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Saba Capital Management, L.P., a significant stakeholder in Nuveen New Jersey Quality Municipal Income Fund (NYSE:NXJ), recently reported the sale of shares worth approximately $486,545. The fund, which boasts a market capitalization of $501.39 million and currently offers a substantial 7.72% dividend yield, saw these transactions disclosed in a recent SEC filing over two days. According to InvestingPro, NXJ has maintained dividend payments for 25 consecutive years.
On February 20, Saba Capital sold 32,789 shares at a price of $12.14 per share. The following day, an additional 7,259 shares were sold at $12.19 per share. The current trading price of $12.16 sits well above its 52-week low of $11.45, showing resilience in a challenging market. Following these transactions, Saba Capital retains 4,387,449 shares in the fund.
The sales were carried out indirectly, with Boaz Weinstein, a key executive at Saba Capital, also listed as a reporting owner in the filing. InvestingPro analysis reveals the fund generally trades with low price volatility, with a beta of 0.52, making it an interesting option for stability-focused investors. Subscribers can access 4 additional ProTips and comprehensive financial metrics for deeper analysis.
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