Nuveen Floating Rate Income Fund (NYSE:JFR) Stock Price Crosses Below Fifty Day Moving Average – Should You Sell?

Nuveen Floating Rate Income Fund (NYSE:JFR) crossed below its 50-day moving average during trading on Wednesday. The stock has a 50-day moving average of $7.59 and traded as low as $7.33. Nuveen Floating Rate Income Fund shares last traded at $7.4250, with a volume of 1,461,713 shares trading hands.

Nuveen Floating Rate Income Fund Trading Down 0.9%

The stock has a 50-day simple moving average of $7.59 and a 200 day simple moving average of $7.57.

Nuveen Floating Rate Income Fund Dividend Announcement

The firm also recently announced a monthly dividend, which will be paid on Monday, November 2nd. Shareholders of record on Thursday, October 15th will be given a dividend of $0.0780 per share. The ex-dividend date is Thursday, October 15th. This represents a $0.94 dividend on an annualized basis and a yield of 12.7%.

Insider Activity

In other news, insider Terence J. Toth sold 4,464 shares of the stock in a transaction that occurred on Tuesday, September 8th. The shares were 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 SEC, which can be accessed through this link.

Institutional Investors Weigh In On Nuveen Floating Rate Income Fund

Institutional investors and hedge funds have recently bought and sold shares of the stock. NewEdge Advisors LLC increased its position in Nuveen Floating Rate Income Fund by 24.0% during the second quarter. NewEdge Advisors LLC now owns 277,570 shares of the company’s stock worth $2,129,000 after buying an additional 53,725 shares in the last quarter. Corient Private Wealth LP purchased a new stake in shares of Nuveen Floating Rate Income Fund in the second quarter valued at $92,000. Ameritas Advisory Services LLC acquired a new stake in shares of Nuveen Floating Rate Income Fund during the second quarter valued at $132,000. Fortitude Advisory Group L.L.C. increased its position in Nuveen Floating Rate Income Fund by 20.1% during the 2nd quarter. Fortitude Advisory Group L.L.C. now owns 54,980 shares of the company’s stock worth $422,000 after purchasing an additional 9,199 shares in the last quarter. Finally, Concurrent Investment Advisors LLC raised its stake in Nuveen Floating Rate Income Fund by 3.8% in the 2nd quarter. Concurrent Investment Advisors LLC now owns 41,091 shares of the company’s stock valued at $315,000 after purchasing an additional 1,509 shares during the last quarter.

Nuveen Floating Rate Income Fund Company Profile

Nuveen Floating Rate Income Fund is a closed-end investment company listed on the New York Stock Exchange under the symbol JFR. The fund seeks to provide a high level of current income by investing primarily in floating-rate senior secured loans and other floating-rate debt instruments.

Its portfolio generally focuses on loans made to companies with below-investment-grade credit ratings or companies whose credit quality is comparable to below-investment-grade issuers. These investments may offer protection against rising interest rates because their interest payments typically adjust periodically based on changes in short-term reference rates.

The fund may invest across a range of industries and in issuers located in the United States and other countries.