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

Key Points

• Short interest fell 47.6% to 19,041 shares as of September 30, representing about 0.2% of outstanding shares and only 0.4 days to cover.
• NMI shares declined 0.5% to $9.15, near the 12-month low of $9.10 and below both its 50-day and 200-day moving averages.
• The fund declared a monthly dividend of $0.038 per share, equivalent to approximately $0.46 annually and a 5.0% yield; institutional investors own 16.57% of the company.

Nuveen Municipal Income Fund, Inc. (NYSE:NMI - Get Free Report) was the recipient of a significant decrease in short interest in September. As of September 30th, there was short interest totaling 19,041 shares, a decrease of 47.6% from the September 15th total of 36,327 shares. Based on an average trading volume of 53,299 shares, the days-to-cover ratio is presently 0.4 days. Approximately 0.2% of the shares of the stock are short sold.

Nuveen Municipal Income Fund Stock Down 0.5%

Shares of NYSE NMI traded down $0.05 during midday trading on Wednesday, reaching $9.15. 9,739 shares of the company traded hands, compared to its average volume of 32,076. The stock's 50-day simple moving average is $10.03 and its 200-day simple moving average is $10.46. Nuveen Municipal Income Fund has a 12 month low of $9.10 and a 12 month high of $11.28.

Nuveen Municipal Income Fund Announces Dividend

The business also recently disclosed a monthly dividend, which will be paid on Monday, November 2nd. Shareholders of record on Thursday, October 15th will be given a $0.0380 dividend. This represents a $0.46 annualized dividend and a yield of 5.0%. The ex-dividend date is Thursday, October 15th.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the stock. Avior Wealth Management LLC raised its stake in shares of Nuveen Municipal Income Fund by 68.7% in the third quarter. Avior Wealth Management LLC now owns 34,360 shares of the company's stock worth $321,000 after buying an additional 13,990 shares during the period. OneDigital Investment Advisors LLC purchased a new stake in Nuveen Municipal Income Fund in the 2nd quarter worth $409,000. Hennion & Walsh Asset Management Inc. raised its holdings in Nuveen Municipal Income Fund by 195.6% during the second quarter. Hennion & Walsh Asset Management Inc. now owns 209,716 shares of the company's stock valued at $2,311,000 after acquiring an additional 138,770 shares during the period. Kestra Advisory Services LLC raised its holdings in 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 valued at $126,000 after acquiring an additional 6,524 shares during the period. Finally, World Investment Advisors purchased a new position in shares of Nuveen Municipal Income Fund in the first quarter valued at about $2,891,000. 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 designed to provide current income that is exempt from regular federal income tax. The fund invests primarily in municipal securities issued by states, municipalities and other public entities in the United States.

Its portfolio may include general obligation bonds, revenue bonds and other tax-exempt debt instruments used to finance public infrastructure and services. The fund's investment approach focuses on generating federally tax-exempt income while managing credit, interest-rate and other risks associated with municipal bonds.

Nuveen Municipal Income Fund is advised by Nuveen Asset Management, an investment manager within Nuveen, the asset-management division of TIAA.

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