Nuveen New York Municipal Valu (NYSE:NNY) Sees Large Growth in Short Interest

Key Points

• Short interest surged 143.9% to 42,788 shares as of October 15, representing about 0.2% of NNY’s shares outstanding; the days-to-cover ratio was 0.5.
• Institutional investors and hedge funds adjusted their positions, with several increasing holdings or initiating new stakes. Institutions collectively own 22.5% of the fund.
• NNY traded at $7.89, near the lower end of its 52-week range, while announcing a monthly dividend of $0.0295 per share, equivalent to an annualized yield of approximately 4.5%.

Nuveen New York Municipal Valu (NYSE:NNY - Get Free Report) was the target of a significant growth in short interest in October. As of October 15th, there was short interest totaling 42,788 shares, a growth of 143.9% from the September 30th total of 17,540 shares. Approximately 0.2% of the shares of the stock are sold short. Based on an average daily trading volume, of 86,901 shares, the days-to-cover ratio is presently 0.5 days.

Institutional Investors Weigh In On Nuveen New York Municipal Valu

A number of institutional investors and hedge funds have recently modified their holdings of the stock. CoreCap Advisors LLC acquired a new position in Nuveen New York Municipal Valu in the 3rd quarter worth about $26,000. Susquehanna International Group LLP grew its holdings in Nuveen New York Municipal Valu by 14.1% during the second quarter. Susquehanna International Group LLP now owns 15,601 shares of the investment management company's stock valued at $136,000 after purchasing an additional 1,933 shares during the last quarter. Cetera Investment Advisers grew its stake in Nuveen New York Municipal Valu by 26.2% in the 1st quarter. Cetera Investment Advisers now owns 18,585 shares of the investment management company's stock valued at $155,000 after buying an additional 3,858 shares during the last quarter. Kestra Advisory Services LLC acquired a new stake in Nuveen New York Municipal Valu in the 1st quarter valued at approximately $157,000. Finally, Breakwater Capital Group boosted its position in shares of Nuveen New York Municipal Valu by 6.6% in the third quarter. Breakwater Capital Group now owns 31,341 shares of the investment management company's stock valued at $244,000 after acquiring an additional 1,935 shares during the period. Institutional investors and hedge funds own 22.50% of the company's stock.

Nuveen New York Municipal Valu Price Performance

NNY stock traded up $0.04 during mid-day trading on Friday, reaching $7.89. The company had a trading volume of 126,975 shares, compared to its average volume of 44,179. The firm has a fifty day simple moving average of $7.92 and a 200 day simple moving average of $8.38. Nuveen New York Municipal Valu has a fifty-two week low of $7.55 and a fifty-two week high of $8.94.

Nuveen New York Municipal Valu Dividend Announcement

The company also recently announced a monthly dividend, which will be paid on Monday, November 2nd. Shareholders of record on Thursday, October 15th will be issued a $0.0295 dividend. This represents a $0.35 dividend on an annualized basis and a yield of 4.5%. The ex-dividend date is Thursday, October 15th.

About Nuveen New York Municipal Valu

Nuveen New York Municipal Value Fund, Inc NYSE: NNY is a closed-end management investment company designed to provide current income that is exempt from regular federal income tax and New York State and New York City personal income taxes, subject to applicable tax rules.

The fund invests primarily in municipal securities issued by New York State, its political subdivisions and public authorities, as well as other qualifying municipal issuers. Its portfolio may include bonds financing public infrastructure and essential services such as transportation, education, health care, utilities and housing.

NNY is managed by Nuveen, an investment manager specializing in municipal bonds and other income-oriented strategies.

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