Nuveen Municipal Income Fund (NYSE:NMI) Trading 0.2% Higher - Here's Why

Key Points

• Nuveen Municipal Income Fund (NYSE:NMI) experienced a 0.2% increase in stock price, trading at $9.76, with a daily volume of 34,244 shares, exceeding the average volume of 30,633 shares.
• The fund announced a $0.038 monthly dividend, with a dividend yield of 4.7%, payable on September 2nd to investors of record by August 15th.
• Institutional investors currently hold 16.57% of the fund's stock, with recent investments from several large financial institutions, highlighting growing interest in the fund.

Nuveen Municipal Income Fund, Inc. (NYSE:NMI - )'s stock price traded up 0.2% on Wednesday . The stock traded as high as $9.93 and last traded at $9.76. 34,244 shares were traded during trading, an increase of 12% from the average session volume of 30,633 shares. The stock had previously closed at $9.74.

Nuveen Municipal Income Fund Trading Up 0.2%

The business's 50-day simple moving average is $9.91 and its 200-day simple moving average is $9.83.

Nuveen Municipal Income Fund Announces Dividend

The business also recently disclosed a monthly dividend, which will be paid on Tuesday, September 2nd. Investors of record on Friday, August 15th will be given a dividend of $0.038 per share. This represents a c) annualized dividend and a dividend yield of 4.7%. The ex-dividend date is Friday, August 15th.

Institutional Investors Weigh In On Nuveen Municipal Income Fund

A number of large investors have recently bought and sold shares of the stock. South Plains Financial Inc. purchased a new position in Nuveen Municipal Income Fund during the fourth quarter worth $36,000. EWG Elevate Inc. acquired a new stake in shares of Nuveen Municipal Income Fund during the first quarter valued at $200,000. OneDigital Investment Advisors LLC increased its position in Nuveen Municipal Income Fund by 11.9% during the 1st 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 in the last quarter. Harbor Investment Advisory LLC purchased a new stake in Nuveen Municipal Income Fund during the 2nd quarter worth about $30,000. Finally, Cetera Investment Advisers acquired a new position in Nuveen Municipal Income Fund in the 2nd quarter valued at about $118,000. Institutional investors and hedge funds 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.