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) crossed below its 50 day moving average during trading on Friday after an insider sold shares in the company. The stock has a 50 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 trading hands.

Specifically, major shareholder Saba Capital Management, L.P. sold 20,704 shares of the business’s stock in a transaction dated Wednesday, March 12th. The shares were sold at an average price of $11.96, for a total value of $247,619.84. Following the completion of the sale, the insider now owns 4,143,267 shares of the company’s stock, valued at approximately $49,553,473.32. The trade was a 0.50 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Saba Capital Management, L.P. sold 28,303 shares of the business’s stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $12.04, for a total transaction of $340,768.12. Following the completion of the sale, the insider now directly owns 4,189,337 shares of the company’s stock, valued at $50,439,617.48. The trade was a 0.67 % decrease in their position. The disclosure for this sale can be found here. In other news, major shareholder Saba Capital Management, L.P. sold 47,415 shares of the business’s stock in a transaction dated Friday, March 7th. The shares were sold at an average price of $12.09, for a total value of $573,247.35. Following the completion of the sale, the insider now owns 4,217,640 shares of the company’s stock, valued at approximately $50,991,267.60. The trade was a 1.11 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

Nuveen New Jersey Quality Municipal Income Fund Price Performance

The company’s 50-day moving average price is $12.11 and its two-hundred day moving average price is $12.42.

Nuveen New Jersey Quality Municipal Income Fund Announces Dividend

The firm also recently declared a monthly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th will be issued a $0.0785 dividend. This represents a $0.94 annualized dividend and a dividend yield of 7.91%. The ex-dividend date of this dividend is Friday, March 14th.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of NXJ. Pine Valley Investments Ltd Liability Co acquired a new position in shares of Nuveen New Jersey Quality Municipal Income Fund in the 3rd quarter valued at about $143,000. Oppenheimer & Co. Inc. acquired a new position in shares of Nuveen New Jersey Quality Municipal Income Fund in the 4th quarter valued at about $145,000. Garden State Investment Advisory Services LLC acquired a new position in shares of Nuveen New Jersey Quality Municipal Income Fund in the 3rd quarter valued at about $157,000. Cary Street Partners Financial LLC acquired a new position in shares of Nuveen New Jersey Quality Municipal Income Fund in the 4th quarter valued at about $162,000. Finally, Steward Partners Investment Advisory LLC boosted its holdings 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 valued at $164,000 after buying an additional 2,691 shares during the period.

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.