Short Interest in Nuveen Municipal Income Fund, Inc. (NYSE:NMI) Drops By 34.6%

Key Points

• Nuveen Municipal Income Fund, Inc. (NYSE:NMI) experienced a 34.6% decrease in short interest in August 2023, with total short interest falling to 24,800 shares.
• Several institutional investors have recently increased their stakes in NMI, with notable purchases including Harbor Investment Advisory LLC and Cetera Investment Advisers, indicating growing interest in the fund.
• The fund announced a monthly dividend of $0.038, which will be paid on October 1st, representing an annualized yield of 4.6%.

Nuveen Municipal Income Fund, Inc. (NYSE:NMI - Get Free Report) was the recipient of a significant decline in short interest during the month of August. As of August 31st, there was short interest totaling 24,800 shares, a decline of 34.6% from the August 15th total of 37,900 shares. Approximately 0.2% of the shares of the stock are sold short. Based on an average daily trading volume, of 41,700 shares, the days-to-cover ratio is currently 0.6 days. Based on an average daily trading volume, of 41,700 shares, the days-to-cover ratio is currently 0.6 days. Approximately 0.2% of the shares of the stock are sold short.

Nuveen Municipal Income Fund Stock Performance

Shares of NYSE NMI traded down $0.04 during midday trading on Friday, reaching $9.88. 5,035 shares of the company were exchanged, compared to its average volume of 30,391. Nuveen Municipal Income Fund has a one year low of $9.21 and a one year high of $10.85. The stock's 50-day moving average price is $9.85 and its 200-day moving average price is $9.82.

Nuveen Municipal Income Fund Announces Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Wednesday, October 1st. Investors of record on Monday, September 15th will be paid a $0.038 dividend. The ex-dividend date of this dividend is Monday, September 15th. This represents a c) annualized dividend and a dividend yield of 4.6%.

Institutional Trading of Nuveen Municipal Income Fund

Several institutional investors have recently modified their holdings of the business. OneDigital Investment Advisors LLC grew its stake 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 worth $248,000 after purchasing an additional 2,684 shares during the last quarter. Harbor Investment Advisory LLC bought a new stake in shares of Nuveen Municipal Income Fund in the second quarter worth $30,000. Raymond James Financial Inc. bought a new stake in shares of Nuveen Municipal Income Fund in the second quarter worth $72,000. Cetera Investment Advisers bought a new stake in shares of Nuveen Municipal Income Fund in the second quarter worth $118,000. Finally, Osaic Holdings Inc. grew its stake in shares of Nuveen Municipal Income Fund by 74.6% in the second quarter. Osaic Holdings Inc. now owns 35,583 shares of the company's stock worth $358,000 after purchasing an additional 15,200 shares during the last quarter. Institutional investors own 16.57% of the company's stock.

Nuveen Municipal Income Fund Company Profile

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.