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NEW YORK—Saba Capital Management, L.P., a significant stakeholder in Nuveen New Jersey Quality Municipal Income Fund (NYSE:NXJ), has recently sold shares worth $194,559. The transaction, which took place on November 1, involved the sale of 15,665 shares at a price of $12.42 per share. Following this sale, Saba Capital retains ownership of 5,900,136 shares in the fund.
The sale was disclosed in a Form 4 filing with the Securities and Exchange Commission, signed by Zachary Gindes on behalf of Saba Capital and Boaz Weinstein, another significant owner. The filings are part of routine disclosures required for owners of more than 10% of a company's shares.
InvestingPro Insights
While Saba Capital Management has reduced its position in 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 7.63%, making it an appealing option for those seeking regular income streams. This aligns with one of the InvestingPro Tips, which highlights that NXJ "pays a significant dividend to shareholders."
Furthermore, NXJ has demonstrated consistency in its dividend payments, maintaining them for 24 consecutive years. This long-term commitment to shareholder returns could be particularly reassuring for investors concerned about the recent share sale by a major stakeholder.
The fund's stability is also reflected in its trading patterns. An InvestingPro Tip notes that the "stock generally trades with low price volatility," which may appeal to risk-averse investors looking for steady performance in their portfolio. Additionally, with a market capitalization of $510.05 million, NXJ represents a substantial player in the municipal bond fund space.
For investors interested in a deeper analysis, InvestingPro offers 7 additional tips for NXJ, providing a more comprehensive view of the fund's potential strengths and challenges. These insights can be valuable for those considering the impact of Saba Capital's recent share sale on their investment decisions.
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