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

Nuveen New Jersey Quality Municipal Income Fund (NYSE:NXJ) was the recipient of a large increase in short interest in the month of February. As of February 15th, there was short interest totalling 19,100 shares, an increase of 75.2% from the January 31st total of 10,900 shares. Based on an average trading volume of 131,500 shares, the days-to-cover ratio is currently 0.1 days.

Insider Buying and Selling at Nuveen New Jersey Quality Municipal Income Fund

In other Nuveen New Jersey Quality Municipal Income Fund news, major shareholder Saba Capital Management, L.P. sold 7,603 shares of the stock in a transaction dated Wednesday, February 26th. The shares were sold at an average price of $12.26, for a total value of $93,212.78. Following the transaction, the insider now directly owns 4,378,212 shares of the company’s stock, valued at $53,676,879.12. This represents a 0.17 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders have sold a total of 643,151 shares of company stock valued at $7,879,077 in the last three months.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Landscape Capital Management L.L.C. bought a new position in shares of Nuveen New Jersey Quality Municipal Income Fund during the fourth quarter worth approximately $198,000. Raymond James Financial Inc. bought a new position in shares of Nuveen New Jersey Quality Municipal Income Fund during the fourth quarter worth approximately $3,262,000. Steward Partners Investment Advisory LLC increased its holdings in shares of Nuveen New Jersey Quality Municipal Income Fund by 24.9% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 13,477 shares of the company’s stock worth $164,000 after purchasing an additional 2,691 shares during the period. Oppenheimer & Co. Inc. bought a new position in shares of Nuveen New Jersey Quality Municipal Income Fund during the fourth quarter worth approximately $145,000. Finally, J.W. Cole Advisors Inc. bought a new position in shares of Nuveen New Jersey Quality Municipal Income Fund during the fourth quarter worth approximately $191,000.

Nuveen New Jersey Quality Municipal Income Fund Stock Up 0.7 %

Shares of NXJ traded up $0.08 during mid-day trading on Friday, hitting $12.29. 64,112 shares of the company’s stock were exchanged, compared to its average volume of 108,970. Nuveen New Jersey Quality Municipal Income Fund has a 52 week low of $11.45 and a 52 week high of $13.13. The stock’s 50-day simple moving average is $12.10 and its 200-day simple moving average is $12.45.

Nuveen New Jersey Quality Municipal Income Fund Announces Dividend

The firm also recently announced a monthly dividend, which will be paid on Monday, March 3rd. Stockholders of record on Friday, February 14th will be issued a dividend of $0.0785 per share. The ex-dividend date of this dividend is Friday, February 14th. This represents a $0.94 annualized dividend and a dividend yield of 7.66%.

About Nuveen New Jersey Quality Municipal Income Fund

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.