In a recent transaction on July 2, 2024, Robert Young L, a trustee of the Nuveen Quality Municipal Income Fund (NYSE:NAD), acquired shares valued at approximately $199,989. The purchase, which totaled 16,977 shares, was executed at a price of $11.78 per share, according to a Form 4 filing with the Securities and Exchange Commission.
This transaction has increased Young's total holdings in the fund to 32,727 shares. The acquisition was made directly by Young and was reported in a regulatory filing signed under the power of attorney by Mark L. Winget, indicating that the trustee has previously granted the power to execute such forms on his behalf.
The Nuveen Quality Municipal Income Fund is known for its focus on municipal bond investments, aiming to provide investors with a high level of current income exempt from regular federal income taxes. The fund trades under the ticker symbol NAD on the New York Stock Exchange.
Investors often keep an eye on insider transactions like these as they can provide valuable insights into the confidence levels of a company's executives and trustees in the fund's performance and prospects. The details of such transactions are routinely made public through SEC filings to ensure transparency and maintain fair trading practices in the financial markets.
The Nuveen Quality Municipal Income Fund has not provided any comments or additional details regarding the transaction at this time.
InvestingPro Insights
The recent insider purchase by trustee Robert Young L of the Nuveen Quality Municipal Income Fund (NYSE:NAD) aligns with several positive indicators for the fund. With a market capitalization of $2.75 billion, NAD stands as a substantial entity in the municipal bond market. One of the InvestingPro Tips notes that the fund has maintained dividend payments for an impressive 26 consecutive years, which showcases its commitment to delivering consistent returns to shareholders.
Moreover, the fund's dividend yield is notably high at 7.72%, which is particularly attractive to income-focused investors. This is complemented by the fund's performance, trading near its 52-week high at 98.74% of this threshold, reflecting investor confidence and a potentially bullish outlook for the fund. Additionally, NAD's stock is characterized by low price volatility, which may appeal to conservative investors seeking stability in their investment portfolios.
On the financial metrics front, the fund's revenue for the last twelve months as of Q4 2023 stood at approximately $223.32 million, with a modest revenue growth of 3.64%. While the P/E ratio is relatively high at 63.68, indicating a premium valuation, the fund's solid track record of dividend payments and current yield could justify this for dividend-seeking investors.
For those interested in a deeper analysis, there are additional InvestingPro Tips available at https://www.investing.com/pro/NAD. Subscribers can use the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription, unlocking a wealth of investment insights and data.
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