Nuveen Arizona Quality Municipal Income Fund (NYSE:NAZ) Stock Short Interest Jumps 94.0%

Key Points

• Short interest nearly doubled: Short interest in Nuveen Arizona Quality Municipal Income Fund rose 94% to 24,986 shares as of October 15, representing 0.2% of shares outstanding and 0.5 days to cover.
• Shares and dividend: NAZ opened at $10.62, below its 50-day and 200-day moving averages, while the fund declared a monthly $0.062 dividend, equivalent to an annualized yield of approximately 7.0%.
• Institutional ownership: Several institutional investors added or initiated positions, with institutional investors collectively holding 15.28% of the fund.

Nuveen Arizona Quality Municipal Income Fund (NYSE:NAZ - Get Free Report) was the target of a large increase in short interest in the month of October. As of October 15th, there was short interest totaling 24,986 shares, an increase of 94.0% from the September 30th total of 12,881 shares. Based on an average daily trading volume, of 49,443 shares, the days-to-cover ratio is currently 0.5 days. Currently, 0.2% of the company's shares are short sold.

Nuveen Arizona Quality Municipal Income Fund Trading Up 0.4%

Shares of NAZ stock opened at $10.62 on Friday. Nuveen Arizona Quality Municipal Income Fund has a fifty-two week low of $10.18 and a fifty-two week high of $13.42. The business's 50 day moving average price is $11.24 and its 200-day moving average price is $12.13.

Nuveen Arizona Quality Municipal Income Fund Announces Dividend

The firm also recently declared a monthly dividend, which will be paid on Monday, November 2nd. Investors of record on Thursday, October 15th will be paid a $0.0620 dividend. The ex-dividend date of this dividend is Thursday, October 15th. This represents a $0.74 dividend on an annualized basis and a yield of 7.0%.

Institutional Trading of Nuveen Arizona Quality Municipal Income Fund

Large investors have recently added to or reduced their stakes in the stock. Cetera Investment Advisers raised its holdings in Nuveen Arizona Quality Municipal Income Fund by 1.5% in the 1st quarter. Cetera Investment Advisers now owns 101,300 shares of the investment management company's stock worth $1,215,000 after purchasing an additional 1,542 shares in the last quarter. Western Wealth Management LLC bought a new stake in shares of Nuveen Arizona Quality Municipal Income Fund during the 2nd quarter valued at about $662,000. Bank of America Corp DE bought a new stake in shares of Nuveen Arizona Quality Municipal Income Fund during the 2nd quarter valued at about $635,000. Kingswood Wealth Advisors LLC boosted its stake in shares of Nuveen Arizona Quality Municipal Income Fund by 10.2% during the 3rd quarter. Kingswood Wealth Advisors LLC now owns 40,000 shares of the investment management company's stock valued at $423,000 after purchasing an additional 3,700 shares in the last quarter. Finally, Diversify Advisory Services LLC bought a new stake in shares of Nuveen Arizona Quality Municipal Income Fund during the 2nd quarter valued at about $343,000. Institutional investors own 15.28% of the company's stock.

About Nuveen Arizona Quality Municipal Income Fund

Nuveen Arizona Quality Municipal Income Fund NYSE: NAZ is a closed-end management investment company designed to provide current income that is exempt from regular federal income tax and Arizona state income tax. The fund invests primarily in municipal securities issued by or on behalf of Arizona state and local governments, as well as related public authorities.

Its portfolio may include tax-exempt bonds used to finance public infrastructure and essential services, such as schools, transportation systems, utilities, health care facilities and other governmental projects.

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