Nuveen Floating Rate Income Fund (NYSE:JFR) Share Price Passes Below 50 Day Moving Average – Here’s Why

Nuveen Floating Rate Income Fund (NYSE:JFR) shares passed below its 50-day moving average during trading on Friday . The stock has a 50-day moving average of $7.65 and traded as low as $7.44. Nuveen Floating Rate Income Fund shares last traded at $7.4850, with a volume of 568,904 shares traded.

Nuveen Floating Rate Income Fund Stock Down 0.1%

The business’s 50 day simple moving average is $7.65 and its 200 day simple moving average is $7.57.

Nuveen Floating Rate Income Fund Dividend Announcement

The business also recently disclosed a monthly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Tuesday, September 15th will be paid a dividend of $0.078 per share. This represents a c) annualized dividend and a yield of 12.5%. The ex-dividend date of this dividend is Tuesday, September 15th.

Insider Activity

In other news, insider Terence J. Toth sold 4,464 shares of the firm’s stock in a transaction that occurred on Tuesday, September 8th. The stock was sold at an average price of $7.65, for a total value of $34,149.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of JFR. Greykasell Wealth Strategies Inc. purchased a new stake in shares of Nuveen Floating Rate Income Fund in the fourth quarter valued at $25,000. Cassaday & Co Wealth Management LLC bought a new position in Nuveen Floating Rate Income Fund during the 1st quarter valued at about $41,000. Asset Dedication LLC bought a new position in Nuveen Floating Rate Income Fund during the 1st quarter valued at about $42,000. Axiom Investment Management LLC purchased a new stake in Nuveen Floating Rate Income Fund in the 1st quarter worth about $48,000. Finally, Northwestern Mutual Wealth Management Co. purchased a new stake in Nuveen Floating Rate Income Fund in the 2nd quarter worth about $79,000.

About Nuveen Floating Rate Income Fund

Nuveen Floating Rate Income Fund (NYSE: JFR) is a diversified, closed-end management investment company that seeks to provide current income by primarily investing in floating rate senior loans and other floating rate debt instruments. The fund focuses on senior secured loans issued by U.S. and non-U.S. corporations, aiming to benefit from variable interest payments that adjust with prevailing short-term rates and to help mitigate interest-rate risk. In pursuing its objective, the fund may also allocate assets to high-yield corporate debt, bank debt and other floating-rate instruments across a range of industries.

The fund employs leverage and a disciplined credit review process to enhance income generation.