Nuveen New Jersey Quality Municipal Income Fund (NYSE:NXJ) Shares Cross Below 50-Day Moving Average – Here’s What Happened

Nuveen New Jersey Quality Municipal Income Fund (NYSE:NXJ)’s stock price crossed below its 50 day moving average during trading on Monday . The stock has a 50 day moving average of $11.53 and traded as low as $11.33. Nuveen New Jersey Quality Municipal Income Fund shares last traded at $11.39, with a volume of 162,025 shares traded.

Nuveen New Jersey Quality Municipal Income Fund Price Performance

The stock has a 50-day simple moving average of $11.53 and a 200-day simple moving average of $11.97.

Nuveen New Jersey Quality Municipal Income Fund Announces Dividend

The company also recently announced a monthly dividend, which will be paid on Monday, June 2nd. Shareholders of record on Thursday, May 15th will be given a $0.0785 dividend. This represents a $0.94 dividend on an annualized basis and a yield of 8.27%. The ex-dividend date of this dividend is Thursday, May 15th.

Insiders Place Their Bets

In other news, major shareholder Saba Capital Management, L.P. sold 20,704 shares of Nuveen New Jersey Quality Municipal Income Fund stock in a transaction on Wednesday, March 12th. The stock was sold at an average price of $11.96, for a total value of $247,619.84. Following the completion of the transaction, the insider now directly owns 4,143,267 shares in the company, valued at approximately $49,553,473.32. The trade was a 0.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders sold 191,921 shares of company stock valued at $2,329,843 over the last ninety days.

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

Several hedge funds have recently made changes to their positions in NXJ. Raymond James Financial Inc. purchased a new position in shares of Nuveen New Jersey Quality Municipal Income Fund in the fourth quarter valued at $3,262,000. Bank of America Corp DE grew its position in shares of Nuveen New Jersey Quality Municipal Income Fund by 72.8% in the fourth quarter. Bank of America Corp DE now owns 582,186 shares of the company’s stock valued at $7,085,000 after purchasing an additional 245,349 shares in the last quarter. Royal Bank of Canada grew its position in shares of Nuveen New Jersey Quality Municipal Income Fund by 63.0% in the first quarter. Royal Bank of Canada now owns 439,293 shares of the company’s stock valued at $5,170,000 after purchasing an additional 169,754 shares in the last quarter. CF Capital LLC purchased a new position in shares of Nuveen New Jersey Quality Municipal Income Fund in the fourth quarter valued at $1,339,000. Finally, Alpine Global Management LLC grew its position in shares of Nuveen New Jersey Quality Municipal Income Fund by 100.0% in the fourth quarter. Alpine Global Management LLC now owns 100,000 shares of the company’s stock valued at $1,217,000 after purchasing an additional 50,000 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.