Nuveen Arizona Quality Municipal Income Fund (NYSE:NAZ) Sees Large Decrease in Short Interest

Key Points

• Short interest in NAZ fell sharply in June, dropping 45.1% to 43,919 shares as of June 30 from 79,997 shares on June 15. That leaves only 0.3% of shares sold short, with a days-to-cover ratio of 2.3.
• The fund continues to attract institutional activity, with several firms increasing or initiating positions, including CoreCap Advisors and Royal Bank of Canada. Institutional investors and hedge funds now own 15.28% of the shares.
• NAZ announced a monthly dividend of $0.062 per share, payable August 3 to shareholders of record on July 15. The dividend implies an annualized yield of 5.9%.

Nuveen Arizona Quality Municipal Income Fund (NYSE:NAZ - Get Free Report) was the recipient of a large drop in short interest in the month of June. As of June 30th, there was short interest totaling 43,919 shares, a drop of 45.1% from the June 15th total of 79,997 shares. Based on an average trading volume of 19,056 shares, the days-to-cover ratio is presently 2.3 days. Currently, 0.3% of the shares of the stock are sold short.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in NAZ. CoreCap Advisors LLC boosted its stake in Nuveen Arizona Quality Municipal Income Fund by 125.0% during the fourth quarter. CoreCap Advisors LLC now owns 4,500 shares of the investment management company's stock worth $53,000 after buying an additional 2,500 shares during the last quarter. Diversify Wealth Management LLC acquired a new stake in shares of Nuveen Arizona Quality Municipal Income Fund during the 2nd quarter worth about $169,000. NewEdge Advisors LLC acquired a new stake in shares of Nuveen Arizona Quality Municipal Income Fund during the 1st quarter worth about $211,000. Royal Bank of Canada raised its holdings in Nuveen Arizona Quality Municipal Income Fund by 12.3% in the 4th quarter. Royal Bank of Canada now owns 18,712 shares of the investment management company's stock valued at $222,000 after buying an additional 2,056 shares during the period. Finally, Kingswood Wealth Advisors LLC raised its stake in shares of Nuveen Arizona Quality Municipal Income Fund by 26.7% in the 4th quarter. Kingswood Wealth Advisors LLC now owns 19,000 shares of the investment management company's stock valued at $226,000 after acquiring an additional 4,000 shares during the period. 15.28% of the stock is currently owned by institutional investors and hedge funds.

Nuveen Arizona Quality Municipal Income Fund Stock Performance

NAZ opened at $12.60 on Wednesday. Nuveen Arizona Quality Municipal Income Fund has a twelve month low of $11.50 and a twelve month high of $13.42. The company has a 50-day moving average price of $12.75 and a 200 day moving average price of $12.39.

Nuveen Arizona Quality Municipal Income Fund Announces Dividend

The firm also recently announced a monthly dividend, which will be paid on Monday, August 3rd. Shareholders of record on Wednesday, July 15th will be paid a dividend of $0.062 per share. This represents a c) annualized dividend and a yield of 5.9%. The ex-dividend date of this dividend is Wednesday, July 15th.

Nuveen Arizona Quality Municipal Income Fund Company Profile

Nuveen Arizona Quality Municipal Income Fund NYSE: NAZ is a closed-end management investment company that seeks to provide shareholders with a high level of current income that is exempt from regular U.S. federal income tax. Managed by Nuveen Asset Management, the fund focuses on investment-grade municipal obligations issued by or on behalf of entities located in the state of Arizona. Its portfolio typically includes general obligation bonds, revenue bonds and essential-purpose municipal securities backed by state and local governments and quasi-governmental agencies.

The fund employs fundamental credit analysis to select bonds that meet rigorous quality standards, aiming to preserve principal while generating tax-advantaged income.

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