Short Interest in Nuveen Pennsylvania Quality Municipal Income Fund (NYSE:NQP) Drops By 49.9%

Nuveen Pennsylvania Quality Municipal Income Fund (NYSE:NQP - Get Free Report) saw a large decrease in short interest in February. As of February 28th, there was short interest totalling 24,800 shares, a decrease of 49.9% from the February 13th total of 49,500 shares. Based on an average daily trading volume, of 92,600 shares, the days-to-cover ratio is currently 0.3 days. Currently, 0.1% of the shares of the stock are sold short.

Insider Activity

In other news, major shareholder Saba Capital Management, L.P. bought 34,334 shares of the stock in a transaction dated Tuesday, December 31st. The shares were acquired at an average price of $11.16 per share, with a total value of $383,167.44. Following the acquisition, the insider now owns 5,058,973 shares in the company, valued at $56,458,138.68. This trade represents a 0.68 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 1.00% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Janney Montgomery Scott LLC raised its position in shares of Nuveen Pennsylvania Quality Municipal Income Fund by 3.1% in the 3rd quarter. Janney Montgomery Scott LLC now owns 68,839 shares of the financial services provider's stock valued at $869,000 after acquiring an additional 2,075 shares during the period. Haverford Trust Co raised its position in shares of Nuveen Pennsylvania Quality Municipal Income Fund by 27.1% in the 3rd quarter. Haverford Trust Co now owns 18,765 shares of the financial services provider's stock valued at $237,000 after acquiring an additional 4,000 shares during the period. HighTower Advisors LLC raised its position in shares of Nuveen Pennsylvania Quality Municipal Income Fund by 0.8% in the 3rd quarter. HighTower Advisors LLC now owns 184,732 shares of the financial services provider's stock valued at $2,334,000 after acquiring an additional 1,519 shares during the period. Johnson & White Wealth Management LLC acquired a new stake in shares of Nuveen Pennsylvania Quality Municipal Income Fund in the 4th quarter valued at approximately $248,000. Finally, Melfa Wealth Management Inc. raised its position in shares of Nuveen Pennsylvania Quality Municipal Income Fund by 44.9% in the 4th quarter. Melfa Wealth Management Inc. now owns 16,134 shares of the financial services provider's stock valued at $180,000 after acquiring an additional 5,000 shares during the period. Institutional investors own 30.58% of the company's stock.

Remove Ads

Nuveen Pennsylvania Quality Municipal Income Fund Stock Up 0.2 %

Shares of NQP traded up $0.03 during trading hours on Tuesday, hitting $11.34. The stock had a trading volume of 55,967 shares, compared to its average volume of 67,987. The company's fifty day moving average is $11.50 and its two-hundred day moving average is $11.86. Nuveen Pennsylvania Quality Municipal Income Fund has a 52 week low of $11.05 and a 52 week high of $12.89.

Nuveen Pennsylvania Quality Municipal Income Fund Announces Dividend

The firm also recently announced a monthly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th will be paid a $0.078 dividend. This represents a $0.94 annualized dividend and a dividend yield of 8.26%. The ex-dividend date of this dividend is Friday, March 14th.

Nuveen Pennsylvania Quality Municipal Income Fund Company Profile

Nuveen Pennsylvania Quality Municipal Income Fund is a closed ended fixed income mutual fund launched by Nuveen Investments, Inc The fund is co-managed by Nuveen Fund Advisors LLC and Nuveen Asset Management, LLC. It invests in the fixed income markets of Pennsylvania. The fund invests in tax exempt municipal bonds, with a rating of Baa/BBB or higher.