Saba Capital Management, L.P., a significant shareholder in Nuveen New Jersey Quality Municipal Income Fund (NYSE:NXJ), has reported a sale of shares valued at $334,992. The transaction, which took place on November 19, involved the sale of 27,324 shares at a price of $12.26 each. Following this sale, Saba Capital Management retains ownership of 5,771,659 shares in the fund. The filing, submitted by Boaz Weinstein and signed by Zachary Gindes, reflects the ongoing management of their investment portfolio.
InvestingPro Insights
While Saba Capital Management has reduced its position in Nuveen New Jersey Quality Municipal Income Fund (NYSE:NXJ), individual investors might find the fund's characteristics intriguing. According to InvestingPro data, NXJ boasts a substantial dividend yield of 7.71%, which aligns with one of the InvestingPro Tips highlighting that the fund "pays a significant dividend to shareholders." This high yield could be particularly attractive to income-focused investors in the current market environment.
Furthermore, NXJ has demonstrated consistency in its dividend payments, with an InvestingPro Tip noting that it "has maintained dividend payments for 24 consecutive years." This long-standing commitment to shareholder returns may provide some reassurance to investors concerned about the fund's income stability, especially in light of Saba Capital's recent share sale.
The fund's market capitalization stands at $504.69 million, placing it in the small-cap category. With a P/E ratio of 13.57, NXJ appears to be reasonably valued compared to broader market averages. However, investors should note that an InvestingPro Tip suggests the "valuation implies a poor free cash flow yield," which could be a point of consideration for value-oriented investors.
For those interested in a more comprehensive analysis, InvestingPro offers additional tips and metrics that could provide deeper insights into NXJ's investment potential. Currently, there are 6 additional InvestingPro Tips available for this fund, which could help investors make more informed decisions about its place in their portfolios.
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