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

Key Points

• Nuveen Arizona Quality Municipal Income Fund (NYSE:NAZ) experienced a 30.0% increase in short interest in August, reaching a total of 31,600 shares.
• The fund announced a monthly dividend of $0.0655 per share, effective October 1st, representing a dividend yield of 6.7%.
• Institutional investors currently hold 15.28% of the fund's stock, with several hedge funds significantly increasing their stakes over recent quarters.

Nuveen Arizona Quality Municipal Income Fund (NYSE:NAZ - ) was the target of a large growth in short interest in the month of August. As of August 15th, there was short interest totaling 31,600 shares, agrowthof30.0% from the July 31st total of 24,300 shares. Based on an average daily trading volume, of 19,100 shares, the days-to-cover ratio is currently 1.7 days. Based on an average daily trading volume, of 19,100 shares, the days-to-cover ratio is currently 1.7 days.

Hedge Funds Weigh In On Nuveen Arizona Quality Municipal Income Fund

Several hedge funds and other institutional investors have recently modified their holdings of NAZ. Alpha Cubed Investments LLC increased its holdings in Nuveen Arizona Quality Municipal Income Fund by 41.5% during the 2nd quarter. Alpha Cubed Investments LLC now owns 118,363 shares of the investment management company's stock valued at $1,384,000 after purchasing an additional 34,737 shares in the last quarter. Cetera Investment Advisers increased its holdings in Nuveen Arizona Quality Municipal Income Fund by 1.7% during the 1st quarter. Cetera Investment Advisers now owns 105,111 shares of the investment management company's stock valued at $1,268,000 after purchasing an additional 1,722 shares in the last quarter. Brooklyn FI LLC acquired a new stake in Nuveen Arizona Quality Municipal Income Fund during the 4th quarter valued at $954,000. Integrity Alliance LLC. acquired a new stake in Nuveen Arizona Quality Municipal Income Fund during the 1st quarter valued at $939,000. Finally, Raymond James Financial Inc. increased its holdings in Nuveen Arizona Quality Municipal Income Fund by 8.1% during the 2nd quarter. Raymond James Financial Inc. now owns 51,009 shares of the investment management company's stock valued at $596,000 after purchasing an additional 3,813 shares in the last quarter. Institutional investors own 15.28% of the company's stock.

Nuveen Arizona Quality Municipal Income Fund Price Performance

Shares of Nuveen Arizona Quality Municipal Income Fund stock traded down $0.10 during midday trading on Tuesday, hitting $11.71. 17,280 shares of the company were exchanged, compared to its average volume of 20,172. Nuveen Arizona Quality Municipal Income Fund has a 52 week low of $11.28 and a 52 week high of $13.55. The firm has a 50 day simple moving average of $11.81 and a 200-day simple moving average of $11.90.

Nuveen Arizona Quality Municipal Income Fund Cuts Dividend

The business also recently announced a monthly dividend, which will be paid on Wednesday, October 1st. Investors of record on Monday, September 15th will be given a dividend of $0.0655 per share. This represents a c) annualized dividend and a dividend yield of 6.7%. The ex-dividend date is Monday, September 15th.

About Nuveen Arizona Quality Municipal Income Fund

Nuveen Arizona Quality Municipal Income Fund is a closed ended fixed income mutual fund launched by Nuveen Investments, Inc The fund is managed by Nuveen Asset Management, LLC. It invests in the fixed income markets of Arizona. The fund invests in municipal securities and other related investments the income, exempt from regular federal and Arizona income taxes that are rated Baa or BBB or better and having an average maturity of 18.66 years.

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