Nuveen Municipal Credit Opportunities Fund (NYSE:NMCO) Sees Large Growth in Short Interest

Nuveen Municipal Credit Opportunities Fund (NYSE:NMCO) was the target of a significant increase in short interest in September. As of September 15th, there was short interest totaling 2,266,167 shares, an increase of 68.2% from the August 31st total of 1,347,015 shares. Based on an average trading volume of 502,467 shares, the days-to-cover ratio is currently 4.5 days.

Nuveen Municipal Credit Opportunities Fund Trading Down 1.7%

NMCO traded down $0.15 during midday trading on Thursday, hitting $8.74. The company had a trading volume of 941,790 shares, compared to its average volume of 219,890. The stock’s 50 day moving average price is $10.05 and its 200 day moving average price is $10.48. Nuveen Municipal Credit Opportunities Fund has a 52 week low of $8.65 and a 52 week high of $11.00.

Nuveen Municipal Credit Opportunities Fund Dividend Announcement

The company also recently announced a monthly dividend, which will be paid on Monday, November 2nd. Stockholders of record on Thursday, October 1st will be paid a $0.0685 dividend. The ex-dividend date is Thursday, October 1st. This represents a $0.82 annualized dividend and a dividend yield of 9.4%.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Bank of America Corp DE grew its stake in Nuveen Municipal Credit Opportunities Fund by 12.1% in the first quarter. Bank of America Corp DE now owns 1,565,852 shares of the company’s stock valued at $16,567,000 after acquiring an additional 168,635 shares during the period. Melone Private Wealth LLC lifted its holdings in shares of Nuveen Municipal Credit Opportunities Fund by 8.3% in the 2nd quarter. Melone Private Wealth LLC now owns 697,450 shares of the company’s stock worth $7,595,000 after purchasing an additional 53,453 shares in the last quarter. Hennion & Walsh Asset Management Inc. grew its position in Nuveen Municipal Credit Opportunities Fund by 72.0% in the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 320,389 shares of the company’s stock valued at $3,489,000 after purchasing an additional 134,105 shares during the period. HighTower Advisors LLC increased its stake in Nuveen Municipal Credit Opportunities Fund by 7.6% during the 2nd quarter. HighTower Advisors LLC now owns 292,789 shares of the company’s stock valued at $3,048,000 after purchasing an additional 20,619 shares in the last quarter. Finally, NewEdge Advisors LLC raised its holdings in Nuveen Municipal Credit Opportunities Fund by 1.6% during the second quarter. NewEdge Advisors LLC now owns 106,212 shares of the company’s stock worth $1,157,000 after buying an additional 1,678 shares during the last quarter.

Nuveen Municipal Credit Opportunities Fund Company Profile

Nuveen Municipal Credit Opportunities Fund (NYSE: NMCO) is a closed-end management investment company sponsored by Nuveen, a global investment manager and subsidiary of TIAA. The fund seeks to provide high current income that is exempt from regular U.S. federal income tax, with a secondary objective of enhancing total return.

NMCO invests primarily in municipal securities issued by states, municipalities, governmental authorities and other public entities across the United States. Its portfolio may include investment-grade and below-investment-grade municipal bonds, as well as other municipal credit instruments.