Nuveen New Jersey Quality Municipal Income Fund (NYSE:NXJ) Stock Price Crosses Below 50 Day Moving Average Following Insider Selling

Nuveen New Jersey Quality Municipal Income Fund (NYSE:NXJ) shares passed below its fifty day moving average during trading on Friday after an insider sold shares in the company. The stock has a fifty day moving average of $12.11 and traded as low as $11.87. Nuveen New Jersey Quality Municipal Income Fund shares last traded at $11.91, with a volume of 88,120 shares changing hands.

Specifically, 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 shares were sold at an average price of $11.96, for a total value of $247,619.84. Following the transaction, the insider now owns 4,143,267 shares in the company, valued at $49,553,473.32. This trade represents a 0.50 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, major shareholder Saba Capital Management, L.P. sold 28,303 shares of the firm’s stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $12.04, for a total value of $340,768.12. Following the completion of the sale, the insider now directly owns 4,189,337 shares in the company, valued at approximately $50,439,617.48. This represents a 0.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In related news, major shareholder Saba Capital Management, L.P. sold 47,415 shares of the stock in a transaction that occurred on Friday, March 7th. The stock was sold at an average price of $12.09, for a total transaction of $573,247.35. Following the completion of the sale, the insider now owns 4,217,640 shares in the company, valued at $50,991,267.60. This represents a 1.11 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

Nuveen New Jersey Quality Municipal Income Fund Stock Down 0.4 %

The stock has a fifty day simple moving average of $12.11 and a 200-day simple moving average of $12.42.

Nuveen New Jersey Quality Municipal Income Fund Dividend Announcement

The business also recently announced a monthly dividend, which will be paid on Tuesday, April 1st. Investors of record on Friday, March 14th will be given a dividend of $0.0785 per share. This represents a $0.94 dividend on an annualized basis and a yield of 7.91%. The ex-dividend date is Friday, March 14th.

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

Several large investors have recently bought and sold shares of NXJ. Pine Valley Investments Ltd Liability Co bought a new position in shares of Nuveen New Jersey Quality Municipal Income Fund during the 3rd quarter worth about $143,000. Oppenheimer & Co. Inc. acquired a new stake in Nuveen New Jersey Quality Municipal Income Fund during the fourth quarter worth about $145,000. Garden State Investment Advisory Services LLC bought a new position in Nuveen New Jersey Quality Municipal Income Fund during the third quarter valued at about $157,000. Cary Street Partners Financial LLC acquired a new position in Nuveen New Jersey Quality Municipal Income Fund in the 4th quarter valued at approximately $162,000. Finally, Steward Partners Investment Advisory LLC lifted its position in shares of Nuveen New Jersey Quality Municipal Income Fund by 24.9% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 13,477 shares of the company’s stock worth $164,000 after acquiring an additional 2,691 shares during the period.

About Nuveen New Jersey Quality Municipal Income Fund

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.