Nuveen Municipal Income Fund (NYSE:NMI) Trading Down 1.1% - Time to Sell?

Key Points

• Shares fell 1.1%, trading as low as $10.03 and last at $10.33 on roughly 29,210 shares, with the 50- and 200-day simple moving averages near $10.02 and $10.01.
• The fund declared a monthly dividend of $0.038 per share (ex-dividend and record date March 13), payable April 1, implying an annualized yield of about 4.4%.
• Several institutional investors recently increased positions (including Jones Financial, Guggenheim and Jacobi), and hedge funds/institutions own about 16.57% of the fund.

Nuveen Municipal Income Fund, Inc. (NYSE:NMI - Get Free Report) shares dropped 1.1% on Wednesday . The stock traded as low as $10.03 and last traded at $10.33. Approximately 29,210 shares traded hands during trading, an increase of 2% from the average daily volume of 28,726 shares. The stock had previously closed at $10.45.

Nuveen Municipal Income Fund Price Performance

The firm's 50-day simple moving average is $10.02 and its 200 day simple moving average is $10.01.

Nuveen Municipal Income Fund Dividend Announcement

The business also recently declared a monthly dividend, which will be paid on Wednesday, April 1st. Stockholders of record on Friday, March 13th will be paid a dividend of $0.038 per share. The ex-dividend date is Friday, March 13th. This represents a c) annualized dividend and a dividend yield of 4.4%.

Hedge Funds Weigh In On Nuveen Municipal Income Fund

Several institutional investors have recently bought and sold shares of the company. Jones Financial Companies Lllp raised its stake in shares of Nuveen Municipal Income Fund by 34.9% in the third quarter. Jones Financial Companies Lllp now owns 482,554 shares of the company's stock valued at $4,777,000 after buying an additional 124,941 shares during the period. Community Bank & Trust Waco Texas purchased a new position in shares of Nuveen Municipal Income Fund during the 3rd quarter valued at $117,000. Apollon Financial LLC bought a new position in shares of Nuveen Municipal Income Fund during the 3rd quarter worth $169,000. Guggenheim Capital LLC increased its holdings in Nuveen Municipal Income Fund by 19.7% in the 2nd quarter. Guggenheim Capital LLC now owns 254,144 shares of the company's stock worth $2,554,000 after acquiring an additional 41,852 shares during the last quarter. Finally, Jacobi Capital Management LLC increased its holdings in Nuveen Municipal Income Fund by 38.3% in the 4th quarter. Jacobi Capital Management LLC now owns 27,754 shares of the company's stock worth $276,000 after acquiring an additional 7,692 shares during 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 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.