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Saba Capital Management, L.P., a significant shareholder of Nuveen New Jersey Quality Municipal Income Fund (NYSE:NXJ), has disclosed a recent sale of shares. The firm sold 19,316 shares at a price of $12.33 each, amounting to a total transaction value of approximately $238,166. Following this transaction, Saba Capital holds 5,693,480 shares indirectly. The sale was reported in a Form 4 filing with the Securities and Exchange Commission on November 26, 2024.
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 characteristics intriguing. According to InvestingPro data, NXJ boasts a substantial dividend yield of 7.63%, 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 in the current market environment.
Moreover, NXJ has demonstrated consistency in its dividend payments, with InvestingPro Tips noting that it "has maintained dividend payments for 24 consecutive years." This long-standing commitment to shareholder returns may provide some reassurance to income-focused investors, despite the recent share sale by a major stakeholder.
The fund's P/E ratio of 13.71 suggests a relatively modest valuation, which could be of interest to value-oriented investors. Additionally, NXJ has been "profitable over the last twelve months," as per InvestingPro Tips, indicating financial stability.
It's worth noting that InvestingPro offers 6 additional tips for NXJ, providing a more comprehensive analysis for those considering an investment in this municipal income fund.
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