Nuveen Arizona Quality Municipal Income Fund (NYSE:NAZ) Short Interest Up 24.4% in February

Key Points

• Short interest up 24.4% in February to 46,179 shares (about 0.4% of shares outstanding) with a days-to-cover ratio of 1.6 based on average daily volume.
• The fund declared a monthly dividend of $0.0655, payable April 1 with a record/ex-dividend date of March 13, implying an annualized yield of about 6.2%.
• NAZ traded at $12.58 (up 0.8%) with a 52-week range of $11.40–$12.63; it is a Nuveen-managed closed-end fund that invests in Arizona investment-grade municipal bonds to provide tax-exempt income.

Nuveen Arizona Quality Municipal Income Fund (NYSE:NAZ - Get Free Report) saw a large growth in short interest in the month of February. As of February 27th, there was short interest totaling 46,179 shares, a growth of 24.4% from the February 12th total of 37,130 shares. Currently, 0.4% of the shares of the company are short sold. Based on an average daily trading volume, of 28,736 shares, the days-to-cover ratio is presently 1.6 days. Based on an average daily trading volume, of 28,736 shares, the days-to-cover ratio is presently 1.6 days. Currently, 0.4% of the shares of the company are short sold.

Nuveen Arizona Quality Municipal Income Fund Stock Up 0.8%

Shares of NAZ stock traded up $0.10 during mid-day trading on Tuesday, hitting $12.58. The stock had a trading volume of 17,611 shares, compared to its average volume of 30,540. The company's 50-day simple moving average is $12.11 and its 200-day simple moving average is $11.97. Nuveen Arizona Quality Municipal Income Fund has a fifty-two week low of $11.40 and a fifty-two week high of $12.63.

Nuveen Arizona Quality Municipal Income Fund Announces Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Wednesday, April 1st. Shareholders of record on Friday, March 13th will be issued a $0.0655 dividend. This represents a c) dividend on an annualized basis and a yield of 6.2%. The ex-dividend date of this dividend is Friday, March 13th.

Hedge Funds Weigh In On Nuveen Arizona Quality Municipal Income Fund

A number of large investors have recently modified their holdings of the business. Smartleaf Asset Management LLC purchased a new position in Nuveen Arizona Quality Municipal Income Fund in the third quarter worth $30,000. CoreCap Advisors LLC increased its holdings in shares of Nuveen Arizona Quality Municipal Income Fund by 125.0% in the 4th quarter. CoreCap Advisors LLC now owns 4,500 shares of the investment management company's stock valued at $53,000 after purchasing an additional 2,500 shares in the last quarter. Ameriflex Group Inc. lifted its stake in shares of Nuveen Arizona Quality Municipal Income Fund by 100.0% in the third quarter. Ameriflex Group Inc. now owns 8,620 shares of the investment management company's stock valued at $102,000 after purchasing an additional 4,310 shares during the period. Plan Group Financial LLC purchased a new stake in Nuveen Arizona Quality Municipal Income Fund during the second quarter worth about $139,000. Finally, Diversify Wealth Management LLC purchased a new stake in Nuveen Arizona Quality Municipal Income Fund during the second quarter worth about $169,000. 15.28% of the stock is owned by hedge funds and other institutional investors.

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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