Michael S. Hamilton, the Portfolio Manager of Nuveen AMT-Free Quality Municipal Income Fund (NYSE:NEA), has purchased shares of the fund worth approximately $24,958. The transaction took place on August 20, 2024, and involved the acquisition of 2,147 shares at the price of $11.625 each.
The recent transaction indicates a bolstering of Hamilton's position in the fund, as he now holds these shares in a joint account. This purchase by a key insider often garners the attention of investors, as it can be indicative of the manager's confidence in the fund's future performance.
Nuveen AMT-Free Quality Municipal Income Fund, with its ticker symbol NEA, is a well-known entity in the municipal bond market, providing investors with exposure to high-quality, tax-free income. The fund's investment strategies and portfolio allocations are closely watched by market participants for signs of market trends and fund performance.
The buy transaction by Hamilton is a direct investment into the fund and reflects a commitment to the fund's strategy and potential for growth. Investors and market analysts often look to such insider transactions for insights into a fund's health and the sentiment of its managers.
As with all insider transactions, this purchase was reported in a Form 4 filing with the Securities and Exchange Commission (SEC), ensuring transparency and adherence to regulatory requirements. The filing was signed under power of attorney by Mark L. Winget, indicating that the transaction was executed by an appointed attorney-in-fact, a common practice in such filings.
Investors will continue to monitor insider activity and fund performance for clues on the direction of the Nuveen AMT-Free Quality Municipal Income Fund as the municipal bond market evolves.
InvestingPro Insights
Amidst the recent insider purchase, Nuveen AMT-Free Quality Municipal Income Fund (NYSE:NEA) presents a compelling case for investors seeking stability and income. With a market capitalization of $3.47 billion and a notably high dividend yield of 7.54%, the fund stands out as a significant dividend payer. This is further supported by an InvestingPro Tip highlighting that NEA has maintained dividend payments for 22 consecutive years, illustrating a strong track record of returning value to shareholders.
The fund's commitment to shareholder returns is also evident in its stock's low price volatility, another InvestingPro Tip that suggests NEA's share price experiences less fluctuation compared to the broader market. This could be an attractive feature for conservative investors looking for less risky assets.
On the performance front, NEA has been profitable over the last twelve months, and its shares are trading near their 52-week high, at 98.56% of the peak value. The fund's price has seen an 18.48% total return over the past year, indicating a strong performance in the market.
For investors seeking more insights and detailed analysis, additional InvestingPro Tips are available that can shed light on the fund's valuation, liquidity, and other financial metrics. The full suite of tips can be found on the dedicated InvestingPro page for NEA at https://www.investing.com/pro/NEA.
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