In recent activity, Saba Capital Management, L.P., a significant shareholder in the Nuveen New Jersey Quality Municipal Income Fund (NYSE:NXJ), executed a series of stock sales amounting to $436,372. The $506 million fund, known for its impressive 7.66% dividend yield, saw transactions occur over two days, with shares being sold at prices ranging from $12.32 to $12.59. According to InvestingPro, the fund has maintained dividend payments for 24 consecutive years.
On December 12, Saba Capital sold 11,218 shares at $12.59 per share. The following day, December 13, they sold an additional 23,956 shares at $12.32 per share. These transactions reduced Saba Capital's holdings in the fund to 5,360,653 shares. The fund typically exhibits low price volatility with a beta of 0.51, making it a potentially stable investment choice.
Boaz Weinstein, a key figure at Saba Capital, was also listed as a reporting owner in the filing. The sales highlight ongoing portfolio adjustments by the investment firm. The fund has demonstrated strong performance with a 10.98% year-to-date return. For more detailed insights and additional financial metrics, visit InvestingPro, which offers 6 more key investment tips for NXJ.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.