Nuveen California Quality Municipal Income Fund (NYSE:NAC) Shares Pass Below 50 Day Moving Average – Time to Sell?

Nuveen California Quality Municipal Income Fund (NYSE:NAC) passed below its 50-day moving average during trading on Thursday . The stock has a 50-day moving average of $11.90 and traded as low as $11.66. Nuveen California Quality Municipal Income Fund shares last traded at $11.7090, with a volume of 424,598 shares trading hands.

Nuveen California Quality Municipal Income Fund Stock Performance

The firm’s 50 day moving average price is $11.90 and its two-hundred day moving average price is $11.87.

Nuveen California Quality Municipal Income Fund Announces Dividend

The firm also recently announced a monthly dividend, which will be paid on Tuesday, September 1st. Investors of record on Friday, August 14th will be given a $0.0695 dividend. The ex-dividend date of this dividend is Friday, August 14th. This represents a c) dividend on an annualized basis and a yield of 7.1%.

Hedge Funds Weigh In On Nuveen California Quality Municipal Income Fund

A number of large investors have recently modified their holdings of NAC. Morgan Stanley increased its position in shares of Nuveen California Quality Municipal Income Fund by 36.6% in the fourth quarter. Morgan Stanley now owns 5,137,471 shares of the company’s stock valued at $60,674,000 after acquiring an additional 1,376,202 shares during the last quarter. Guggenheim Capital LLC grew its stake in Nuveen California Quality Municipal Income Fund by 28.6% in the fourth quarter. Guggenheim Capital LLC now owns 2,938,681 shares of the company’s stock valued at $34,706,000 after purchasing an additional 653,333 shares in the last quarter. Wells Fargo & Company MN grew its stake in Nuveen California Quality Municipal Income Fund by 44.6% in the fourth quarter. Wells Fargo & Company MN now owns 1,994,983 shares of the company’s stock valued at $23,561,000 after purchasing an additional 615,058 shares in the last quarter. Advisors Asset Management Inc. increased its position in shares of Nuveen California Quality Municipal Income Fund by 53.4% during the 4th quarter. Advisors Asset Management Inc. now owns 1,349,549 shares of the company’s stock worth $15,938,000 after purchasing an additional 469,939 shares during the last quarter. Finally, Bank of America Corp DE increased its position in shares of Nuveen California Quality Municipal Income Fund by 11.7% during the 1st quarter. Bank of America Corp DE now owns 932,762 shares of the company’s stock worth $10,867,000 after purchasing an additional 97,905 shares during the last quarter.

Nuveen California Quality Municipal Income Fund Company Profile

Nuveen California Quality Municipal Income Fund (NYSE: NAC) is a closed-end management investment company that seeks to provide investors with a high level of current income exempt from federal and California state income taxes, with a secondary objective of capital appreciation. The fund primarily acquires a diversified portfolio of municipal securities issued by entities located in California, focusing on investment-grade bonds. These securities typically include general obligation bonds, revenue bonds and other taxable or tax-advantaged instruments that finance public projects such as transportation, education and utilities.

In managing the portfolio, the fund’s investment team applies rigorous credit research to identify issuers with strong balance sheets, stable revenue streams and manageable debt levels.