Nuveen Select Maturities Municipal Fund (NYSE:NIM) Sees Significant Decline in Short Interest

Key Points

• Short interest fell 42.8% to 10,068 shares as of October 15, representing approximately 0.1% of NIM’s shares and a low 0.2-day days-to-cover ratio.
• Institutional ownership accounts for 32.23% of the fund, with several investors—including Envestnet Asset Management and Blake Schutter Theil Wealth Advisors—recently increasing their positions.
• NIM shares rose 1.5% to $9.26, while the fund announced a $0.029 monthly dividend, equivalent to a $0.35 annualized payout and a 3.8% yield.

Nuveen Select Maturities Municipal Fund (NYSE:NIM - Get Free Report) saw a significant decline in short interest during the month of October. As of October 15th, there was short interest totaling 10,068 shares, a decline of 42.8% from the September 30th total of 17,587 shares. Based on an average trading volume of 41,553 shares, the days-to-cover ratio is currently 0.2 days. Approximately 0.1% of the company's shares are sold short.

Institutional Investors Weigh In On Nuveen Select Maturities Municipal Fund

Institutional investors and hedge funds have recently modified their holdings of the business. Blake Schutter Theil Wealth Advisors LLC increased its stake in Nuveen Select Maturities Municipal Fund by 13.0% in the first quarter. Blake Schutter Theil Wealth Advisors LLC now owns 181,427 shares of the company's stock worth $1,714,000 after purchasing an additional 20,878 shares during the period. Bank of America Corp DE boosted its stake in shares of Nuveen Select Maturities Municipal Fund by 1.1% during the first quarter. Bank of America Corp DE now owns 146,467 shares of the company's stock valued at $1,384,000 after purchasing an additional 1,552 shares during the period. Royal Bank of Canada grew its holdings in shares of Nuveen Select Maturities Municipal Fund by 5.3% in the first quarter. Royal Bank of Canada now owns 114,492 shares of the company's stock worth $1,081,000 after purchasing an additional 5,802 shares during the last quarter. Stephens Inc. AR grew its holdings in shares of Nuveen Select Maturities Municipal Fund by 6.4% in the first quarter. Stephens Inc. AR now owns 41,500 shares of the company's stock worth $392,000 after purchasing an additional 2,500 shares during the last quarter. Finally, Envestnet Asset Management Inc. increased its stake in Nuveen Select Maturities Municipal Fund by 22.1% in the 2nd quarter. Envestnet Asset Management Inc. now owns 31,692 shares of the company's stock worth $299,000 after buying an additional 5,731 shares during the period. 32.23% of the stock is owned by institutional investors.

Nuveen Select Maturities Municipal Fund Stock Up 1.5%

NYSE NIM traded up $0.14 on Friday, hitting $9.26. 17,676 shares of the stock were exchanged, compared to its average volume of 41,880. Nuveen Select Maturities Municipal Fund has a 52-week low of $8.46 and a 52-week high of $9.94. The stock has a fifty day moving average price of $8.98 and a two-hundred day moving average price of $9.31.

Nuveen Select Maturities Municipal Fund Dividend Announcement

The firm also recently announced a monthly dividend, which will be paid on Monday, November 2nd. Shareholders of record on Thursday, October 15th will be given a dividend of $0.0290 per share. This represents a $0.35 annualized dividend and a dividend yield of 3.8%. The ex-dividend date is Thursday, October 15th.

Nuveen Select Maturities Municipal Fund Company Profile

Nuveen Select Maturities Municipal Fund NYSE: NIM is a closed-end investment company managed by Nuveen Asset Management, an investment manager within the TIAA organization. The fund is designed for investors seeking income that is generally exempt from regular federal income tax.

NIM invests primarily in a diversified portfolio of municipal bonds and other municipal obligations issued by states, cities, counties, territories, and related public entities in the United States. Its portfolio emphasizes securities with relatively short to intermediate maturities, which can provide exposure to the municipal bond market while seeking to manage interest-rate sensitivity.

The fund's investments may support public-sector activities such as schools, transportation systems, utilities, healthcare facilities, and other community infrastructure.

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