Nuveen Municipal Income Fund, Inc. (NYSE:NMI) Sees Large Growth in Short Interest

Key Points

• Short interest rose sharply: Shares sold short increased 67.2% to 36,327 as of September 15, representing 0.3% of outstanding shares and 1.2 days of average trading volume.
• Shares traded near their yearly low: NMI fell to $9.31, compared with a 52-week range of $9.10 to $11.28, and remained below its 50-day and 200-day moving averages.
• Income remains a key attraction: The fund declared a monthly dividend of $0.038 per share, equal to $0.46 annually and a 4.9% yield; institutional investors own 16.57% of the stock.

Nuveen Municipal Income Fund, Inc. (NYSE:NMI - Get Free Report) was the recipient of a large increase in short interest in the month of September. As of September 15th, there was short interest totaling 36,327 shares, an increase of 67.2% from the August 31st total of 21,729 shares. Based on an average daily trading volume, of 29,312 shares, the short-interest ratio is currently 1.2 days. Currently, 0.3% of the company's stock are short sold.

Nuveen Municipal Income Fund Stock Performance

NMI stock traded down $0.03 during midday trading on Wednesday, hitting $9.31. The company's stock had a trading volume of 27,943 shares, compared to its average volume of 30,366. The firm has a 50-day simple moving average of $10.33 and a 200-day simple moving average of $10.50. Nuveen Municipal Income Fund has a 52-week low of $9.10 and a 52-week high of $11.28.

Nuveen Municipal Income Fund Announces Dividend

The business also recently disclosed a monthly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Tuesday, September 15th will be paid a $0.0380 dividend. This represents a $0.46 annualized dividend and a dividend yield of 4.9%. The ex-dividend date is Tuesday, September 15th.

Institutional Investors Weigh In On Nuveen Municipal Income Fund

Large investors have recently bought and sold shares of the stock. Astoria Portfolio Advisors LLC. acquired a new stake in Nuveen Municipal Income Fund in the 4th quarter valued at about $116,000. Kestra Advisory Services LLC increased its stake in shares of Nuveen Municipal Income Fund by 118.6% during the first quarter. Kestra Advisory Services LLC now owns 12,024 shares of the company's stock worth $126,000 after buying an additional 6,524 shares during the period. Janney Montgomery Scott LLC increased its stake in shares of Nuveen Municipal Income Fund by 76.9% during the first quarter. Janney Montgomery Scott LLC now owns 20,783 shares of the company's stock worth $217,000 after buying an additional 9,035 shares during the period. OneDigital Investment Advisors LLC acquired a new position in Nuveen Municipal Income Fund during the 2nd quarter worth approximately $409,000. Finally, Hennion & Walsh Asset Management Inc. increased its position in shares of Nuveen Municipal Income Fund by 195.6% in the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 209,716 shares of the company's stock valued at $2,311,000 after purchasing an additional 138,770 shares during the last quarter. Hedge funds and other institutional investors own 16.57% of the company's stock.

Nuveen Municipal Income Fund Company Profile

Nuveen Municipal Income Fund NYSE: NMI is a closed-end management investment company advised by Nuveen Asset Management, a subsidiary of Nuveen, the asset-management business of TIAA. The fund seeks to provide current income that is exempt from regular federal income tax by investing primarily in municipal securities.

The fund invests in debt obligations issued by states, municipalities, and other governmental entities and related authorities across the United States. These securities may help finance public services and infrastructure projects, including transportation, utilities, education, health care, and other community facilities.

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.