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

Nuveen New Jersey Quality Municipal Income Fund (NYSE:NXJ)’s stock price passed below its 50 day moving average during trading on Wednesday following insider selling activity. The stock has a 50 day moving average of $12.85 and traded as low as $12.28. Nuveen New Jersey Quality Municipal Income Fund shares last traded at $12.33, with a volume of 124,633 shares changing hands.

Specifically, major shareholder Saba Capital Management, L.P. sold 5,400 shares of the company’s stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $12.54, for a total value of $67,716.00. Following the completion of the transaction, the insider now owns 5,934,954 shares in the company, valued at approximately $74,424,323.16. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, major shareholder Saba Capital Management, L.P. sold 39,244 shares of Nuveen New Jersey Quality Municipal Income Fund stock in a transaction dated Friday, October 25th. The shares were sold at an average price of $12.62, for a total value of $495,259.28. Following the completion of the transaction, the insider now owns 5,940,354 shares of the company’s stock, valued at approximately $74,967,267.48. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here.

Nuveen New Jersey Quality Municipal Income Fund Trading Up 0.4 %

The business has a 50-day simple moving average of $12.85 and a 200-day simple moving average of $12.40.

Nuveen New Jersey Quality Municipal Income Fund Increases Dividend

The firm also recently announced a monthly dividend, which will be paid on Friday, November 1st. Stockholders of record on Tuesday, October 15th will be given a dividend of $0.079 per share. This is a positive change from Nuveen New Jersey Quality Municipal Income Fund’s previous monthly dividend of $0.08. The ex-dividend date of this dividend is Tuesday, October 15th. This represents a $0.95 dividend on an annualized basis and a dividend yield of 7.66%.

Institutional Investors Weigh In On Nuveen New Jersey Quality Municipal Income Fund

Several institutional investors and hedge funds have recently added to or reduced their stakes in NXJ. International Assets Investment Management LLC grew its position 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 valued at $72,000 after purchasing an additional 5,071 shares during the period. Private Advisor Group LLC acquired a new stake in Nuveen New Jersey Quality Municipal Income Fund in the 3rd quarter worth about $134,000. Regal Investment Advisors LLC purchased a new stake in Nuveen New Jersey Quality Municipal Income Fund during the 2nd quarter worth approximately $132,000. HBK Sorce Advisory LLC acquired a new position in shares of Nuveen New Jersey Quality Municipal Income Fund during the first quarter valued at approximately $236,000. Finally, OMNI 360 Wealth Inc. lifted its position in shares of Nuveen New Jersey Quality Municipal Income Fund by 3.7% in the second quarter. OMNI 360 Wealth Inc. now owns 23,377 shares of the company’s stock valued at $285,000 after acquiring an additional 830 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.