Nuveen California Municipal Va (NYSE:NCA) Sees Significant Drop in Short Interest

Key Points

• Short interest dropped 37.6% in March to 47,188 shares for Nuveen California Municipal Va (NYSE:NCA), leaving a short-interest ratio of 0.7 days and just 0.1% of the stock sold short.
• Institutional buying increased: UBS raised its stake 38.8% to 1,792,954 shares and other managers (Advisors Asset Management, Hennion & Walsh, Guggenheim) also added positions, with institutions now owning 21.46% of the fund.
• The fund declared a monthly dividend of $0.03 (ex-dividend March 13, payable April 1), which implies an annualized yield of about 4.0% at the recent share price of $9.06.

Nuveen California Municipal Va (NYSE:NCA - Get Free Report) was the recipient of a large decrease in short interest in the month of March. As of March 13th, there was short interest totaling 47,188 shares, a decrease of 37.6% from the February 26th total of 75,626 shares. Based on an average trading volume of 70,154 shares, the short-interest ratio is currently 0.7 days. Currently, 0.1% of the company's stock are sold short.

Institutional Trading of Nuveen California Municipal Va

A number of hedge funds have recently modified their holdings of NCA. UBS Group AG grew its position in shares of Nuveen California Municipal Va by 38.8% in the 4th quarter. UBS Group AG now owns 1,792,954 shares of the company's stock worth $16,047,000 after buying an additional 501,505 shares during the period. Advisors Asset Management Inc. lifted its position in Nuveen California Municipal Va by 40.0% during the 4th quarter. Advisors Asset Management Inc. now owns 1,070,770 shares of the company's stock valued at $9,583,000 after acquiring an additional 306,174 shares during the period. Hennion & Walsh Asset Management Inc. boosted its stake in Nuveen California Municipal Va by 24.1% during the fourth quarter. Hennion & Walsh Asset Management Inc. now owns 370,139 shares of the company's stock worth $3,313,000 after acquiring an additional 71,944 shares in the last quarter. Guggenheim Capital LLC boosted its stake in Nuveen California Municipal Va by 10.4% during the second quarter. Guggenheim Capital LLC now owns 711,069 shares of the company's stock worth $6,172,000 after acquiring an additional 67,225 shares in the last quarter. Finally, Stratos Wealth Partners LTD. purchased a new stake in Nuveen California Municipal Va in the fourth quarter worth about $559,000. Institutional investors own 21.46% of the company's stock.

Nuveen California Municipal Va Stock Up 0.2%

Shares of NYSE:NCA traded up $0.02 during trading on Friday, hitting $9.06. The stock had a trading volume of 34,090 shares, compared to its average volume of 73,588. The firm's fifty day moving average is $9.40 and its 200 day moving average is $9.10. Nuveen California Municipal Va has a 12 month low of $8.22 and a 12 month high of $9.80.

Nuveen California Municipal Va Increases Dividend

The company 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 $0.03 dividend. This represents a c) dividend on an annualized basis and a yield of 4.0%. This is a positive change from Nuveen California Municipal Va's previous monthly dividend of $0.03. The ex-dividend date is Friday, March 13th.

About Nuveen California Municipal Va

Nuveen California Municipal Value Fund, Inc NYSE: NCA is a closed-end management investment company that seeks to provide shareholders with a high level of current income exempt from federal and California state income taxes. The fund pursues its objective by investing substantially all of its assets in a diversified portfolio of municipal securities issued by entities located in or having projects based in California. Its holdings primarily include revenue and general obligation bonds, with an emphasis on investment-grade and select high-yield issues.

The portfolio management team employs a disciplined credit analysis process to assess the financial strength, revenue streams and underlying collateral of each issuer.

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