Nuveen Municipal Income Fund (NYSE:NMI) Trading 0.3% Higher - Here's Why

Nuveen Municipal Income Fund, Inc. (NYSE:NMI - Get Free Report)'s stock price shot up 0.3% during mid-day trading on Monday . The stock traded as high as $10.02 and last traded at $10.01. 24,527 shares changed hands during trading, a decline of 9% from the average session volume of 26,912 shares. The stock had previously closed at $9.98.

Nuveen Municipal Income Fund Trading Up 0.2%

The firm has a 50-day simple moving average of $9.85 and a 200-day simple moving average of $9.76.

Nuveen Municipal Income Fund Announces Dividend

The business also recently announced a monthly dividend, which will be paid on Friday, August 1st. Shareholders of record on Tuesday, July 15th will be given a dividend of $0.038 per share. The ex-dividend date of this dividend is Tuesday, July 15th. This represents a $0.46 annualized dividend and a dividend yield of 4.55%.

Institutional Investors Weigh In On Nuveen Municipal Income Fund

Institutional investors have recently made changes to their positions in the stock. Harbor Investment Advisory LLC purchased a new stake in shares of Nuveen Municipal Income Fund during the second quarter worth $30,000. South Plains Financial Inc. purchased a new stake in shares of Nuveen Municipal Income Fund during the fourth quarter worth $36,000. EWG Elevate Inc. purchased a new stake in shares of Nuveen Municipal Income Fund during the first quarter worth $200,000. OneDigital Investment Advisors LLC lifted its position in shares of Nuveen Municipal Income Fund by 11.9% during the first quarter. OneDigital Investment Advisors LLC now owns 25,233 shares of the company's stock worth $248,000 after acquiring an additional 2,684 shares in the last quarter. Finally, 1607 Capital Partners LLC raised its position in shares of Nuveen Municipal Income Fund by 19.9% in the fourth quarter. 1607 Capital Partners LLC now owns 288,375 shares of the company's stock worth $2,714,000 after buying an additional 47,914 shares in the last quarter. Hedge funds and other 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.