Nuveen Pennsylvania Quality Municipal Income Fund (NYSE:NQP) Short Interest Update

Key Points

• Short interest fell 74.7% in April to 31,110 shares (about 0.1% of shares), leaving a short-interest ratio of just 0.3 days based on average volume.
• The fund declared a monthly dividend of $0.078 per share (ex-dividend and record date April 15, payable May 1), implying an annualized yield of about 7.8%.
• Institutional investors own 30.58% of NQP, notably with Sit Investment Associates increasing its position to 1,561,556 shares (~$18.57M).

Nuveen Pennsylvania Quality Municipal Income Fund (NYSE:NQP - Get Free Report) saw a significant decrease in short interest in the month of April. As of April 15th, there was short interest totaling 31,110 shares, a decrease of 74.7% from the March 31st total of 122,981 shares. Currently, 0.1% of the company's shares are short sold. Based on an average trading volume of 114,891 shares, the short-interest ratio is presently 0.3 days.

Nuveen Pennsylvania Quality Municipal Income Fund Price Performance

NQP stock traded up $0.02 during midday trading on Friday, hitting $12.04. 192,509 shares of the company's stock were exchanged, compared to its average volume of 113,480. The business has a 50-day simple moving average of $11.95 and a two-hundred day simple moving average of $12.00. Nuveen Pennsylvania Quality Municipal Income Fund has a 1-year low of $10.72 and a 1-year high of $12.23.

Nuveen Pennsylvania Quality Municipal Income Fund Announces Dividend

The firm also recently announced a monthly dividend, which will be paid on Friday, May 1st. Shareholders of record on Wednesday, April 15th will be paid a dividend of $0.078 per share. The ex-dividend date of this dividend is Wednesday, April 15th. This represents a c) annualized dividend and a yield of 7.8%.

Institutional Investors Weigh In On Nuveen Pennsylvania Quality Municipal Income Fund

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Kercheville Advisors LLC acquired a new stake in Nuveen Pennsylvania Quality Municipal Income Fund during the first quarter worth $119,000. Kavar Capital Partners Group LLC acquired a new stake in Nuveen Pennsylvania Quality Municipal Income Fund during the first quarter worth $167,000. Rockefeller Capital Management L.P. acquired a new stake in Nuveen Pennsylvania Quality Municipal Income Fund during the fourth quarter worth $40,000. Alpine Global Management LLC increased its stake in Nuveen Pennsylvania Quality Municipal Income Fund by 2.7% during the fourth quarter. Alpine Global Management LLC now owns 73,914 shares of the financial services provider's stock worth $879,000 after acquiring an additional 1,914 shares during the last quarter. Finally, Sit Investment Associates Inc. increased its stake in Nuveen Pennsylvania Quality Municipal Income Fund by 330.3% during the fourth quarter. Sit Investment Associates Inc. now owns 1,561,556 shares of the financial services provider's stock worth $18,567,000 after acquiring an additional 1,198,667 shares during the last quarter. Institutional investors and hedge funds own 30.58% of the company's stock.

Nuveen Pennsylvania Quality Municipal Income Fund Company Profile

Nuveen Pennsylvania Quality Municipal Income Fund NYSE: NQP is a closed-end management investment company that seeks to provide a high level of current income exempt from federal and Pennsylvania state income taxes. Launched in the early 1980s, the Fund primarily invests in investment-grade municipal securities issued by state and local government entities within Pennsylvania, targeting bonds that finance public infrastructure, healthcare facilities, educational institutions and utility projects.

Under its 80% asset policy, the Fund allocates the majority of its portfolio to bonds rated ‘BBB' or higher, emphasizing general obligation and revenue-secured municipal debt.

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