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In a recent transaction, Saba Capital Management, L.P., a significant stakeholder in Nuveen New Jersey Quality Municipal Income Fund (NYSE:NXJ), sold 28,303 shares of the fund’s common stock. The shares were sold at a price of $12.04 each, amounting to a total transaction value of $340,768. The fund, currently valued at $494.8 million, offers an attractive dividend yield of 7.85% and trades at a P/E ratio of 13.36.
Following this sale, Saba Capital, along with Boaz Weinstein, who is also listed as a ten percent owner, retains ownership of 4,189,337 shares in the fund. The transaction was executed on March 10, 2025, and was filed with the Securities and Exchange Commission on March 11, 2025. InvestingPro analysis reveals the fund has maintained dividend payments for 25 consecutive years, with additional financial insights available to subscribers.
This move by Saba Capital reflects a reduction in their holdings of the Nuveen New Jersey Quality Municipal Income Fund, a fund that focuses on providing income exempt from federal and New Jersey state income taxes. The fund currently trades near its 52-week low of $11.45, with the stock price at $12.03.
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