Nuveen California Quality Municipal Income Fund (NYSE:NAC) Shares Pass Below 50 Day Moving Average – Should You Sell?

Shares of Nuveen California Quality Municipal Income Fund (NYSE:NAC) crossed below its 50-day moving average during trading on Tuesday . The stock has a 50-day moving average of $11.95 and traded as low as $11.85. Nuveen California Quality Municipal Income Fund shares last traded at $11.8550, with a volume of 296,386 shares changing hands.

Nuveen California Quality Municipal Income Fund Trading Up 1.1%

The firm has a 50-day moving average of $11.95 and a 200-day moving average of $11.88.

Nuveen California Quality Municipal Income Fund Announces Dividend

The business also recently disclosed a monthly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Friday, August 14th will be paid a dividend of $0.0695 per share. This represents a c) dividend on an annualized basis and a dividend yield of 7.0%. The ex-dividend date of this dividend is Friday, August 14th.

Hedge Funds Weigh In On Nuveen California Quality Municipal Income Fund

Several hedge funds and other institutional investors have recently modified their holdings of the company. Royal Bank of Canada increased its holdings in Nuveen California Quality Municipal Income Fund by 8.1% during the 1st quarter. Royal Bank of Canada now owns 125,135 shares of the company’s stock valued at $1,407,000 after purchasing an additional 9,425 shares during the period. NewEdge Advisors LLC increased its stake in shares of Nuveen California Quality Municipal Income Fund by 41.6% during the first quarter. NewEdge Advisors LLC now owns 70,068 shares of the company’s stock valued at $788,000 after buying an additional 20,593 shares during the period. Jane Street Group LLC purchased a new position in shares of Nuveen California Quality Municipal Income Fund during the first quarter valued at approximately $300,000. Ameriprise Financial Inc. raised its holdings in shares of Nuveen California Quality Municipal Income Fund by 3.9% during the second quarter. Ameriprise Financial Inc. now owns 118,150 shares of the company’s stock valued at $1,320,000 after acquiring an additional 4,399 shares in the last quarter. Finally, Bank of America Corp DE lifted its stake in Nuveen California Quality Municipal Income Fund by 8.3% in the second quarter. Bank of America Corp DE now owns 494,618 shares of the company’s stock worth $5,525,000 after acquiring an additional 37,729 shares during the period.

About Nuveen California Quality Municipal Income Fund

Nuveen California Quality Municipal Income Fund (NYSE: NAC) is a closed-end management investment company that seeks to provide investors with a high level of current income exempt from federal and California state income taxes, with a secondary objective of capital appreciation. The fund primarily acquires a diversified portfolio of municipal securities issued by entities located in California, focusing on investment-grade bonds. These securities typically include general obligation bonds, revenue bonds and other taxable or tax-advantaged instruments that finance public projects such as transportation, education and utilities.

In managing the portfolio, the fund’s investment team applies rigorous credit research to identify issuers with strong balance sheets, stable revenue streams and manageable debt levels.