Nuveen Municipal Income Fund (NYSE:NMI) Stock Price Down 0.8% - Time to Sell?

Key Points

• Shares fell 0.8% to about $9.85 on Monday with volume up ~31% (52,157 shares); the stock trades below its 50‑day ($10.18) and near its 200‑day ($10.09) moving averages.
• The fund declared a monthly dividend of $0.038 (ex‑dividend and record date May 15, payable June 1), implying an annualized yield of about 4.6%.
• Nuveen Municipal Income Fund is a closed‑end municipal bond fund seeking tax‑exempt income from investment‑grade and select below‑investment‑grade munis, with institutional investors owning roughly 16.6% of the shares.

Nuveen Municipal Income Fund, Inc. (NYSE:NMI - Get Free Report) shares traded down 0.8% on Monday . The stock traded as low as $9.82 and last traded at $9.8510. 52,157 shares changed hands during mid-day trading, an increase of 31% from the average session volume of 39,951 shares. The stock had previously closed at $9.93.

Nuveen Municipal Income Fund Stock Down 0.8%

The firm has a fifty day moving average of $10.18 and a two-hundred day moving average of $10.09.

Nuveen Municipal Income Fund Announces Dividend

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

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in NMI. Steward Partners Investment Advisory LLC purchased a new position in Nuveen Municipal Income Fund during the 4th quarter valued at about $37,000. Raymond James Financial Inc. purchased a new position in Nuveen Municipal Income Fund during the 2nd quarter valued at about $72,000. Astoria Portfolio Advisors LLC. purchased a new position in Nuveen Municipal Income Fund during the 4th quarter valued at about $116,000. Community Bank & Trust Waco Texas purchased a new position in Nuveen Municipal Income Fund during the 3rd quarter valued at about $117,000. Finally, Cetera Investment Advisers purchased a new position in Nuveen Municipal Income Fund during the 2nd quarter valued at about $118,000. Hedge funds and other institutional investors own 16.57% of the company's stock.

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.

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