Saba Capital Management, L.P., and Boaz Weinstein, both significant stakeholders in the Nuveen New Jersey Quality Municipal Income Fund (NYSE:NXJ), recently disclosed a sale of shares. According to the latest SEC filing, the two entities sold a total of 5,400 shares at an average price of $12.54 per share, amounting to approximately $67,716. Following the transaction, they collectively hold 5,934,954 shares indirectly.
InvestingPro Insights
While Saba Capital Management and Boaz Weinstein have reduced their stake 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 7.53%, underscoring its appeal to those seeking regular income streams.
An InvestingPro Tip highlights that NXJ has maintained dividend payments for 24 consecutive years, demonstrating a strong commitment to shareholder returns. This consistency aligns with another InvestingPro Tip indicating that the stock generally trades with low price volatility, potentially making it an attractive option for risk-averse investors.
Despite the recent share sale by major stakeholders, NXJ's market capitalization stands at $511.7 million, reflecting its significant presence in the municipal bond fund space. The fund's P/E ratio of 13.77 suggests a reasonable valuation relative to its earnings.
It's worth noting that InvestingPro offers 7 additional tips for NXJ, providing investors with a more comprehensive analysis of the fund's prospects and potential risks. These insights can be particularly valuable given the complex nature of municipal bond investments and the current economic environment affecting interest rates and bond yields.
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