Nuveen New Jersey Quality Municipal Income Fund Sees $67,716 in Stock Sales

Saba Capital Management, L.P. and Boaz Weinstein, who are significant investors in the Nuveen New Jersey Quality Municipal Income Fund (NYSE:NXJ), have recently announced a sale of shares. According to their latest filing with the Securities and Exchange Commission (SEC), these stakeholders sold a total of 5,400 shares. The average selling price was $12.54 per share, resulting in a total transaction value of approximately $67,716. Following this sale, they still maintain an indirect ownership of 5,934,954 shares in the fund.

Insights for Income-Focused Investors

Although Saba Capital Management and Boaz Weinstein have reduced their holdings in the Nuveen New Jersey Quality Municipal Income Fund (NYSE:NXJ), the fund remains an attractive option for investors looking for income. The fund currently offers a substantial dividend yield of 7.53%, appealing to those who rely on regular income streams from their investments.

Additionally, it is noteworthy that NXJ has consistently paid dividends for 24 straight years. This track record indicates a strong commitment to returning value to shareholders, which is a key consideration for many investors. Another point to consider is that NXJ typically experiences low price volatility, which may attract risk-averse investors looking for stability.

Current Market Position

Despite the share sale by major stakeholders, the market capitalization of NXJ stands at $511.7 million, highlighting its significant role within the municipal bond fund sector. The fund has a price-to-earnings (P/E) ratio of 13.77, suggesting that it is reasonably valued in relation to its earnings.

Investors may find added value in the comprehensive analysis available for NXJ, which includes various tips and insights regarding the fund’s performance outlook and potential risks. These resources can be particularly beneficial in navigating the often complex landscape of municipal bond investments, especially in light of the current economic factors impacting interest rates and bond yields.

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Nuveen, Investors, Funds