Nuveen California Select Tax-Free Income Portfolio (NYSE:NXC) Trading 0.6% Higher – Still a Buy?

Nuveen California Select Tax-Free Income Portfolio (NYSE:NXC) traded up 0.6% on Wednesday . The stock traded as high as $13.26 and last traded at $13.25. 14,990 shares changed hands during mid-day trading, a decline of 37% from the average session volume of 23,983 shares. The stock had previously closed at $13.17.

Nuveen California Select Tax-Free Income Portfolio Stock Performance

The business has a 50 day moving average of $13.19 and a 200-day moving average of $13.00.

Nuveen California Select Tax-Free Income Portfolio Announces Dividend

The company also recently declared a monthly dividend, which will be paid on Wednesday, December 31st. Stockholders of record on Monday, December 15th will be issued a $0.043 dividend. This represents a c) dividend on an annualized basis and a dividend yield of 3.9%. The ex-dividend date of this dividend is Monday, December 15th.

Hedge Funds Weigh In On Nuveen California Select Tax-Free Income Portfolio

Hedge funds have recently bought and sold shares of the company. Jones Financial Companies Lllp lifted its stake in Nuveen California Select Tax-Free Income Portfolio by 24.1% in the 3rd quarter. Jones Financial Companies Lllp now owns 6,489 shares of the company’s stock worth $84,000 after purchasing an additional 1,262 shares in the last quarter. Gerber Kawasaki Wealth & Investment Management bought a new position in shares of Nuveen California Select Tax-Free Income Portfolio in the third quarter worth $130,000. Caprock Group LLC purchased a new stake in shares of Nuveen California Select Tax-Free Income Portfolio in the third quarter worth $149,000. Equitable Holdings Inc. purchased a new stake in shares of Nuveen California Select Tax-Free Income Portfolio in the third quarter worth $165,000. Finally, Wedbush Securities Inc. boosted its stake in Nuveen California Select Tax-Free Income Portfolio by 19.5% during the third quarter. Wedbush Securities Inc. now owns 24,230 shares of the company’s stock valued at $314,000 after buying an additional 3,953 shares during the period. Hedge funds and other institutional investors own 11.89% of the company’s stock.

About Nuveen California Select Tax-Free Income Portfolio

Nuveen California Select Tax-Free Income Portfolio (NYSE: NXC) is a closed-end management investment company that seeks to provide investors with a high level of current income exempt from federal regular and California personal income taxes. The fund primarily invests in municipal securities issued by the state of California and its political subdivisions, including general obligation bonds, revenue bonds and other public financings. By focusing on California‐issued tax-exempt obligations, the portfolio aims to deliver a tax‐advantaged yield profile for individual and institutional shareholders with exposure to the state’s credit quality.

The portfolio’s investment strategy emphasizes a diversified mix of investment-grade and below investment-grade municipal securities across various sectors such as transportation, utilities, healthcare and education.