Nuveen Arizona Quality Municipal Income Fund (NYSE:NAZ) Stock Price Passes Above 200-Day Moving Average - Should You Sell?

Key Points

• Nuveen Arizona Quality Municipal Income Fund (NYSE: NAZ) moved above its 200-day moving average on Friday, trading as high as $12.68 and last changing hands at $12.63.
• The fund recently announced a monthly dividend of $0.062 per share, payable on August 3 to shareholders of record on July 15, implying an annualized yield of about 5.9%.
• Institutional ownership activity has been notable, with hedge funds and other institutions holding 15.28% of the stock and several firms recently increasing or initiating positions.

Nuveen Arizona Quality Municipal Income Fund (NYSE:NAZ - Get Free Report) shares passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $12.38 and traded as high as $12.68. Nuveen Arizona Quality Municipal Income Fund shares last traded at $12.63, with a volume of 21,670 shares trading hands.

Nuveen Arizona Quality Municipal Income Fund Trading Up 0.9%

The business's fifty day simple moving average is $12.75 and its two-hundred day simple moving average is $12.38.

Nuveen Arizona Quality Municipal Income Fund Announces Dividend

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

Institutional Investors Weigh In On Nuveen Arizona Quality Municipal Income Fund

Institutional investors and hedge funds have recently bought and sold shares of the stock. LPL Financial LLC grew its holdings in shares of Nuveen Arizona Quality Municipal Income Fund by 129.0% during the fourth quarter. LPL Financial LLC now owns 120,906 shares of the investment management company's stock worth $1,436,000 after purchasing an additional 68,109 shares during the last quarter. Western Wealth Management LLC purchased a new stake in shares of Nuveen Arizona Quality Municipal Income Fund in the 1st quarter valued at about $627,000. Wells Fargo & Company MN boosted its position in shares of Nuveen Arizona Quality Municipal Income Fund by 27.0% in the 4th quarter. Wells Fargo & Company MN now owns 169,885 shares of the investment management company's stock valued at $2,018,000 after purchasing an additional 36,090 shares during the period. Independent Financial Group LLC acquired a new stake in shares of Nuveen Arizona Quality Municipal Income Fund in the 1st quarter valued at about $245,000. Finally, NewEdge Advisors LLC acquired a new stake in shares of Nuveen Arizona Quality Municipal Income Fund in the 1st quarter valued at about $211,000. 15.28% of the stock is owned by hedge funds and other institutional investors.

About Nuveen Arizona Quality Municipal Income Fund

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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