Saba Capital Management, L.P. and Boaz Weinstein, both significant shareholders of Nuveen New Jersey Quality Municipal Income Fund (NYSE:NXJ), recently reported transactions involving the sale of common stock. The fund, currently valued at $498.09 million, has maintained consistent dividend payments for 25 consecutive years, according to InvestingPro data. According to the SEC filing, the sales occurred over two consecutive days in early January 2025.
On January 2, 2025, a total of 28,992 shares were sold at a price of $12.09 per share. The following day, January 3, saw an additional 44,195 shares sold at $12.14 per share. These transactions amounted to a combined total of $887,040. The current share price of $12.08 sits near its 52-week range of $11.45 to $13.13, with the fund offering an attractive 7.73% dividend yield.
After these sales, the shareholders reported owning 5,200,041 shares of the fund, indicating a significant stake remains in their possession. Both Saba Capital Management and Boaz Weinstein are recognized as ten percent owners of the fund. With a beta of 0.52, InvestingPro analysis shows the fund typically trades with low volatility compared to the broader market.
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