Nuveen Floating Rate Income Fund (NYSE:JFR) Share Price Breaks Below Fifty Day Moving Average – Time to Sell?

Nuveen Floating Rate Income Fund (NYSE:JFR)’s share price crossed below its fifty day moving average during trading on Monday. The stock has a fifty day moving average of $7.50 and traded as low as $7.25. Nuveen Floating Rate Income Fund shares last traded at $7.2850, with a volume of 571,268 shares trading hands.

Nuveen Floating Rate Income Fund Trading Up 0.3%

The company’s fifty day simple moving average is $7.48 and its 200-day simple moving average is $7.57.

Nuveen Floating Rate Income Fund Dividend Announcement

The company also recently declared a monthly dividend, which will be paid on Monday, November 2nd. Investors of record on Thursday, October 15th will be given a dividend of $0.0780 per share. This represents a $0.94 annualized dividend and a dividend yield of 12.9%. The ex-dividend date is Thursday, October 15th.

Insider Activity at Nuveen Floating Rate Income Fund

In related news, insider Terence J. Toth sold 4,464 shares of the company’s stock in a transaction dated Tuesday, September 8th. The shares were sold at an average price of $7.65, for a total transaction of $34,149.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in JFR. Fortitude Advisory Group L.L.C. increased its stake in Nuveen Floating Rate Income Fund by 26.6% during the third quarter. Fortitude Advisory Group L.L.C. now owns 69,608 shares of the company’s stock worth $518,000 after purchasing an additional 14,628 shares during the period. Curated Wealth Partners LLC purchased a new position in shares of Nuveen Floating Rate Income Fund during the third quarter worth about $92,000. Shaker Financial Services LLC grew its holdings in shares of Nuveen Floating Rate Income Fund by 83.1% during the third quarter. Shaker Financial Services LLC now owns 39,609 shares of the company’s stock worth $296,000 after purchasing an additional 17,978 shares during the last quarter. NewEdge Advisors LLC increased its position in shares of Nuveen Floating Rate Income Fund by 24.0% during the second quarter. NewEdge Advisors LLC now owns 277,570 shares of the company’s stock worth $2,129,000 after purchasing an additional 53,725 shares in the last quarter. Finally, Corient Private Wealth LP acquired a new stake in shares of Nuveen Floating Rate Income Fund during the second quarter worth about $92,000.

Nuveen Floating Rate Income Fund Company Profile

Nuveen Floating Rate Income Fund is a closed-end investment company listed on the New York Stock Exchange under the symbol JFR. The fund seeks to provide a high level of current income by investing primarily in floating-rate senior loans and other floating-rate debt securities.

Its portfolio generally focuses on loans issued by below-investment-grade companies. These instruments are typically senior secured obligations, meaning they may have priority over other forms of corporate debt and may be backed by collateral.