Saba Capital Management, L.P., a prominent investment firm, has reported selling shares of the Nuveen New Jersey Quality Municipal Income Fund (NYSE:NXJ), a $521 million market cap fund known for its impressive 7.44% dividend yield. The transactions, disclosed in a recent SEC filing, took place on December 5 and December 6, involving a total of 43,047 shares sold.
The sales were executed at prices ranging from $12.64 to $12.66 per share, amounting to a total transaction value of $544,743. Following these sales, Saba Capital Management retains ownership of 5,464,146 shares in the fund. InvestingPro data shows the fund has maintained dividend payments for 24 consecutive years, with the stock showing relatively low volatility with a beta of 0.51.
Boaz Weinstein, a significant stakeholder, is associated with these transactions. The sales reflect ongoing portfolio management activities by Saba Capital, which holds a substantial position in the municipal income fund. The fund has demonstrated strong performance with a 13.52% year-to-date total return, according to InvestingPro, which offers additional insights and metrics for investors.
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