Nuveen Pennsylvania Quality Municipal Income Fund (NYSE:NQP) Sees Large Increase in Short Interest

Nuveen Pennsylvania Quality Municipal Income Fund (NYSE:NQP) was the target of a large growth in short interest in January. As of January 15th, there was short interest totaling 26,972 shares, a growth of 124.1% from the December 31st total of 12,037 shares. Approximately 0.1% of the company’s stock are short sold. Based on an average trading volume of 129,796 shares, the days-to-cover ratio is presently 0.2 days. Based on an average trading volume of 129,796 shares, the days-to-cover ratio is presently 0.2 days. Approximately 0.1% of the company’s stock are short sold.

Insiders Place Their Bets

In other Nuveen Pennsylvania Quality Municipal Income Fund news, major shareholder Saba Capital Management, L.P. sold 174,255 shares of Nuveen Pennsylvania Quality Municipal Income Fund stock in a transaction dated Friday, November 14th. The stock was sold at an average price of $12.19, for a total value of $2,124,168.45. Following the sale, the insider owned 3,869,727 shares of the company’s stock, valued at $47,171,972.13. This trade represents a 4.31% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Over the last three months, insiders have sold 718,487 shares of company stock valued at $8,703,856. 1.00% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Highline Wealth Partners LLC acquired a new position in shares of Nuveen Pennsylvania Quality Municipal Income Fund during the 3rd quarter worth about $36,000. NewEdge Advisors LLC bought a new stake in Nuveen Pennsylvania Quality Municipal Income Fund during the second quarter worth about $113,000. Steward Partners Investment Advisory LLC grew its stake in Nuveen Pennsylvania Quality Municipal Income Fund by 10.4% in the second quarter. Steward Partners Investment Advisory LLC now owns 12,700 shares of the financial services provider’s stock valued at $142,000 after purchasing an additional 1,200 shares in the last quarter. Virtu Financial LLC increased its position in shares of Nuveen Pennsylvania Quality Municipal Income Fund by 12.5% during the 3rd quarter. Virtu Financial LLC now owns 15,414 shares of the financial services provider’s stock worth $185,000 after purchasing an additional 1,710 shares during the last quarter. Finally, Focus Partners Wealth acquired a new position in shares of Nuveen Pennsylvania Quality Municipal Income Fund during the 1st quarter worth approximately $186,000. Institutional investors and hedge funds own 30.58% of the company’s stock.

Nuveen Pennsylvania Quality Municipal Income Fund Stock Up 0.2%

Shares of NQP stock traded up $0.02 on Thursday, hitting $11.91. 59,260 shares of the stock were exchanged, compared to its average volume of 111,141. Nuveen Pennsylvania Quality Municipal Income Fund has a fifty-two week low of $10.65 and a fifty-two week high of $12.23. The business has a 50-day moving average of $12.00 and a 200 day moving average of $11.66.

Nuveen Pennsylvania Quality Municipal Income Fund Dividend Announcement

The firm also recently disclosed a monthly dividend, which will be paid on Monday, February 2nd. Stockholders of record on Thursday, January 15th will be issued a $0.078 dividend. The ex-dividend date is Thursday, January 15th. This represents a c) dividend on an annualized basis and a dividend yield of 7.9%.

About Nuveen Pennsylvania Quality Municipal Income Fund

Nuveen Pennsylvania Quality Municipal Income Fund (NYSE: NQP) is a closed-end management investment company that seeks to provide a high level of current income exempt from federal and Pennsylvania state income taxes. Launched in the early 1980s, the Fund primarily invests in investment-grade municipal securities issued by state and local government entities within Pennsylvania, targeting bonds that finance public infrastructure, healthcare facilities, educational institutions and utility projects.

Under its 80% asset policy, the Fund allocates the majority of its portfolio to bonds rated ‘BBB’ or higher, emphasizing general obligation and revenue-secured municipal debt.