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

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

Insider Activity

In related news, major shareholder Saba Capital Management, L.P. bought 7,027 shares of the stock in a transaction on Monday, June 3rd. The stock was bought at an average price of $11.64 per share, for a total transaction of $81,794.28. Following the completion of the acquisition, the insider now directly owns 5,979,598 shares in the company, valued at $69,602,520.72. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Over the last ninety days, insiders have acquired 12,621 shares of company stock worth $147,044.

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

Institutional investors have recently bought and sold shares of the company. Cetera Investment Advisers purchased a new stake in shares of Nuveen New Jersey Quality Municipal Income Fund during the first quarter worth about $2,235,000. Karpus Management Inc. acquired a new position in Nuveen New Jersey Quality Municipal Income Fund during the 4th quarter valued at approximately $2,072,000. Whitebox Advisors LLC acquired a new position in Nuveen New Jersey Quality Municipal Income Fund during the 1st quarter valued at approximately $1,953,000. Raymond James Financial Services Advisors Inc. raised its holdings 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 buying an additional 1,411 shares during the last quarter. Finally, Breakwater Capital Group lifted its stake in shares of 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.

Nuveen New Jersey Quality Municipal Income Fund Stock Performance

Shares of NXJ stock traded down $0.01 during mid-day trading on Friday, hitting $12.51. 42,662 shares of the stock traded hands, compared to its average volume of 65,827. Nuveen New Jersey Quality Municipal Income Fund has a 52-week low of $10.06 and a 52-week high of $12.67. The stock’s fifty day moving average is $12.14 and its two-hundred day moving average is $12.04.

Nuveen New Jersey Quality Municipal Income Fund Cuts Dividend

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

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.