Nuveen Sl Tfip (NYSE:NXP) Sees Large Decrease in Short Interest

Key Points

• Short interest plunged 64% to 32,092 shares as of September 15, down from 89,055 shares at the end of August. Short interest represents 0.1% of shares outstanding, with a days-to-cover ratio of just 0.1.
• Institutional ownership stands at 16.17%, with several firms increasing their positions, including Royal Bank of Canada, Stephens Inc. AR, and Bank of America.
• NXP traded at $13.07, near its 12-month low, while maintaining a monthly dividend of $0.0535 per share—an annualized yield of approximately 4.9%.

Nuveen Sl Tfip (NYSE:NXP - Get Free Report) was the target of a large drop in short interest in the month of September. As of September 15th, there was short interest totaling 32,092 shares, a drop of 64.0% from the August 31st total of 89,055 shares. Based on an average daily volume of 216,798 shares, the days-to-cover ratio is currently 0.1 days. Currently, 0.1% of the company's shares are sold short.

Hedge Funds Weigh In On Nuveen Sl Tfip

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Stephens Inc. AR raised its stake in Nuveen Sl Tfip by 15.6% during the 1st quarter. Stephens Inc. AR now owns 666,432 shares of the financial services provider's stock valued at $9,563,000 after purchasing an additional 90,129 shares during the period. Bank of America Corp DE grew its holdings in shares of Nuveen Sl Tfip by 19.5% during the first quarter. Bank of America Corp DE now owns 542,458 shares of the financial services provider's stock valued at $7,784,000 after buying an additional 88,528 shares in the last quarter. Commonwealth Equity Services LLC grew its holdings in shares of Nuveen Sl Tfip by 4.7% during the fourth quarter. Commonwealth Equity Services LLC now owns 208,832 shares of the financial services provider's stock valued at $2,945,000 after buying an additional 9,332 shares in the last quarter. Royal Bank of Canada raised its position in Nuveen Sl Tfip by 46.0% during the first quarter. Royal Bank of Canada now owns 147,201 shares of the financial services provider's stock valued at $2,112,000 after buying an additional 46,394 shares during the period. Finally, Wedbush Securities Inc. raised its position in Nuveen Sl Tfip by 4.1% during the second quarter. Wedbush Securities Inc. now owns 73,793 shares of the financial services provider's stock valued at $768,000 after buying an additional 2,931 shares during the period. Institutional investors and hedge funds own 16.17% of the company's stock.

Nuveen Sl Tfip Price Performance

NYSE NXP traded up $0.12 on Friday, hitting $13.07. 508,369 shares of the company were exchanged, compared to its average volume of 227,783. The company's 50 day moving average price is $14.03 and its 200-day moving average price is $14.20. Nuveen Sl Tfip has a twelve month low of $12.90 and a twelve month high of $14.65.

Nuveen Sl Tfip Dividend Announcement

The company also recently declared a monthly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Tuesday, September 15th will be issued a dividend of $0.0535 per share. The ex-dividend date is Tuesday, September 15th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 4.9%.

Nuveen Sl Tfip Company Profile

Nuveen Select Tax-Free Income Portfolio is a closed-end management investment company listed on the New York Stock Exchange under the symbol NXP. The fund seeks to provide current income that is exempt from regular federal income tax, while also pursuing long-term preservation of capital.

The portfolio invests primarily in municipal securities issued by state and local governments, public authorities and other governmental entities throughout the United States. These securities may help finance public infrastructure and services, including schools, transportation systems, utilities, hospitals and housing projects.

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