Nuveen Municipal Income Fund (NYSE:NMI) Shares Up 1.1% – Here’s Why

Nuveen Municipal Income Fund, Inc. (NYSE:NMI) rose 1.1% on Wednesday . The stock traded as high as $9.75 and last traded at $9.71. 71,847 shares changed hands during mid-day trading, an increase of 155% from the average daily volume of 28,176 shares. The stock had previously closed at $9.60.

Nuveen Municipal Income Fund Stock Up 1.1%

The business has a 50 day simple moving average of $10.43 and a 200-day simple moving average of $10.51.

Nuveen Municipal Income Fund Announces Dividend

The company also recently disclosed a monthly dividend, which will be paid on Thursday, October 1st. Investors of record on Tuesday, September 15th will be issued a $0.038 dividend. This represents a c) dividend on an annualized basis and a dividend yield of 4.7%. The ex-dividend date of this dividend is Tuesday, September 15th.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Kestra Advisory Services LLC lifted its position in Nuveen Municipal Income Fund by 118.6% in the first quarter. Kestra Advisory Services LLC now owns 12,024 shares of the company’s stock worth $126,000 after purchasing an additional 6,524 shares during the period. Janney Montgomery Scott LLC increased its position in shares of Nuveen Municipal Income Fund by 76.9% during the 1st quarter. Janney Montgomery Scott LLC now owns 20,783 shares of the company’s stock valued at $217,000 after purchasing an additional 9,035 shares during the period. Astoria Portfolio Advisors LLC. bought a new stake in shares of Nuveen Municipal Income Fund in the 4th quarter worth $116,000. OneDigital Investment Advisors LLC acquired a new stake in shares of Nuveen Municipal Income Fund in the second quarter valued at $409,000. Finally, Hennion & Walsh Asset Management Inc. lifted its holdings in shares of Nuveen Municipal Income Fund by 195.6% in the second quarter. Hennion & Walsh Asset Management Inc. now owns 209,716 shares of the company’s stock valued at $2,311,000 after buying an additional 138,770 shares during the period. 16.57% of the stock is owned by institutional investors and hedge funds.

About Nuveen Municipal Income Fund

Nuveen Municipal Income Fund (NYSE:NMI) is a closed-end management investment company advised by Nuveen Asset Management, a subsidiary of Nuveen, the asset-management business of TIAA. The fund seeks to provide current income that is exempt from regular federal income tax by investing primarily in municipal securities.

The fund invests in debt obligations issued by states, municipalities, and other governmental entities and related authorities across the United States. These securities may help finance public services and infrastructure projects, including transportation, utilities, education, health care, and other community facilities.