Nuveen Virginia Quality Municipal Income Fund (NYSE:NPV) Stock Crosses Above 50 Day Moving Average - Here's What Happened

Key Points

• NPV shares crossed above their 50-day moving average, reaching $9.89 before last trading at $9.8050; the 50-day and 200-day averages were $9.79 and $10.96, respectively.
• The fund declared a monthly dividend of $0.0615 per share, equivalent to $0.74 annually and a 7.5% yield. The dividend is payable November 2 to shareholders of record October 15.
• Institutional ownership stands at 11.68%, with several firms increasing their positions and Bank of America acquiring a new $639,000 stake. NPV invests primarily in Virginia investment-grade municipal bonds to provide tax-exempt income.

Nuveen Virginia Quality Municipal Income Fund (NYSE:NPV - Get Free Report)'s share price crossed above its fifty day moving average during trading on Friday. The stock has a fifty day moving average of $9.79 and traded as high as $9.89. Nuveen Virginia Quality Municipal Income Fund shares last traded at $9.8050, with a volume of 136,225 shares traded.

Nuveen Virginia Quality Municipal Income Fund Price Performance

The company's 50-day moving average is $9.79 and its 200 day moving average is $10.96.

Nuveen Virginia Quality Municipal Income Fund Dividend Announcement

The firm also recently disclosed a monthly dividend, which will be paid on Monday, November 2nd. Investors of record on Thursday, October 15th will be paid a $0.0615 dividend. This represents a $0.74 annualized dividend and a yield of 7.5%. The ex-dividend date of this dividend is Thursday, October 15th.

Institutional Investors Weigh In On Nuveen Virginia Quality Municipal Income Fund

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Bank of America Corp DE acquired a new stake in Nuveen Virginia Quality Municipal Income Fund during the second quarter valued at $639,000. Janney Montgomery Scott LLC grew its holdings in Nuveen Virginia Quality Municipal Income Fund by 15.5% during the first quarter. Janney Montgomery Scott LLC now owns 50,661 shares of the financial services provider's stock valued at $574,000 after purchasing an additional 6,785 shares during the last quarter. Private Advisor Group LLC raised its holdings in Nuveen Virginia Quality Municipal Income Fund by 7.4% in the 1st quarter. Private Advisor Group LLC now owns 33,681 shares of the financial services provider's stock worth $382,000 after acquiring an additional 2,314 shares during the period. Canal Capital Management LLC increased its stake in shares of Nuveen Virginia Quality Municipal Income Fund by 11.6% in the first quarter. Canal Capital Management LLC now owns 27,039 shares of the financial services provider's stock worth $306,000 after purchasing an additional 2,810 shares during the period. Finally, Royal Bank of Canada lifted its holdings in shares of Nuveen Virginia Quality Municipal Income Fund by 5.0% during the first quarter. Royal Bank of Canada now owns 26,514 shares of the financial services provider's stock worth $300,000 after buying an additional 1,268 shares during the last quarter. Hedge funds and other institutional investors own 11.68% of the company's stock.

About Nuveen Virginia Quality Municipal Income Fund

Nuveen Virginia Quality Municipal Income Fund NYSE: NPV is a closed-end fund managed by Nuveen, an investment management firm specializing in municipal and other income-oriented investments. The fund is designed to provide current income that is generally exempt from regular federal income tax and Virginia personal income tax.

To pursue its objective, the fund invests primarily in investment-grade municipal bonds and other tax-exempt obligations issued by the Commonwealth of Virginia, its municipalities, counties, public authorities and other governmental entities.

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