Saba Capital Management, L.P., a significant shareholder of Nuveen New Jersey Quality Municipal Income Fund (NYSE:NXJ), reported a stock sale valued at approximately $237,497. The transaction, which took place on October 29, involved the sale of 19,153 shares at a price of $12.40 each. Following this sale, Saba Capital Management continues to hold 5,915,801 shares of the fund. The filing was signed by both Saba Capital Management and Boaz Weinstein, another major shareholder, on October 31.
InvestingPro Insights
While Saba Capital Management has reduced its position in Nuveen New Jersey Quality Municipal Income Fund (NYSE:NXJ), individual investors might find the fund’s current metrics intriguing. According to InvestingPro data, NXJ boasts a substantial dividend yield of 7.64%, which aligns with one of the InvestingPro Tips highlighting that the fund “pays a significant dividend to shareholders.” This high yield could be particularly attractive to income-focused investors in the current market environment.
Moreover, NXJ has demonstrated consistency in its dividend payments, with an InvestingPro Tip noting that it “has maintained dividend payments for 24 consecutive years.” This long-term dividend reliability may provide some reassurance to investors concerned about the recent stock sale by a major shareholder.
The fund’s P/E ratio of 13.72 suggests a relatively modest valuation compared to broader market averages. Additionally, the InvestingPro Tip indicating that the “stock generally trades with low price volatility” could appeal to risk-averse investors seeking stability in their municipal bond fund holdings.
For those interested in a more comprehensive analysis, InvestingPro offers 7 additional tips for NXJ, providing a deeper understanding of the fund’s financial health and market position.
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