Nuveen Arizona Quality Municipal Income Fund (NYSE:NAZ) Stock Short Interest Drops 72.3%

Key Points

• Short interest fell 72.3% to 12,881 shares as of September 30, representing just 0.1% of shares outstanding and a days-to-cover ratio of 0.2.
• NAZ opened at $10.65, below its 50-day and 200-day moving averages, and recently traded between a 52-week low of $10.18 and high of $13.42.
• The fund declared a monthly dividend of $0.062 per share, equating to an annualized $0.74 payout and a 7.0% yield; institutional investors own 15.28% of the fund.

Nuveen Arizona Quality Municipal Income Fund (NYSE:NAZ - Get Free Report) was the recipient of a significant drop in short interest in September. As of September 30th, there was short interest totaling 12,881 shares, a drop of 72.3% from the September 15th total of 46,575 shares. Based on an average daily trading volume, of 64,982 shares, the days-to-cover ratio is presently 0.2 days. Approximately 0.1% of the company's shares are short sold.

Nuveen Arizona Quality Municipal Income Fund Price Performance

NYSE NAZ opened at $10.65 on Friday. The stock's fifty day moving average is $11.78 and its two-hundred day moving average is $12.29. Nuveen Arizona Quality Municipal Income Fund has a fifty-two week low of $10.18 and a fifty-two week high of $13.42.

Nuveen Arizona Quality Municipal Income Fund Dividend Announcement

The company also recently disclosed a monthly dividend, which will be paid on Monday, November 2nd. Investors of record on Thursday, October 15th will be given a dividend of $0.0620 per share. This represents a $0.74 annualized dividend and a yield of 7.0%. The ex-dividend date is Thursday, October 15th.

Institutional Trading of Nuveen Arizona Quality Municipal Income Fund

Several institutional investors have recently made changes to their positions in NAZ. Cetera Investment Advisers lifted its holdings in Nuveen Arizona Quality Municipal Income Fund by 1.5% in the first quarter. Cetera Investment Advisers now owns 101,300 shares of the investment management company's stock valued at $1,215,000 after acquiring an additional 1,542 shares during the last quarter. Western Wealth Management LLC purchased a new position in Nuveen Arizona Quality Municipal Income Fund in the second quarter worth approximately $662,000. Bank of America Corp DE purchased a new position in Nuveen Arizona Quality Municipal Income Fund in the second quarter worth approximately $635,000. Diversify Wealth Management LLC increased its stake in Nuveen Arizona Quality Municipal Income Fund by 36.5% during the first quarter. Diversify Wealth Management LLC now owns 28,036 shares of the investment management company's stock worth $353,000 after acquiring an additional 7,500 shares during the last quarter. Finally, Diversify Advisory Services LLC acquired a new stake in Nuveen Arizona Quality Municipal Income Fund during the second quarter worth $343,000. Hedge funds and other institutional investors own 15.28% of the company's stock.

Nuveen Arizona Quality Municipal Income Fund Company Profile

Nuveen Arizona Quality Municipal Income Fund NYSE: NAZ is a closed-end investment fund managed by Nuveen Fund Advisors. The fund seeks to provide current income that is exempt from regular federal income tax and Arizona state and local income taxes by investing primarily in municipal securities.

Its portfolio generally consists of investment-grade or otherwise creditworthy bonds issued by Arizona state and local governments, municipalities, public authorities and related entities. These securities may help finance public infrastructure and essential services, including education, transportation, utilities, health care and other community facilities.

The fund may also invest in municipal obligations issued outside Arizona when permitted by its investment strategy.

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