Nuveen Pennsylvania Quality Municipal Income Fund (NYSE:NQP) Shares Pass Above 200 Day Moving Average – Time to Sell?

Nuveen Pennsylvania Quality Municipal Income Fund (NYSE:NQP)’s share price passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $11.74 and traded as high as $12.12. Nuveen Pennsylvania Quality Municipal Income Fund shares last traded at $12.0850, with a volume of 83,863 shares changing hands.

Nuveen Pennsylvania Quality Municipal Income Fund Stock Performance

The firm has a 50-day moving average of $11.98 and a 200-day moving average of $11.74.

Nuveen Pennsylvania Quality Municipal Income Fund Dividend Announcement

The business also recently disclosed a monthly dividend, which will be paid on Monday, March 2nd. Stockholders of record on Friday, February 13th will be given a dividend of $0.078 per share. The ex-dividend date is Friday, February 13th. This represents a c) annualized dividend and a dividend yield of 7.7%.

Insider Activity at Nuveen Pennsylvania Quality Municipal Income Fund

In related news, major shareholder Saba Capital Management, L.P. sold 174,255 shares of the company’s stock in a transaction on Friday, November 14th. The shares were sold at an average price of $12.19, for a total transaction of $2,124,168.45. Following the completion of the transaction, the insider owned 3,869,727 shares in the company, valued at approximately $47,171,972.13. This represents a 4.31% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders have sold a total of 330,431 shares of company stock valued at $4,023,837 over the last quarter. 1.00% of the stock is currently owned by insiders.

Institutional Trading of Nuveen Pennsylvania Quality Municipal Income Fund

Several hedge funds have recently bought and sold shares of the stock. Global Retirement Partners LLC bought a new position in shares of Nuveen Pennsylvania Quality Municipal Income Fund during the 4th quarter valued at about $26,000. Highline Wealth Partners LLC purchased a new stake in shares of Nuveen Pennsylvania Quality Municipal Income Fund in the third quarter worth about $36,000. NewEdge Advisors LLC bought a new position in Nuveen Pennsylvania Quality Municipal Income Fund during the second quarter valued at approximately $113,000. Steward Partners Investment Advisory LLC grew its holdings in Nuveen Pennsylvania Quality Municipal Income Fund by 10.4% during the 2nd quarter. Steward Partners Investment Advisory LLC now owns 12,700 shares of the financial services provider’s stock valued at $142,000 after buying an additional 1,200 shares in the last quarter. Finally, Virtu Financial LLC increased its stake in Nuveen Pennsylvania Quality Municipal Income Fund by 12.5% in the 3rd quarter. Virtu Financial LLC now owns 15,414 shares of the financial services provider’s stock worth $185,000 after acquiring an additional 1,710 shares during the last quarter. Hedge funds and other institutional investors own 30.58% of the company’s stock.

About Nuveen Pennsylvania Quality Municipal Income Fund

Nuveen Pennsylvania Quality Municipal Income Fund (NYSE: NQP) is a closed-end management investment company that seeks to provide a high level of current income exempt from federal and Pennsylvania state income taxes. Launched in the early 1980s, the Fund primarily invests in investment-grade municipal securities issued by state and local government entities within Pennsylvania, targeting bonds that finance public infrastructure, healthcare facilities, educational institutions and utility projects.

Under its 80% asset policy, the Fund allocates the majority of its portfolio to bonds rated ‘BBB’ or higher, emphasizing general obligation and revenue-secured municipal debt.