Nuveen Municipal Income Fund (NYSE:NMI) Stock Price Down 1.1% – Here’s What Happened
by Tristan Rich · The Markets DailyNuveen Municipal Income Fund, Inc. (NYSE:NMI – Get Free Report) shares were down 1.1% during trading on Wednesday . The company traded as low as $10.03 and last traded at $10.33. Approximately 29,210 shares traded hands during mid-day trading, an increase of 2% from the average daily volume of 28,726 shares. The stock had previously closed at $10.45.
Nuveen Municipal Income Fund Price Performance
The firm has a 50 day moving average of $10.02 and a two-hundred day moving average of $10.01.
Nuveen Municipal Income Fund Dividend Announcement
The business also recently announced a monthly dividend, which was paid on Wednesday, April 1st. Stockholders of record on Friday, March 13th were paid a $0.038 dividend. This represents a c) dividend on an annualized basis and a dividend yield of 4.5%. The ex-dividend date of this dividend was Friday, March 13th.
Hedge Funds Weigh In On Nuveen Municipal Income Fund
A number of hedge funds have recently bought and sold shares of NMI. Commonwealth Equity Services LLC increased its stake in Nuveen Municipal Income Fund by 8.8% during the 4th quarter. Commonwealth Equity Services LLC now owns 33,081 shares of the company’s stock valued at $328,000 after purchasing an additional 2,665 shares in the last quarter. Steward Partners Investment Advisory LLC bought a new position in shares of Nuveen Municipal Income Fund in the fourth quarter worth approximately $37,000. Raymond James Financial Inc. purchased a new stake in shares of Nuveen Municipal Income Fund during the second quarter valued at approximately $72,000. Jacobi Capital Management LLC increased its position in shares of Nuveen Municipal Income Fund by 38.3% during the fourth quarter. Jacobi Capital Management LLC now owns 27,754 shares of the company’s stock valued at $276,000 after acquiring an additional 7,692 shares in the last quarter. Finally, LPL Financial LLC increased its position in shares of Nuveen Municipal Income Fund by 10.6% during the fourth quarter. LPL Financial LLC now owns 80,541 shares of the company’s stock valued at $800,000 after acquiring an additional 7,727 shares in the last quarter. Institutional investors own 16.57% of the company’s stock.
Nuveen Municipal Income Fund Company Profile
Nuveen Municipal Income Fund (NYSE: NMI) is a closed-end management investment company that seeks to provide current income exempt from federal income tax. The fund primarily invests in municipal obligations issued by U.S. states, territories and municipalities, as well as certain municipal securities issued outside the United States. By focusing on a diversified portfolio of investment-grade and select below-investment-grade municipal bonds, NMI aims to deliver tax-advantaged income to its shareholders.
The fund’s portfolio typically includes general obligation bonds, revenue bonds and other municipal securities across a broad range of sectors, including transportation, utilities, health care and education.