Nuveen Pennsylvania Quality Municipal Income Fund (NYSE:NQP) Sees Significant Growth in Short Interest

Nuveen Pennsylvania Quality Municipal Income Fund (NYSE:NQP) saw a large increase in short interest in March. As of March 15th, there was short interest totalling 34,800 shares, an increase of 40.3% from the February 28th total of 24,800 shares. Approximately 0.1% of the company’s stock are sold short. Based on an average daily trading volume, of 87,900 shares, the days-to-cover ratio is currently 0.4 days.

Insiders Place Their Bets

In related news, major shareholder Saba Capital Management, L.P. acquired 34,334 shares of the stock in a transaction dated Tuesday, December 31st. The stock was acquired at an average cost of $11.16 per share, with a total value of $383,167.44. Following the completion of the transaction, the insider now owns 5,058,973 shares in the company, valued at $56,458,138.68. This represents a 0.68 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 1.00% of the stock is owned by company insiders.

Institutional Trading of Nuveen Pennsylvania Quality Municipal Income Fund

A number of hedge funds and other institutional investors have recently bought and sold shares of NQP. Elequin Capital LP acquired a new position in Nuveen Pennsylvania Quality Municipal Income Fund in the fourth quarter valued at approximately $57,000. Wolverine Asset Management LLC purchased a new position in shares of Nuveen Pennsylvania Quality Municipal Income Fund in the 4th quarter valued at $71,000. Jane Street Group LLC acquired a new stake in Nuveen Pennsylvania Quality Municipal Income Fund during the 4th quarter worth $134,000. Landscape Capital Management L.L.C. purchased a new stake in Nuveen Pennsylvania Quality Municipal Income Fund in the fourth quarter valued at $145,000. Finally, Melfa Wealth Management Inc. boosted its stake in Nuveen Pennsylvania Quality Municipal Income Fund by 44.9% in the fourth quarter. Melfa Wealth Management Inc. now owns 16,134 shares of the financial services provider’s stock valued at $180,000 after acquiring an additional 5,000 shares in the last quarter. 30.58% of the stock is currently owned by institutional investors and hedge funds.

Nuveen Pennsylvania Quality Municipal Income Fund Stock Up 0.7 %

Nuveen Pennsylvania Quality Municipal Income Fund stock traded up $0.08 during trading on Monday, reaching $11.20. The stock had a trading volume of 144,533 shares, compared to its average volume of 68,064. Nuveen Pennsylvania Quality Municipal Income Fund has a 52-week low of $11.05 and a 52-week high of $12.89. The business has a 50 day moving average price of $11.50 and a 200 day moving average price of $11.77.

Nuveen Pennsylvania Quality Municipal Income Fund Dividend Announcement

The company also recently announced a monthly dividend, which will be paid on Tuesday, April 1st. Investors of record on Friday, March 14th will be paid a dividend of $0.078 per share. The ex-dividend date is Friday, March 14th. This represents a $0.94 dividend on an annualized basis and a dividend yield of 8.36%.

About Nuveen Pennsylvania Quality Municipal Income Fund

Nuveen Pennsylvania 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 Pennsylvania. The fund invests in tax exempt municipal bonds, with a rating of Baa/BBB or higher.