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

Nuveen New Jersey Quality Municipal Income Fund (NYSE:NXJ) was the target of a significant drop in short interest in the month of January. As of January 15th, there was short interest totalling 11,000 shares, a drop of 69.9% from the December 31st total of 36,500 shares. Based on an average daily volume of 128,800 shares, the short-interest ratio is presently 0.1 days.

Insiders Place Their Bets

In other news, major shareholder Saba Capital Management, L.P. sold 11,886 shares of Nuveen New Jersey Quality Municipal Income Fund stock in a transaction that occurred on Thursday, January 23rd. The shares were sold at an average price of $12.02, for a total transaction of $142,869.72. Following the completion of the sale, the insider now owns 4,884,611 shares of the company’s stock, valued at approximately $58,713,024.22. The trade was a 0.24 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders have sold a total of 689,453 shares of company stock worth $8,492,695 over the last quarter.

Institutional Trading of Nuveen New Jersey Quality Municipal Income Fund

A number of hedge funds have recently added to or reduced their stakes in the business. Janney Montgomery Scott LLC bought a new stake in shares of Nuveen New Jersey Quality Municipal Income Fund in the 4th quarter valued at about $320,000. Pine Valley Investments Ltd Liability Co purchased a new position in Nuveen New Jersey Quality Municipal Income Fund during the third quarter valued at approximately $143,000. HighTower Advisors LLC raised its stake in Nuveen New Jersey Quality Municipal Income Fund by 21.5% in the third quarter. HighTower Advisors LLC now owns 20,029 shares of the company’s stock worth $260,000 after buying an additional 3,551 shares in the last quarter. Garden State Investment Advisory Services LLC purchased a new stake in Nuveen New Jersey Quality Municipal Income Fund during the third quarter worth $157,000. Finally, Nations Financial Group Inc. IA ADV bought a new stake in Nuveen New Jersey Quality Municipal Income Fund during the 3rd quarter valued at $230,000.

Nuveen New Jersey Quality Municipal Income Fund Trading Up 0.2 %

NXJ traded up $0.03 during trading on Tuesday, hitting $12.05. 92,106 shares of the stock were exchanged, compared to its average volume of 109,283. Nuveen New Jersey Quality Municipal Income Fund has a 1 year low of $11.45 and a 1 year high of $13.13. The firm has a 50 day simple moving average of $12.21 and a 200 day simple moving average of $12.52.

Nuveen New Jersey Quality Municipal Income Fund Announces Dividend

The company also recently disclosed a monthly dividend, which will be paid on Monday, February 3rd. Investors of record on Wednesday, January 15th will be issued a $0.0785 dividend. The ex-dividend date of this dividend is Wednesday, January 15th. This represents a $0.94 annualized dividend and a dividend yield of 7.82%.

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.