Selling

Nuveen New Jersey Quality Municipal Income Fund (NYSE:NXJ)’s stock price crossed below its 200-day moving average during trading on Tuesday after an insider sold shares in the company. 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 traded.

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 stock was 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 of the company’s stock, valued at $66,043,244.96. This represents a 0.44 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at 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 transaction, the insider now directly owns 5,395,827 shares of the company’s stock, valued at approximately $68,041,378.47. This trade represents 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 Stock Performance

The stock’s 50 day moving average is $12.52 and its 200-day moving average is $12.54.

Nuveen New Jersey Quality Municipal Income Fund Announces Dividend

The firm also recently announced a monthly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th will be given a dividend of $0.0785 per share. This represents a $0.94 annualized dividend and a dividend yield of 7.85%. The ex-dividend date of this dividend is Friday, December 13th.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in NXJ. Whitebox Advisors LLC raised its position in Nuveen New Jersey Quality Municipal Income Fund by 85.1% during the second quarter. Whitebox Advisors LLC now owns 299,370 shares of the company’s stock valued at $3,655,000 after purchasing an additional 137,678 shares during the period. Cetera Investment Advisers raised its holdings in Nuveen New Jersey Quality Municipal Income Fund by 7.6% during the 2nd quarter. Cetera Investment Advisers now owns 199,088 shares of the company’s stock valued at $2,431,000 after buying an additional 14,093 shares during the period. Strategic Advisors LLC bought a new stake in Nuveen New Jersey Quality Municipal Income Fund in the third quarter worth $1,649,000. Breakwater Capital Group boosted its stake in Nuveen New Jersey Quality Municipal Income Fund by 160.2% during the second quarter. Breakwater Capital Group now owns 110,273 shares of the company’s stock worth $1,346,000 after buying an additional 67,889 shares during the period. Finally, Sanctuary Advisors LLC bought a new position in Nuveen New Jersey Quality Municipal Income Fund during the second quarter valued at $529,000.

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.