Nuveen New Jersey Quality Municipal Income Fund (NYSE:NXJ) Short Interest Update

Nuveen New Jersey Quality Municipal Income Fund (NYSE:NXJ) was the target of a significant drop in short interest in November. As of November 15th, there was short interest totalling 23,800 shares, a drop of 17.4% from the October 31st total of 28,800 shares. Based on an average daily trading volume, of 103,200 shares, the days-to-cover ratio is presently 0.2 days.

Insider Activity at Nuveen New Jersey Quality Municipal Income Fund

In other Nuveen New Jersey Quality Municipal Income Fund news, major shareholder Saba Capital Management, L.P. sold 46,663 shares of the firm’s stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $12.24, for a total value of $571,155.12. Following the sale, the insider now owns 5,724,996 shares in the company, valued at $70,073,951.04. This trade represents a 0.81 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Insiders have sold 240,713 shares of company stock valued at $2,984,002 over the last ninety days.

Institutional Trading of Nuveen New Jersey Quality Municipal Income Fund

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Nations Financial Group Inc. IA ADV acquired a new stake in Nuveen New Jersey Quality Municipal Income Fund in the third quarter valued at $230,000. Private Advisor Group LLC bought a new stake in shares of Nuveen New Jersey Quality Municipal Income Fund in the 3rd quarter valued at about $134,000. International Assets Investment Management LLC increased 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 valued at $72,000 after buying an additional 5,071 shares during the period. Sanctuary Advisors LLC bought a new position in shares of Nuveen New Jersey Quality Municipal Income Fund during the second quarter worth about $529,000. Finally, Cetera Investment Advisers lifted its stake in shares of Nuveen New Jersey Quality Municipal Income Fund by 7.6% in the second quarter. Cetera Investment Advisers now owns 199,088 shares of the company’s stock worth $2,431,000 after acquiring an additional 14,093 shares during the period.

Nuveen New Jersey Quality Municipal Income Fund Stock Up 1.1 %

Shares of NXJ traded up $0.14 during trading hours on Friday, reaching $12.62. The stock had a trading volume of 52,312 shares, compared to its average volume of 77,929. Nuveen New Jersey Quality Municipal Income Fund has a 12 month low of $11.45 and a 12 month high of $13.13. The company’s 50-day moving average is $12.64 and its two-hundred day moving average is $12.47.

Nuveen New Jersey Quality Municipal Income Fund Cuts Dividend

The company also recently announced a monthly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Friday, November 15th will be given a $0.0785 dividend. The ex-dividend date is Friday, November 15th. This represents a $0.94 annualized dividend and a yield of 7.46%.

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.