Saba Capital Management, L.P., a significant shareholder in the Nuveen New Jersey Quality Municipal Income Fund (NYSE:NXJ), recently reported selling shares of the fund's common stock. According to a filing with the Securities and Exchange Commission, the transactions occurred over two days, January 14 and January 15, 2025. The fund, with a market capitalization of $498 million, currently offers investors a substantial 7.86% dividend yield. InvestingPro data shows NXJ has maintained dividend payments for 25 consecutive years.
On January 14, Saba Capital sold 14,347 shares at a price of $11.97 each. The following day, an additional 16,318 shares were sold at the same price. The total value of these transactions amounted to approximately $367,060. Following these sales, Saba Capital holds approximately 5,041,939 shares of the fund. The current stock price of $12.08 sits near its 52-week range of $11.45 to $13.13, with InvestingPro analysis indicating the fund generally trades with low price volatility. Subscribers can access 4 additional ProTips and comprehensive financial metrics.
The transactions were signed off by Saba Capital's representative, Zachary Gindes, and Boaz Weinstein, indicating their roles in the decision-making process. These sales reflect a strategic move by one of the fund's major stakeholders, although the implications of these transactions for the fund's future remain to be seen. According to InvestingPro's Financial Health assessment, the fund maintains a FAIR overall rating with a score of 2.17 out of 5.
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