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

Nuveen New Jersey Quality Municipal Income Fund (NYSE:NXJ)’s share price crossed below its 50-day moving average during trading on Wednesday after an insider sold shares in the company. 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 trading hands.

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

Nuveen New Jersey Quality Municipal Income Fund Price Performance

The firm 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. Shareholders of record on Tuesday, October 15th will be paid a dividend of $0.079 per share. This is an increase 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 annualized dividend and a yield of 7.69%.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. International Assets Investment Management LLC boosted its position in shares of Nuveen New Jersey Quality Municipal Income Fund by 1,204.5% during the 3rd 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 in the last quarter. Private Advisor Group LLC bought a new stake in Nuveen New Jersey Quality Municipal Income Fund during the third quarter worth $134,000. Strategic Advisors LLC purchased a new stake in shares of Nuveen New Jersey Quality Municipal Income Fund in the third quarter valued at about $1,649,000. Sanctuary Advisors LLC bought a new position in shares of Nuveen New Jersey Quality Municipal Income Fund during the 2nd quarter worth approximately $529,000. Finally, Cetera Investment Advisers boosted its position in 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 purchasing an additional 14,093 shares during the last quarter.

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.