Nuveen Quality Municipal Income Fund (NYSE:NAD) Stock Passes Below 200 Day Moving Average – Here’s Why

Nuveen Quality Municipal Income Fund (NYSE:NAD) shares passed below its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $11.93 and traded as low as $11.71. Nuveen Quality Municipal Income Fund shares last traded at $11.8350, with a volume of 686,082 shares changing hands.

Nuveen Quality Municipal Income Fund Trading Up 1.3%

The stock’s 50-day simple moving average is $11.74 and its 200 day simple moving average is $11.93.

Nuveen Quality Municipal Income Fund Announces Dividend

The company also recently declared a monthly dividend, which will be paid on Wednesday, July 1st. Shareholders of record on Monday, June 15th will be given a dividend of $0.0705 per share. The ex-dividend date of this dividend is Monday, June 15th. This represents a c) dividend on an annualized basis and a yield of 7.1%.

Hedge Funds Weigh In On Nuveen Quality Municipal Income Fund

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. NewEdge Advisors LLC boosted its position in shares of Nuveen Quality Municipal Income Fund by 4.2% during the 1st quarter. NewEdge Advisors LLC now owns 387,632 shares of the financial services provider’s stock worth $4,458,000 after purchasing an additional 15,797 shares in the last quarter. Segall Bryant & Hamill LLC bought a new position in shares of Nuveen Quality Municipal Income Fund during the 1st quarter worth about $218,000. Royal Bank of Canada boosted its position in shares of Nuveen Quality Municipal Income Fund by 7.0% during the 1st quarter. Royal Bank of Canada now owns 962,548 shares of the financial services provider’s stock worth $11,070,000 after purchasing an additional 62,641 shares in the last quarter. Quantinno Capital Management LP bought a new position in shares of Nuveen Quality Municipal Income Fund during the 1st quarter worth about $446,000. Finally, Gateway Wealth Partners LLC bought a new position in shares of Nuveen Quality Municipal Income Fund during the 1st quarter worth about $115,000.

About Nuveen Quality Municipal Income Fund

Nuveen Quality Municipal Income Fund (NYSE:NAD) is a closed-end management investment company that seeks to provide shareholders with a high level of current income exempt from federal income taxes. The fund primarily invests in a diversified portfolio of investment-grade municipal securities, including general obligation and revenue bonds, issued by state and local governments across the United States. By focusing on high-quality issuers, the fund aims to balance income generation with prudent risk management.

Launched in July 2022, NAD is managed by Nuveen Asset Management, a subsidiary of TIAA with decades of experience in municipal bond investing.