Nuveen Select Maturities Municipal Fund (NYSE:NIM) Stock Falls 0.6% - Should You Sell?

Key Points

• NIM shares fell 0.6% to $8.94 in mid-day trading, with volume down 64% from the average session. The stock remains below its 200-day moving average of $9.21.
• The fund declared a monthly dividend of $0.029 per share, equivalent to approximately $0.35 annually and a 3.9% yield.
• Institutional investors increased their positions, and institutions and hedge funds collectively own 32.23% of NIM. The closed-end fund primarily invests in short- to intermediate-term municipal bonds that generate federally tax-exempt income.

Nuveen Select Maturities Municipal Fund (NYSE:NIM - Get Free Report) shares fell 0.6% during mid-day trading on Friday. The company traded as low as $8.84 and last traded at $8.94. 19,737 shares changed hands during trading, a decline of 64% from the average session volume of 54,599 shares. The stock had previously closed at $8.99.

Nuveen Select Maturities Municipal Fund Trading Down 0.6%

The business has a 50-day moving average of $8.99 and a 200-day moving average of $9.21.

Nuveen Select Maturities Municipal Fund Dividend Announcement

The company also recently declared a monthly dividend, which will be paid on Monday, November 2nd. Stockholders of record on Thursday, October 15th will be paid a dividend of $0.0290 per share. The ex-dividend date of this dividend is Thursday, October 15th. This represents a $0.35 dividend on an annualized basis and a dividend yield of 3.9%.

Institutional Investors Weigh In On Nuveen Select Maturities Municipal Fund

Several institutional investors have recently made changes to their positions in NIM. Envestnet Asset Management Inc. increased its holdings in Nuveen Select Maturities Municipal Fund by 22.1% in the second 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 last quarter. Bank of America Corp DE lifted its stake in Nuveen Select Maturities Municipal Fund by 1.1% in the first quarter. Bank of America Corp DE now owns 146,467 shares of the company's stock valued at $1,384,000 after acquiring an additional 1,552 shares during the last quarter. Royal Bank of Canada lifted its stake in 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 valued at $1,081,000 after acquiring an additional 5,802 shares during the last quarter. Blake Schutter Theil Wealth Advisors LLC grew its position 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 acquiring an additional 20,878 shares in the last quarter. Finally, Stephens Inc. AR grew its position in 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 acquiring an additional 2,500 shares in the last quarter. 32.23% of the stock is currently owned by institutional investors and hedge funds.

Nuveen Select Maturities Municipal Fund Company Profile

Nuveen Select Maturities Municipal Fund NYSE: NIM is a closed-end investment company managed by 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 issued by states, municipalities and other public-sector entities.

The fund focuses on municipal bonds with short- to intermediate-term maturities. Its portfolio may include general obligation bonds, revenue bonds and other tax-exempt securities used to finance public services and infrastructure, such as schools, transportation systems, utilities and health-care facilities.

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