Nuveen New Jersey Quality Municipal Income Fund (NYSE:NXJ) Sees Significant Increase in Short Interest

Nuveen New Jersey Quality Municipal Income Fund (NYSE:NXJ) was the target of a significant increase in short interest in the month of August. As of August 31st, there was short interest totalling 27,500 shares, an increase of 539.5% from the August 15th total of 4,300 shares. Based on an average trading volume of 74,900 shares, the days-to-cover ratio is presently 0.4 days.

Nuveen New Jersey Quality Municipal Income Fund Stock Performance

Shares of NYSE:NXJ traded up $0.04 during trading on Friday, reaching $13.01. 51,742 shares of the company were exchanged, compared to its average volume of 69,045. The business’s fifty day simple moving average is $12.62 and its 200-day simple moving average is $12.22. Nuveen New Jersey Quality Municipal Income Fund has a 12-month low of $10.06 and a 12-month high of $13.08.

Nuveen New Jersey Quality Municipal Income Fund Cuts Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th will be paid a dividend of $0.0785 per share. The ex-dividend date of this dividend is Friday, September 13th. This represents a $0.94 dividend on an annualized basis and a dividend yield of 7.24%.

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

A number of hedge funds and other institutional investors have recently modified their holdings of NXJ. OMNI 360 Wealth Inc. acquired a new stake in Nuveen New Jersey Quality Municipal Income Fund in the fourth quarter valued at approximately $269,000. Tortoise Investment Management LLC boosted its stake in Nuveen New Jersey Quality Municipal Income Fund by 9.3% in the fourth quarter. Tortoise Investment Management LLC now owns 16,784 shares of the company’s stock valued at $203,000 after acquiring an additional 1,429 shares in the last quarter. Robinson Capital Management LLC boosted its stake in Nuveen New Jersey Quality Municipal Income Fund by 30.1% in the fourth quarter. Robinson Capital Management LLC now owns 54,017 shares of the company’s stock valued at $637,000 after acquiring an additional 12,500 shares in the last quarter. Karpus Management Inc. acquired a new stake in Nuveen New Jersey Quality Municipal Income Fund in the fourth quarter valued at approximately $2,072,000. Finally, Flow State Investments L.P. acquired a new stake in Nuveen New Jersey Quality Municipal Income Fund in the fourth quarter valued at approximately $172,000.

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.