NEW YORK—Saba Capital Management, L.P., a significant shareholder in Nuveen New Jersey Quality Municipal Income Fund (NYSE:NXJ), has recently sold a portion of its holdings. According to a regulatory filing, the firm sold 39,244 shares at a price of $12.62 per share, amounting to a total transaction value of approximately $495,259.
Following this transaction, Saba Capital Management retains ownership of 5,940,354 shares of Nuveen New Jersey Quality Municipal Income Fund. The sale was executed on October 25, 2024, and was disclosed in a filing submitted on October 28, 2024.
Saba Capital, led by Boaz Weinstein, is known for its strategic investments in closed-end funds and other financial instruments. The firm, along with Weinstein, holds more than a ten percent stake in the fund, which focuses on providing high current income exempt from regular federal and New Jersey income taxes.
InvestingPro Insights
While Saba Capital Management has reduced its position in Nuveen New Jersey Quality Municipal Income Fund (NYSE:NXJ), the fund continues to offer attractive features for income-focused investors. According to InvestingPro data, NXJ boasts a substantial dividend yield of 7.47%, with its last ex-dividend date on October 15, 2024. This aligns with one of the InvestingPro Tips, which highlights that NXJ "pays a significant dividend to shareholders."
The fund's commitment to shareholder returns is further underscored by another InvestingPro Tip, which notes that NXJ "has maintained dividend payments for 24 consecutive years." This long-standing dividend history may be particularly appealing to investors seeking stable income streams in the current market environment.
Despite Saba Capital's recent sale, NXJ's financial metrics remain solid. The fund reported a gross profit margin of 100% for the last twelve months as of Q4 2024, indicating efficient management of its investment portfolio. Additionally, with a P/E ratio of 14, the fund appears reasonably valued relative to its earnings.
Investors interested in a deeper analysis of NXJ can access additional insights through InvestingPro, which offers 7 more tips beyond those mentioned here, providing a comprehensive view of the fund's potential.
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