Nuveen Pennsylvania Quality Municipal Income Fund (NYSE:NQP) Sees Large Increase in Short Interest

Nuveen Pennsylvania Quality Municipal Income Fund (NYSE:NQP) saw a large increase in short interest during the month of March. As of March 15th, there was short interest totalling 34,800 shares, an increase of 40.3% from the February 28th total of 24,800 shares. Based on an average daily volume of 87,900 shares, the days-to-cover ratio is currently 0.4 days. Currently, 0.1% of the shares of the stock are sold short.

Nuveen Pennsylvania Quality Municipal Income Fund Stock Up 0.7 %

Shares of NYSE NQP traded up $0.08 during trading on Monday, hitting $11.20. 144,533 shares of the company were exchanged, compared to its average volume of 68,064. Nuveen Pennsylvania Quality Municipal Income Fund has a 12-month low of $11.05 and a 12-month high of $12.89. The company has a fifty day moving average price of $11.50 and a 200-day moving average price of $11.77.

Nuveen Pennsylvania Quality Municipal Income Fund Announces Dividend

The company also recently declared a monthly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th will be given a dividend of $0.078 per share. This represents a $0.94 annualized dividend and a dividend yield of 8.36%. The ex-dividend date is Friday, March 14th.

Insiders Place Their Bets

In related news, major shareholder Saba Capital Management, L.P. acquired 34,334 shares of the stock in a transaction on Tuesday, December 31st. The shares were bought at an average price of $11.16 per share, with a total value of $383,167.44. Following the completion of the purchase, the insider now owns 5,058,973 shares of the company’s stock, valued at approximately $56,458,138.68. This represents a 0.68 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 1.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Nuveen Pennsylvania Quality Municipal Income Fund

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. HighTower Advisors LLC raised its holdings in Nuveen Pennsylvania Quality Municipal Income Fund by 0.8% in the 3rd quarter. HighTower Advisors LLC now owns 184,732 shares of the financial services provider’s stock valued at $2,334,000 after buying an additional 1,519 shares during the period. Envestnet Asset Management Inc. boosted its position in shares of Nuveen Pennsylvania Quality Municipal Income Fund by 15.7% during the 4th quarter. Envestnet Asset Management Inc. now owns 16,453 shares of the financial services provider’s stock worth $184,000 after purchasing an additional 2,237 shares during the period. Kingsview Wealth Management LLC increased its holdings in Nuveen Pennsylvania Quality Municipal Income Fund by 3.5% in the 4th quarter. Kingsview Wealth Management LLC now owns 86,672 shares of the financial services provider’s stock valued at $969,000 after purchasing an additional 2,927 shares during the last quarter. Melfa Wealth Management Inc. lifted its stake in Nuveen Pennsylvania Quality Municipal Income Fund by 44.9% during the fourth quarter. Melfa Wealth Management Inc. now owns 16,134 shares of the financial services provider’s stock worth $180,000 after purchasing an additional 5,000 shares in the last quarter. Finally, Elequin Capital LP purchased a new position in shares of Nuveen Pennsylvania Quality Municipal Income Fund during the fourth quarter worth $57,000. Institutional investors and hedge funds own 30.58% of the company’s stock.

Nuveen Pennsylvania Quality Municipal Income Fund Company Profile

Nuveen Pennsylvania 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 Pennsylvania. The fund invests in tax exempt municipal bonds, with a rating of Baa/BBB or higher.