In recent activity, Saba Capital Management, L.P. and Boaz Weinstein, both significant stakeholders in the Nuveen New Jersey Quality Municipal Income Fund (NYSE:NXJ), reported stock sales totaling $476,499. The transactions occurred over two days, with shares sold at prices ranging from $12.30 to $12.41.
On November 14, 24,469 shares were sold at a price of $12.41 each. The following day, November 15, an additional 14,052 shares were sold at $12.30 per share. Following these transactions, the entities collectively hold 5,798,983 shares in the fund.
InvestingPro Insights
While Saba Capital Management and Boaz Weinstein have recently reduced their positions in the Nuveen New Jersey Quality Municipal Income Fund (NYSE:NXJ), the fund continues to offer attractive features for income-focused investors. According to InvestingPro data, NXJ boasts a substantial dividend yield of 7.66%, with its last ex-dividend date on November 15, 2024. This aligns with one of the InvestingPro Tips, which highlights that NXJ "pays a significant dividend to shareholders."
Moreover, the fund has demonstrated resilience in maintaining its dividend payments, with an InvestingPro Tip noting that it "has maintained dividend payments for 24 consecutive years." This long-standing commitment to shareholder returns may provide some reassurance to investors concerned about the recent insider sales.
Despite the recent transactions by major stakeholders, NXJ's stock has shown positive performance over various timeframes. The fund has delivered a year-to-date price total return of 10.2% and a one-year price total return of 17.09%, indicating strong performance relative to its peers.
For investors seeking additional insights, InvestingPro offers 6 more tips on NXJ, providing a comprehensive analysis of the fund's financial health and market position.
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