Nuveen New Jersey Quality Municipal Income Fund (NYSE:NXJ) Shares Pass Below 50 Day Moving Average Following Insider Selling

Nuveen New Jersey Quality Municipal Income Fund (NYSE:NXJ) shares crossed below its 50-day moving average during trading on Friday after an insider sold shares in the company. The stock has a 50-day moving average of $12.11 and traded as low as $11.87. Nuveen New Jersey Quality Municipal Income Fund shares last traded at $11.91, with a volume of 88,120 shares trading hands.

Specifically, major shareholder Saba Capital Management, L.P. sold 20,704 shares of the stock in a transaction on Wednesday, March 12th. The shares were sold at an average price of $11.96, for a total value of $247,619.84. Following the completion of the transaction, the insider now owns 4,143,267 shares in the company, valued at approximately $49,553,473.32. This represents a 0.50 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, major shareholder Saba Capital Management, L.P. sold 28,303 shares of Nuveen New Jersey Quality Municipal Income Fund stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $12.04, for a total transaction of $340,768.12. Following the sale, the insider now owns 4,189,337 shares in the company, valued at approximately $50,439,617.48. This trade represents a 0.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In related news, major shareholder Saba Capital Management, L.P. sold 47,415 shares of the stock in a transaction dated Friday, March 7th. The shares were sold at an average price of $12.09, for a total value of $573,247.35. Following the completion of the transaction, the insider now owns 4,217,640 shares of the company’s stock, valued at $50,991,267.60. This represents a 1.11 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink.

Nuveen New Jersey Quality Municipal Income Fund Stock Performance

The business has a fifty day simple moving average of $12.11 and a two-hundred day simple moving average of $12.42.

Nuveen New Jersey Quality Municipal Income Fund Dividend Announcement

The business also recently declared a monthly dividend, which will be paid on Tuesday, April 1st. Investors of record on Friday, March 14th will be paid a $0.0785 dividend. This represents a $0.94 annualized dividend and a yield of 7.91%. The ex-dividend date is Friday, March 14th.

Institutional Trading of Nuveen New Jersey Quality Municipal Income Fund

A number of large investors have recently bought and sold shares of NXJ. Pine Valley Investments Ltd Liability Co acquired a new stake in shares of Nuveen New Jersey Quality Municipal Income Fund in the 3rd quarter valued at $143,000. Oppenheimer & Co. Inc. bought a new position in Nuveen New Jersey Quality Municipal Income Fund during the 4th quarter valued at about $145,000. Garden State Investment Advisory Services LLC acquired a new position in Nuveen New Jersey Quality Municipal Income Fund in the third quarter valued at about $157,000. Cary Street Partners Financial LLC acquired a new position in Nuveen New Jersey Quality Municipal Income Fund in the fourth quarter valued at about $162,000. Finally, Steward Partners Investment Advisory LLC grew its stake in Nuveen New Jersey Quality Municipal Income Fund by 24.9% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 13,477 shares of the company’s stock worth $164,000 after buying an additional 2,691 shares during 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.