Nuveen Massachusetts Quality Municipal Income Fund (NYSE:NMT) Sees Large Decrease in Short Interest

Key Points

• Short interest fell 52% to 6,706 shares as of September 30, representing just 0.1% of NMT’s outstanding stock and a 0.1-day days-to-cover ratio.
• Institutional ownership activity was mixed, with several advisers increasing their stakes and new investors taking positions; hedge funds and institutions collectively owned 16.55% of the fund.
• NMT shares traded at $10.09, near their 52-week low, while the fund announced a monthly dividend of $0.0605, equivalent to an annualized $0.73 payout and a 7.2% yield.

Nuveen Massachusetts Quality Municipal Income Fund (NYSE:NMT - Get Free Report) saw a significant decline in short interest in September. As of September 30th, there was short interest totaling 6,706 shares, a decline of 52.0% from the September 15th total of 13,957 shares. Currently, 0.1% of the company's stock are short sold. Based on an average daily volume of 56,975 shares, the days-to-cover ratio is currently 0.1 days.

Hedge Funds Weigh In On Nuveen Massachusetts Quality Municipal Income Fund

A number of institutional investors and hedge funds have recently added to or reduced their stakes in NMT. Bank of America Corp DE raised its stake in Nuveen Massachusetts Quality Municipal Income Fund by 19.7% during the first quarter. Bank of America Corp DE now owns 212,058 shares of the financial services provider's stock valued at $2,610,000 after buying an additional 34,964 shares in the last quarter. Sax Wealth Advisors LLC grew its position in shares of Nuveen Massachusetts Quality Municipal Income Fund by 58.6% in the 3rd quarter. Sax Wealth Advisors LLC now owns 61,018 shares of the financial services provider's stock worth $634,000 after acquiring an additional 22,549 shares in the last quarter. Breakwater Capital Group bought a new stake in shares of Nuveen Massachusetts Quality Municipal Income Fund in the 3rd quarter valued at approximately $122,000. Cetera Investment Advisers bought a new stake in shares of Nuveen Massachusetts Quality Municipal Income Fund in the 1st quarter valued at approximately $138,000. Finally, Bay Colony Advisory Group Inc d b a Bay Colony Advisors raised its position in shares of Nuveen Massachusetts Quality Municipal Income Fund by 64.2% during the 2nd quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors now owns 17,245 shares of the financial services provider's stock valued at $224,000 after acquiring an additional 6,745 shares in the last quarter. 16.55% of the stock is owned by hedge funds and other institutional investors.

Nuveen Massachusetts Quality Municipal Income Fund Stock Performance

Nuveen Massachusetts Quality Municipal Income Fund stock traded down $0.14 during midday trading on Wednesday, hitting $10.09. 58,596 shares of the company were exchanged, compared to its average volume of 25,036. Nuveen Massachusetts Quality Municipal Income Fund has a fifty-two week low of $10.02 and a fifty-two week high of $13.69. The company's fifty day moving average price is $11.61 and its 200-day moving average price is $12.31.

Nuveen Massachusetts Quality Municipal Income Fund Dividend Announcement

The company also recently announced a monthly dividend, which will be paid on Monday, November 2nd. Stockholders of record on Thursday, October 15th will be paid a $0.0605 dividend. The ex-dividend date is Thursday, October 15th. This represents a $0.73 annualized dividend and a dividend yield of 7.2%.

About Nuveen Massachusetts Quality Municipal Income Fund

Nuveen Massachusetts Quality Municipal Income Fund NYSE: NMT is a closed-end investment company managed by Nuveen, an investment manager specializing in income-oriented strategies. The fund seeks to provide current income that is exempt from regular federal income tax and Massachusetts state personal income tax.

To pursue its objective, the fund invests primarily in municipal bonds and other tax-exempt securities issued by Massachusetts municipalities and related governmental entities.

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