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

Nuveen New Jersey Quality Municipal Income Fund (NYSE:NXJ) crossed below its fifty day moving average during trading on Wednesday following insider selling activity. The stock has a fifty day moving average of $12.85 and traded as low as $12.28. Nuveen New Jersey Quality Municipal Income Fund shares last traded at $12.33, with a volume of 124,633 shares trading hands.

Specifically, major shareholder Saba Capital Management, L.P. sold 5,400 shares of the firm’s stock in a transaction on Monday, October 28th. The stock was sold at an average price of $12.54, for a total value of $67,716.00. Following the completion of the sale, the insider now owns 5,934,954 shares of the company’s stock, valued at $74,424,323.16. This trade represents a 0.00 % decrease in their ownership of the stock. 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 39,244 shares of the company’s stock in a transaction dated Friday, October 25th. The stock was sold at an average price of $12.62, for a total transaction of $495,259.28. Following the completion of the sale, the insider now directly owns 5,940,354 shares in the company, valued at $74,967,267.48. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here.

Nuveen New Jersey Quality Municipal Income Fund Price Performance

The stock’s 50 day moving average is $12.85 and its 200-day moving average is $12.40.

Nuveen New Jersey Quality Municipal Income Fund Increases Dividend

The company also recently announced a monthly dividend, which will be paid on Friday, November 1st. Shareholders of record on Tuesday, October 15th will be given a $0.079 dividend. This represents a $0.95 annualized dividend and a yield of 7.69%. This is a boost from Nuveen New Jersey Quality Municipal Income Fund’s previous monthly dividend of $0.08. The ex-dividend date of this dividend is Tuesday, October 15th.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. HBK Sorce Advisory LLC bought a new stake in Nuveen New Jersey Quality Municipal Income Fund during the first quarter worth approximately $236,000. Whitebox Advisors LLC acquired a new stake in Nuveen New Jersey Quality Municipal Income Fund in the first quarter valued at approximately $1,953,000. Cetera Investment Advisers acquired a new position in shares of Nuveen New Jersey Quality Municipal Income Fund during the first quarter valued at about $2,235,000. OMNI 360 Wealth Inc. lifted its position in Nuveen New Jersey Quality Municipal Income Fund by 3.7% during the 2nd quarter. OMNI 360 Wealth Inc. now owns 23,377 shares of the company’s stock worth $285,000 after acquiring an additional 830 shares during the period. Finally, Breakwater Capital Group lifted its stake in Nuveen New Jersey Quality Municipal Income Fund by 160.2% during the 2nd quarter. Breakwater Capital Group now owns 110,273 shares of the company’s stock valued at $1,346,000 after acquiring an additional 67,889 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.