Nuveen New Jersey Quality Municipal Income Fund (NYSE:NXJ) Shares Cross Below 200-Day Moving Average on Insider Selling

Nuveen New Jersey Quality Municipal Income Fund (NYSE:NXJ)’s share price crossed below its two hundred day moving average during trading on Tuesday following insider selling activity. The stock has a two hundred day moving average of $12.54 and traded as low as $12.02. Nuveen New Jersey Quality Municipal Income Fund shares last traded at $12.03, with a volume of 190,514 shares changing hands.

Specifically, major shareholder Saba Capital Management, L.P. sold 23,956 shares of the business’s stock in a transaction that occurred on Friday, December 13th. The shares were sold at an average price of $12.32, for a total transaction of $295,137.92. Following the sale, the insider now owns 5,360,653 shares in the company, valued at $66,043,244.96. The trade was a 0.44 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Saba Capital Management, L.P. sold 34,906 shares of the stock in a transaction on Wednesday, December 11th. The shares were sold at an average price of $12.61, for a total value of $440,164.66. Following the completion of the sale, the insider now owns 5,395,827 shares of the company’s stock, valued at $68,041,378.47. The trade was a 0.64 % decrease in their position. The disclosure for this sale can be found here.

Nuveen New Jersey Quality Municipal Income Fund Trading Down 1.4 %

The firm has a 50-day moving average of $12.54 and a two-hundred day moving average of $12.54.

Nuveen New Jersey Quality Municipal Income Fund Dividend Announcement

The business also recently declared a monthly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th will be given a $0.0785 dividend. This represents a $0.94 dividend on an annualized basis and a dividend yield of 7.83%. The ex-dividend date of this dividend is Friday, December 13th.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in NXJ. Garden State Investment Advisory Services LLC acquired a new stake in shares of Nuveen New Jersey Quality Municipal Income Fund during the 3rd quarter valued at $157,000. Pine Valley Investments Ltd Liability Co purchased a new stake in shares of Nuveen New Jersey Quality Municipal Income Fund during the third quarter worth $143,000. Nations Financial Group Inc. IA ADV acquired a new stake in Nuveen New Jersey Quality Municipal Income Fund during the third quarter valued at $230,000. Private Advisor Group LLC purchased a new position in Nuveen New Jersey Quality Municipal Income Fund in the third quarter valued at about $134,000. Finally, International Assets Investment Management LLC increased its position in Nuveen New Jersey Quality Municipal Income Fund by 1,204.5% in the 3rd quarter. International Assets Investment Management LLC now owns 5,492 shares of the company’s stock worth $72,000 after purchasing an additional 5,071 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.