In a recent filing with the Securities and Exchange Commission, Saba Capital Management, L.P., a significant stakeholder in Nuveen New Jersey Quality Municipal Income Fund (NYSE:NXJ), disclosed the sale of 32,429 shares. The transaction, which took place on November 12, 2024, was executed at a price of $12.42 per share, amounting to a total value of approximately $402,768. Following this sale, Saba Capital Management holds 5,837,504 shares indirectly. The filing was signed by Boaz Weinstein and Zachary Gindes on behalf of Saba Capital Management.
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 7.62%, 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 an InvestingPro Tip noting that it "has maintained dividend payments for 24 consecutive years." This long-term 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 13.77 suggests a relatively modest valuation, which could be of interest to value-oriented investors. Additionally, NXJ has shown profitability over the last twelve months, as indicated by another InvestingPro Tip.
For those interested in a deeper analysis, InvestingPro offers 6 additional tips for NXJ, providing a more comprehensive view of the fund's financial health and market position. These insights can be valuable for investors considering the implications of institutional trading activity on their own investment decisions.
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