Saba Capital Management, L.P. and Boaz Weinstein, both significant stakeholders in Nuveen New Jersey Quality Municipal Income Fund (NYSE:NXJ), reported stock sales totaling $646,286, according to recent filings with the Securities and Exchange Commission. The fund, with a market capitalization of $516 million, offers investors a substantial 7.45% dividend yield and has maintained consistent dividend payments for 24 consecutive years, according to InvestingPro data.
The transactions, which occurred over two days, involved the sale of 16,320 shares on December 10 at $12.63 per share and 34,906 shares on December 11 at $12.61 per share. Following these transactions, the investors hold 5,395,827 shares of the fund. The stock has demonstrated low volatility with a beta of 0.51 and has delivered a solid year-to-date return of approximately 13%.
These sales are part of regular portfolio management activities by Saba Capital and Weinstein, who are known for their strategic investments in municipal funds. InvestingPro subscribers can access additional insights and 6 more ProTips about NXJ's financial health and market performance.
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