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Saba Capital Management, L.P., a significant stakeholder in Nuveen New Jersey Quality Municipal Income Fund (NYSE:NXJ), has recently sold shares worth $639,939. The transactions, executed on December 24 and December 26, involved the sale of 53,512 shares at prices ranging from $11.94 to $11.96 per share. The fund, known for its impressive 7.87% dividend yield and historically low price volatility with a beta of 0.51, currently maintains a market capitalization of $490.67 million.
Following these transactions, Saba Capital, led by Boaz Weinstein, holds 5,281,191 shares indirectly. The sales reflect a strategic move by the firm, which continues to maintain a substantial position in the municipal income fund. Trading near its 52-week low of $11.45, the fund has maintained dividend payments for 24 consecutive years. InvestingPro analysis reveals several additional key metrics and insights about NXJ's financial health and market position.
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