Nuveen New York Municipal Valu (NYSE:NNY) Sees Significant Decline in Short Interest

Key Points

• Short interest in NNY fell 51.5% to 13,890 shares as of July 31, representing just 0.1% of shares outstanding and a days-to-cover ratio of 0.3.
• Institutional investors and hedge funds own 22.5% of the fund; UBS Group and Marshall & Sterling increased their positions, while several other firms initiated new stakes.
• NNY shares slipped 0.4% to $8.31, while the fund announced a $0.0295 monthly dividend, implying an annualized yield of approximately 4.3%.

Nuveen New York Municipal Valu (NYSE:NNY - Get Free Report) was the target of a significant decrease in short interest in the month of July. As of July 31st, there was short interest totaling 13,890 shares, a decrease of 51.5% from the July 15th total of 28,668 shares. Based on an average trading volume of 42,191 shares, the days-to-cover ratio is currently 0.3 days. Currently, 0.1% of the company's stock are sold short.

Hedge Funds Weigh In On Nuveen New York Municipal Valu

A number of institutional investors and hedge funds have recently made changes to their positions in NNY. Fiera Capital Corp purchased a new position in Nuveen New York Municipal Valu in the fourth quarter worth approximately $1,751,000. Marshall & Sterling Wealth Advisors Inc. increased its position in shares of Nuveen New York Municipal Valu by 5.0% in the 4th quarter. Marshall & Sterling Wealth Advisors Inc. now owns 61,730 shares of the investment management company's stock valued at $529,000 after purchasing an additional 2,932 shares during the last quarter. UBS Group AG raised its holdings in shares of Nuveen New York Municipal Valu by 3.9% in the 4th quarter. UBS Group AG now owns 538,911 shares of the investment management company's stock valued at $4,615,000 after purchasing an additional 20,349 shares in the last quarter. Elyxium Wealth LLC acquired a new stake in shares of Nuveen New York Municipal Valu in the 4th quarter valued at $26,000. Finally, International Assets Investment Management LLC purchased a new stake in shares of Nuveen New York Municipal Valu during the 4th quarter worth $56,000. 22.50% of the stock is owned by institutional investors and hedge funds.

Nuveen New York Municipal Valu Trading Down 0.4%

NYSE:NNY traded down $0.04 during midday trading on Friday, reaching $8.31. The company had a trading volume of 33,391 shares, compared to its average volume of 43,205. The stock's fifty day simple moving average is $8.55 and its 200-day simple moving average is $8.54. Nuveen New York Municipal Valu has a 12-month low of $8.00 and a 12-month high of $8.94.

Nuveen New York Municipal Valu Announces Dividend

The business also recently disclosed a monthly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Friday, August 14th will be paid a $0.0295 dividend. This represents a c) annualized dividend and a dividend yield of 4.3%. The ex-dividend date is Friday, August 14th.

About Nuveen New York Municipal Valu

Nuveen New York Municipal Value Fund, Inc NYSE: NNY is a closed-end management investment company that seeks to provide shareholders with a high level of current income exempt from federal and New York State income taxes. The fund primarily invests in investment-grade municipal securities issued by public issuers in the State of New York, including general obligation bonds and revenue bonds issued to finance essential public projects such as schools, transportation infrastructure and utility systems.

As a diversified municipal bond fund, NNY's portfolio spans a broad range of maturities and credit qualities within the investment-grade universe.

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source