Nuveen Massachusetts Quality Municipal Income Fund (NYSE:NMT) Stock Short Interest Drops 61.3%

Key Points

• Short interest fell 61.3% to 13,957 shares as of September 15, representing just 0.1% of NMT’s shares and 0.4 days to cover.
• Institutional investors increased their positions, with hedge funds and other institutions collectively owning 16.55% of the fund.
• NMT shares opened at $10.39, near their 12-month low, while the fund announced a monthly dividend of $0.0605 per share, equating to an annualized yield of approximately 7.0%.

Nuveen Massachusetts Quality Municipal Income Fund (NYSE:NMT - Get Free Report) saw a significant drop in short interest during the month of September. As of September 15th, there was short interest totaling 13,957 shares, a drop of 61.3% from the August 31st total of 36,092 shares. Currently, 0.1% of the shares of the company are sold short. Based on an average trading volume of 37,424 shares, the days-to-cover ratio is currently 0.4 days.

Hedge Funds Weigh In On Nuveen Massachusetts Quality Municipal Income Fund

A number of hedge funds and other institutional investors have recently made changes to their positions in NMT. Bank of America Corp DE grew its position 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 during the period. Sax Wealth Advisors LLC raised its position in Nuveen Massachusetts Quality Municipal Income Fund by 93.5% in the second quarter. Sax Wealth Advisors LLC now owns 38,469 shares of the financial services provider's stock worth $474,000 after acquiring an additional 18,588 shares during the period. Cetera Investment Advisers purchased a new position in Nuveen Massachusetts Quality Municipal Income Fund in the first quarter valued at about $138,000. Moors & Cabot Inc. boosted its stake in Nuveen Massachusetts Quality Municipal Income Fund by 51.9% in the fourth quarter. Moors & Cabot Inc. now owns 21,960 shares of the financial services provider's stock valued at $249,000 after acquiring an additional 7,500 shares during the last quarter. Finally, Bay Colony Advisory Group Inc d b a Bay Colony Advisors boosted its stake in Nuveen Massachusetts Quality Municipal Income Fund by 64.2% in the second 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 during the last quarter. 16.55% of the stock is owned by hedge funds and other institutional investors.

Nuveen Massachusetts Quality Municipal Income Fund Trading Down 5.7%

Shares of Nuveen Massachusetts Quality Municipal Income Fund stock opened at $10.39 on Friday. The business's fifty day simple moving average is $12.20 and its 200 day simple moving average is $12.45. Nuveen Massachusetts Quality Municipal Income Fund has a 12 month low of $10.30 and a 12 month high of $13.69.

Nuveen Massachusetts Quality Municipal Income Fund Dividend Announcement

The firm also recently announced a monthly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Tuesday, September 15th will be paid a dividend of $0.0605 per share. This represents a $0.73 dividend on an annualized basis and a dividend yield of 7.0%. The ex-dividend date is Tuesday, September 15th.

Nuveen Massachusetts Quality Municipal Income Fund Company Profile

Nuveen Massachusetts Quality Municipal Income Fund NYSE: NMT is a closed-end management investment company designed to provide current income that is exempt from regular federal income tax and Massachusetts state income tax. The fund invests primarily in municipal securities issued by or on behalf of the Commonwealth of Massachusetts and its political subdivisions, agencies and public authorities.

NMT's portfolio may include general obligation bonds, revenue bonds and other tax-exempt municipal debt used to finance public infrastructure and services.

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.