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NEW YORK—Saba Capital Management, L.P., a significant stakeholder in the Nuveen New Jersey Quality Municipal Income Fund (NYSE:NXJ), has sold a portion of its holdings in the fund. According to a recent filing, the firm disposed of 41,193 shares at a price of $12.20 per share, totaling approximately $502,554. The transaction occurred near the fund’s current market price of $12.24, with NXJ maintaining a notable 7.71% dividend yield and a market capitalization of $504.69 million.
Following this transaction, Saba Capital still retains a substantial position, holding 4,747,785 shares in the fund. The sale was executed on February 5, 2025, as indicated in the filing signed by Zachary Gindes on behalf of Saba Capital and Boaz Weinstein. Both entities are recognized as ten percent owners of the fund. According to InvestingPro, NXJ has maintained dividend payments for 25 consecutive years, demonstrating remarkable consistency in shareholder returns.
The transaction reflects Saba Capital’s ongoing management of its investment portfolio, adjusting its holdings in the municipal income fund sector. With a beta of 0.52, NXJ typically exhibits low price volatility, making it an interesting consideration for stability-focused investors.
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