Nuveen New Jersey Quality Municipal Income Fund (NYSE:NXJ) Stock Crosses Below 50-Day Moving Average of $12.01

Nuveen New Jersey Quality Municipal Income Fund (NYSE:NXJ)’s stock price crossed below its fifty day moving average during trading on Wednesday . The stock has a fifty day moving average of $12.01 and traded as low as $11.69. Nuveen New Jersey Quality Municipal Income Fund shares last traded at $11.75, with a volume of 34,472 shares trading hands.

Nuveen New Jersey Quality Municipal Income Fund Stock Performance

The company has a 50 day moving average of $12.01 and a 200-day moving average of $11.64.

Nuveen New Jersey Quality Municipal Income Fund Announces Dividend

The company also recently declared a monthly dividend, which was paid on Wednesday, May 1st. Shareholders of record on Monday, April 15th were paid a dividend of $0.047 per share. This represents a $0.56 annualized dividend and a yield of 4.80%. The ex-dividend date of this dividend was Friday, April 12th.

Insiders Place Their Bets

In other news, major shareholder Saba Capital Management, L.P. purchased 7,098 shares of the company’s stock in a transaction on Thursday, March 7th. The stock was purchased at an average price of $12.16 per share, with a total value of $86,311.68. Following the completion of the purchase, the insider now directly owns 5,807,673 shares in the company, valued at approximately $70,621,303.68. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders bought a total of 92,886 shares of company stock valued at $1,120,301 over the last 90 days.

Institutional Investors Weigh In On Nuveen New Jersey Quality Municipal Income Fund

Several hedge funds have recently added to or reduced their stakes in NXJ. Commonwealth Equity Services LLC lifted its stake in Nuveen New Jersey Quality Municipal Income Fund by 45.7% during the third quarter. Commonwealth Equity Services LLC now owns 144,895 shares of the company’s stock worth $1,533,000 after purchasing an additional 45,480 shares during the last quarter. Raymond James Financial Services Advisors Inc. increased its holdings in shares of Nuveen New Jersey Quality Municipal Income Fund by 2.8% in the third quarter. Raymond James Financial Services Advisors Inc. now owns 147,981 shares of the company’s stock worth $1,566,000 after buying an additional 4,023 shares during the period. Simon Quick Advisors LLC purchased a new position in shares of Nuveen New Jersey Quality Municipal Income Fund in the third quarter worth about $116,000. Bank of New York Mellon Corp increased its holdings in shares of Nuveen New Jersey Quality Municipal Income Fund by 92.9% in the third quarter. Bank of New York Mellon Corp now owns 130,443 shares of the company’s stock worth $1,380,000 after buying an additional 62,807 shares during the period. Finally, Breakwater Capital Group increased its holdings in shares of Nuveen New Jersey Quality Municipal Income Fund by 10.8% in the third quarter. Breakwater Capital Group now owns 28,267 shares of the company’s stock worth $293,000 after buying an additional 2,748 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.