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Saba Capital Management, L.P., a significant stakeholder in Nuveen New Jersey Quality Municipal Income Fund (NYSE:NXJ), recently executed stock sales totaling $552,011. The transactions occurred over two consecutive days, with shares sold at prices ranging from $11.96 to $12.00. The fund, currently valued at $491.91 million, offers investors a substantial 7.88% dividend yield and trades near its 52-week low of $11.45.
On March 11, Saba Capital sold 25,366 shares at $12.00 per share. The following day, March 12, they sold an additional 20,704 shares at $11.96 per share. After these transactions, Saba Capital holds 4,143,267 shares of the fund. According to InvestingPro, the fund maintains relatively low price volatility and trades at a P/E ratio of 13.26.
Boaz Weinstein, a prominent figure associated with Saba Capital, also signed off on these transactions. The sales were reported in a Form 4 filing with the Securities and Exchange Commission. Notably, NXJ has maintained its dividend payments for 25 consecutive years, demonstrating a strong track record of shareholder returns.
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