Nuveen Municipal Income Fund, Inc. (NYSE:NMI) Sees Large Decline in Short Interest

Key Points

• Nuveen Municipal Income Fund, Inc. (NYSE:NMI) experienced a significant 57.6% decline in short interest during July, dropping from 132,400 shares to 56,200 shares.
• The fund announced a monthly dividend of $0.038, with the payment date set for September 2nd, leading to a dividend yield of 4.7%.
• Institutional investors now own 16.57% of Nuveen Municipal Income Fund, with several hedge funds increasing or initiating positions in the company recently.

Nuveen Municipal Income Fund, Inc. (NYSE:NMI - ) was the recipient of a large decline in short interest in the month of July. As of July 31st, there was short interest totaling 56,200 shares, adeclineof57.6% from the July 15th total of 132,400 shares. Currently,0.6% of the shares of the company are sold short. Based on an average daily volume of 38,800 shares, the short-interest ratio is currently 1.4 days. Based on an average daily volume of 38,800 shares, the short-interest ratio is currently 1.4 days. Currently,0.6% of the shares of the company are sold short.

Nuveen Municipal Income Fund Stock Performance

NMI traded down $0.06 on Friday, reaching $9.78. 21,109 shares of the company traded hands, compared to its average volume of 32,468. Nuveen Municipal Income Fund has a 52-week low of $9.21 and a 52-week high of $10.85. The stock's 50 day moving average price is $9.92 and its 200-day moving average price is $9.83.

Nuveen Municipal Income Fund Announces Dividend

The firm also recently announced a monthly dividend, which will be paid on Tuesday, September 2nd. Stockholders of record on Friday, August 15th will be paid a $0.038 dividend. This represents a c) annualized dividend and a dividend yield of 4.7%. The ex-dividend date of this dividend is Friday, August 15th.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of NMI. OneDigital Investment Advisors LLC increased its holdings in shares of Nuveen Municipal Income Fund by 11.9% in the first quarter. OneDigital Investment Advisors LLC now owns 25,233 shares of the company's stock valued at $248,000 after purchasing an additional 2,684 shares during the last quarter. Harbor Investment Advisory LLC bought a new position in shares of Nuveen Municipal Income Fund in the 2nd quarter worth $30,000. South Plains Financial Inc. bought a new position in Nuveen Municipal Income Fund during the 4th quarter valued at $36,000. Raymond James Financial Inc. purchased a new stake in shares of Nuveen Municipal Income Fund during the 2nd quarter valued at $72,000. Finally, Cetera Investment Advisers purchased a new stake in Nuveen Municipal Income Fund in the 2nd quarter worth about $118,000. Institutional investors own 16.57% of the company's stock.

About Nuveen Municipal Income Fund

Nuveen Municipal Income Fund, Inc is a closed ended fixed income mutual fund launched by Nuveen Investments Inc The fund is co-managed by Nuveen Fund Advisors LLC and Nuveen Asset Management, LLC. It invests in the fixed income markets of the United States. The fund primarily invests in municipal obligations issued by state and local government authorities.

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