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

Nuveen New Jersey Quality Municipal Income Fund (NYSE:NXJ) was the recipient of a significant growth in short interest during the month of July. As of July 15th, there was short interest totalling 61,400 shares, a growth of 146.6% from the June 30th total of 24,900 shares. Based on an average daily volume of 65,200 shares, the days-to-cover ratio is currently 0.9 days.

Insider Buying and Selling 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. bought 5,494 shares of the firm’s stock in a transaction that occurred on Monday, April 29th. The stock was bought at an average price of $11.66 per share, for a total transaction of $64,060.04. Following the completion of the acquisition, the insider now directly owns 5,921,875 shares in the company, valued at $69,049,062.50. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last 90 days, insiders purchased 12,621 shares of company stock worth $147,044.

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

A number of institutional investors have recently added to or reduced their stakes in the company. OMNI 360 Wealth Inc. raised its holdings in 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 worth $285,000 after purchasing an additional 830 shares in the last quarter. Raymond James Financial Services Advisors Inc. grew its stake in shares of Nuveen New Jersey Quality Municipal Income Fund by 1.0% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 149,701 shares of the company’s stock worth $1,808,000 after acquiring an additional 1,411 shares during the last quarter. Tortoise Investment Management LLC grew its stake in shares of Nuveen New Jersey Quality Municipal Income Fund by 9.3% in the fourth quarter. Tortoise Investment Management LLC now owns 16,784 shares of the company’s stock worth $198,000 after acquiring an additional 1,429 shares during the last quarter. Breakwater Capital Group grew its stake in shares of Nuveen New Jersey Quality Municipal Income Fund by 8.1% in the fourth quarter. Breakwater Capital Group now owns 30,567 shares of the company’s stock worth $359,000 after acquiring an additional 2,300 shares during the last quarter. Finally, International Assets Investment Management LLC grew its stake in shares of Nuveen New Jersey Quality Municipal Income Fund by 1,078.4% in the fourth quarter. International Assets Investment Management LLC now owns 4,961 shares of the company’s stock worth $58,000 after acquiring an additional 4,540 shares during the last quarter.

Nuveen New Jersey Quality Municipal Income Fund Price Performance

NXJ traded down $0.01 during trading on Friday, reaching $12.51. The stock had a trading volume of 42,662 shares, compared to its average volume of 65,827. The stock’s 50 day moving average is $12.14 and its two-hundred day moving average is $12.04. Nuveen New Jersey Quality Municipal Income Fund has a one year low of $10.06 and a one year high of $12.67.

Nuveen New Jersey Quality Municipal Income Fund Cuts Dividend

The company also recently disclosed a monthly dividend, which will be paid on Thursday, August 1st. Shareholders of record on Monday, July 15th will be issued a $0.0785 dividend. The ex-dividend date is Monday, July 15th. This represents a $0.94 dividend on an annualized basis and a yield of 7.53%.

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.