Nuveen Municipal Income Fund (NYSE:NMI) Shares Down 0.5% - Should You Sell?

Key Points

• Nuveen Municipal Income Fund shares fell 0.5% to approximately $10.81 in light trading, with volume down 54% from the average session level.
• The fund announced a $0.038 monthly dividend, representing an annualized yield of about 4.2%; shareholders of record on July 15 will receive payment on August 3.
• Institutional ownership stands at 16.57%, with several firms recently increasing or initiating positions. NMI invests primarily in municipal bonds to provide federally tax-exempt current income.

Shares of Nuveen Municipal Income Fund, Inc. (NYSE:NMI - Get Free Report) were down 0.5% during mid-day trading on Tuesday . The stock traded as low as $10.77 and last traded at $10.8050. 8,176 shares traded hands during mid-day trading, a decline of 54% from the average session volume of 17,672 shares. The stock had previously closed at $10.86.

Nuveen Municipal Income Fund Price Performance

The stock's 50-day moving average is $10.86 and its 200 day moving average is $10.43.

Nuveen Municipal Income Fund Dividend Announcement

The firm also recently announced a monthly dividend, which will be paid on Monday, August 3rd. Shareholders of record on Wednesday, July 15th will be paid a $0.038 dividend. This represents a c) dividend on an annualized basis and a yield of 4.2%. The ex-dividend date of this dividend is Wednesday, July 15th.

Institutional Investors Weigh In On Nuveen Municipal Income Fund

Large investors have recently modified their holdings of the business. World Investment Advisors bought a new position in shares of Nuveen Municipal Income Fund during the 1st quarter valued at about $2,891,000. Hennion & Walsh Asset Management Inc. raised its holdings in Nuveen Municipal Income Fund by 195.6% during the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 209,716 shares of the company's stock worth $2,311,000 after buying an additional 138,770 shares during the period. Truist Financial Corp acquired a new stake in Nuveen Municipal Income Fund during the 4th quarter worth approximately $261,000. Ameriprise Financial Inc. lifted its stake in Nuveen Municipal Income Fund by 137.8% in the second quarter. Ameriprise Financial Inc. now owns 29,102 shares of the company's stock valued at $292,000 after buying an additional 16,864 shares in the last quarter. Finally, Osaic Holdings Inc. lifted its stake in Nuveen Municipal Income Fund by 74.6% in the second quarter. Osaic Holdings Inc. now owns 35,583 shares of the company's stock valued at $358,000 after buying an additional 15,200 shares in the last quarter. 16.57% of the stock is currently owned by institutional investors.

About Nuveen Municipal Income Fund

Nuveen Municipal Income Fund NYSE: NMI is a closed-end management investment company that seeks to provide current income exempt from federal income tax. The fund primarily invests in municipal obligations issued by U.S. states, territories and municipalities, as well as certain municipal securities issued outside the United States. By focusing on a diversified portfolio of investment-grade and select below-investment-grade municipal bonds, NMI aims to deliver tax-advantaged income to its shareholders.

The fund's portfolio typically includes general obligation bonds, revenue bonds and other municipal securities across a broad range of sectors, including transportation, utilities, health care and education.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.