Nuveen Quality Municipal Income Fund (NYSE:NAD) Stock Crosses Above 50 Day Moving Average – Should You Sell?

Nuveen Quality Municipal Income Fund (NYSE:NAD) shares crossed above its 50 day moving average during trading on Thursday. The stock has a 50 day moving average of $10.71 and traded as high as $10.75. Nuveen Quality Municipal Income Fund shares last traded at $10.7350, with a volume of 1,074,744 shares changing hands.

Nuveen Quality Municipal Income Fund Price Performance

The firm’s 50-day simple moving average is $10.69 and its 200-day simple moving average is $11.58.

Nuveen Quality Municipal Income Fund Announces Dividend

The company also recently declared a monthly dividend, which will be paid on Monday, November 2nd. Investors of record on Thursday, October 15th will be issued a $0.0705 dividend. The ex-dividend date is Thursday, October 15th. This represents a $0.85 dividend on an annualized basis and a dividend yield of 7.8%.

Insider Buying and Selling

In other Nuveen Quality Municipal Income Fund news, insider Young L. Robert sold 32,727 shares of the firm’s stock in a transaction on Friday, October 16th. The stock was sold at an average price of $10.32, for a total transaction of $337,742.64. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Terence J. Toth bought 7,090 shares of the firm’s stock in a transaction on Wednesday, October 14th. The shares were purchased at an average cost of $10.13 per share, with a total value of $71,821.70. Following the completion of the transaction, the insider owned 11,221 shares in the company, valued at $113,668.73. This represents a 171.63% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure.

Hedge Funds Weigh In On Nuveen Quality Municipal Income Fund

Several institutional investors have recently made changes to their positions in the company. Royal Bank of Canada grew its holdings in Nuveen Quality Municipal Income Fund by 7.0% in the first quarter. Royal Bank of Canada now owns 962,548 shares of the financial services provider’s stock worth $11,070,000 after purchasing an additional 62,641 shares during the last quarter. Quantinno Capital Management LP acquired a new position in shares of Nuveen Quality Municipal Income Fund during the first quarter worth $446,000. Bank of New York Mellon Corp lifted its holdings in shares of Nuveen Quality Municipal Income Fund by 23.6% during the 1st quarter. Bank of New York Mellon Corp now owns 43,275 shares of the financial services provider’s stock valued at $498,000 after purchasing an additional 8,268 shares during the last quarter. David J Yvars Group lifted its holdings in shares of Nuveen Quality Municipal Income Fund by 12.9% during the 2nd quarter. David J Yvars Group now owns 19,300 shares of the financial services provider’s stock valued at $234,000 after purchasing an additional 2,200 shares during the last quarter. Finally, Segall Bryant & Hamill LLC acquired a new stake in shares of Nuveen Quality Municipal Income Fund in the 1st quarter worth $218,000.

About Nuveen Quality Municipal Income Fund

Nuveen Quality Municipal Income Fund is a closed-end investment company listed on the New York Stock Exchange under the symbol NAD. The fund seeks to provide current income that is exempt from regular U.S. federal income tax by investing primarily in municipal securities issued by states, cities, counties, and other public entities.

The fund’s portfolio may include bonds financing public infrastructure and essential services, such as transportation, education, health care, utilities, and water and sewer systems.