Nuveen Municipal Income Fund (NYSE:NMI) Trading 1.1% Higher - Here's Why

Key Points

• Nuveen Municipal Income Fund shares rose 1.1% to $9.71, reaching an intraday high of $9.75, while trading volume increased 155% above its average.
• The fund declared a monthly dividend of $0.038 per share, payable October 1 to shareholders of record September 15, representing a 4.7% annualized yield.
• Institutional ownership stands at 16.57%, with several investment firms recently initiating or significantly increasing their positions in NMI.

Nuveen Municipal Income Fund, Inc. (NYSE:NMI - Get Free Report)'s share price was up 1.1% during trading on Wednesday . The company traded as high as $9.75 and last traded at $9.71. Approximately 71,847 shares were traded during mid-day trading, an increase of 155% from the average daily volume of 28,176 shares. The stock had previously closed at $9.60.

Nuveen Municipal Income Fund Trading Up 1.1%

The firm's 50 day simple moving average is $10.43 and its two-hundred day simple moving average is $10.51.

Nuveen Municipal Income Fund Announces Dividend

The firm 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 $0.038 dividend. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a c) annualized dividend and a dividend yield of 4.7%.

Institutional Investors Weigh In On Nuveen Municipal Income Fund

Several institutional investors and hedge funds have recently bought and sold shares of NMI. World Investment Advisors bought a new position in Nuveen Municipal Income Fund in the first quarter worth about $2,891,000. Hennion & Walsh Asset Management Inc. raised its position in shares of Nuveen Municipal Income Fund by 195.6% during the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 209,716 shares of the company's stock worth $2,311,000 after purchasing an additional 138,770 shares during the period. OneDigital Investment Advisors LLC acquired a new stake in shares of Nuveen Municipal Income Fund during the 2nd quarter worth approximately $409,000. Janney Montgomery Scott LLC lifted its holdings in shares of Nuveen Municipal Income Fund by 76.9% in the 1st quarter. Janney Montgomery Scott LLC now owns 20,783 shares of the company's stock worth $217,000 after purchasing an additional 9,035 shares during the last quarter. Finally, Kestra Advisory Services LLC lifted its holdings in shares of Nuveen Municipal Income Fund by 118.6% in the 1st quarter. Kestra Advisory Services LLC now owns 12,024 shares of the company's stock worth $126,000 after purchasing an additional 6,524 shares during the last quarter. Institutional investors and hedge funds own 16.57% of the company's stock.

About Nuveen Municipal Income Fund

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.