Nuveen New York Municipal Valu (NYSE:NNY) Share Price Passes Below 200 Day Moving Average - Time to Sell?

Key Points

• NNY shares fell below their 200-day moving average, reaching as low as $7.83 versus the $8.46 average, and last traded at $7.91. The technical move may signal weakening momentum but does not by itself determine whether investors should sell.
• The fund announced a monthly dividend of $0.0295 per share, representing an annualized yield of approximately 4.5%; shareholders of record on September 15 are scheduled to receive payment on October 1.
• Institutional investors and hedge funds own 22.5% of NNY, with several firms increasing their positions or initiating new stakes. The closed-end fund primarily invests in New York municipal bonds to provide federally and state tax-exempt income.

Shares of Nuveen New York Municipal Valu (NYSE:NNY - Get Free Report) passed below its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $8.46 and traded as low as $7.83. Nuveen New York Municipal Valu shares last traded at $7.91, with a volume of 65,714 shares changing hands.

Nuveen New York Municipal Valu Trading Up 1.2%

The stock's fifty day moving average price is $8.26 and its two-hundred day moving average price is $8.46.

Nuveen New York Municipal Valu Announces Dividend

The firm also recently announced a monthly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Tuesday, September 15th will be paid a dividend of $0.0295 per share. The ex-dividend date is Tuesday, September 15th. This represents a c) annualized dividend and a yield of 4.5%.

Institutional Investors Weigh In On Nuveen New York Municipal Valu

A number of large investors have recently modified their holdings of NNY. Susquehanna International Group LLP increased its stake in shares of Nuveen New York Municipal Valu by 14.1% in the second quarter. Susquehanna International Group LLP now owns 15,601 shares of the investment management company's stock valued at $136,000 after buying an additional 1,933 shares during the period. Leigh Baldwin & CO. LLC lifted its holdings in shares of Nuveen New York Municipal Valu by 2.6% during the first quarter. Leigh Baldwin & CO. LLC now owns 119,818 shares of the investment management company's stock worth $1,000,000 after purchasing an additional 3,086 shares during the period. Cetera Investment Advisers grew its stake in shares of Nuveen New York Municipal Valu by 26.2% in the first quarter. Cetera Investment Advisers now owns 18,585 shares of the investment management company's stock worth $155,000 after purchasing 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 first quarter valued at $157,000. Finally, Fiera Capital Corp bought a new position in Nuveen New York Municipal Valu during the 4th quarter worth $1,751,000. Institutional investors and hedge funds own 22.50% of the company's stock.

Nuveen New York Municipal Valu Company Profile

Nuveen New York Municipal Value Fund, Inc NYSE: NNY is a closed-end investment company that seeks to provide current income exempt from regular federal income tax and New York State and New York City income taxes. The fund is designed for investors seeking tax-advantaged exposure to the municipal bond market.

The fund invests primarily in municipal securities issued by or on behalf of New York State and its political subdivisions, municipalities, and public authorities. Its portfolio may include bonds financing public infrastructure and essential services, such as transportation, education, health care, utilities, and other civic projects.

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.