Nuveen New Jersey Quality Municipal Income Fund (NYSE:NXJ) Stock Crosses Below Two Hundred Day Moving Average After Insider Selling

Nuveen New Jersey Quality Municipal Income Fund (NYSE:NXJ)’s share price passed below its two hundred day moving average during trading on Tuesday after an insider sold shares in the company. 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 trading hands.

Specifically, major shareholder Saba Capital Management, L.P. sold 23,956 shares of the company’s stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $12.32, for a total transaction of $295,137.92. Following the completion of the sale, the insider now owns 5,360,653 shares in the company, valued at approximately $66,043,244.96. This represents a 0.44 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, major shareholder Saba Capital Management, L.P. sold 34,906 shares of the business’s stock in a transaction on Wednesday, December 11th. The stock was sold at an average price of $12.61, for a total transaction 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 ownership of the stock. The disclosure for this sale can be found here.

Nuveen New Jersey Quality Municipal Income Fund Stock Down 1.4 %

The company has a 50-day simple moving average of $12.54 and a 200 day simple moving average of $12.54.

Nuveen New Jersey Quality Municipal Income Fund Announces Dividend

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

Hedge Funds Weigh In On Nuveen New Jersey Quality Municipal Income Fund

A number of hedge funds and other institutional investors have recently made changes to their positions in NXJ. Pine Valley Investments Ltd Liability Co acquired a new stake in shares of Nuveen New Jersey Quality Municipal Income Fund during the third quarter worth approximately $143,000. HighTower Advisors LLC increased its holdings in Nuveen New Jersey Quality Municipal Income Fund by 21.5% during the 3rd quarter. HighTower Advisors LLC now owns 20,029 shares of the company’s stock valued at $260,000 after purchasing an additional 3,551 shares in the last quarter. Garden State Investment Advisory Services LLC acquired a new stake in Nuveen New Jersey Quality Municipal Income Fund during the 3rd quarter valued at $157,000. Nations Financial Group Inc. IA ADV bought a new position in Nuveen New Jersey Quality Municipal Income Fund in the 3rd quarter valued at $230,000. Finally, International Assets Investment Management LLC boosted its stake in Nuveen New Jersey Quality Municipal Income Fund by 1,204.5% in the third 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 in 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.