Short Interest in Nuveen Select Maturities Municipal Fund (NYSE:NIM) Declines By 25.4%

Key Points

• Short interest in Nuveen Select Maturities Municipal Fund has declined by 25.4% in August, dropping from 17,700 shares to 13,200 shares.
• The fund recently increased its monthly dividend to $0.029, reflecting a yield of 3.8%, with the payment date set for October 1st.
• Institutional investors currently hold 32.23% of the fund's stock, with several hedge funds increasing their positions significantly in recent quarters.

Nuveen Select Maturities Municipal Fund (NYSE:NIM - Get Free Report) was the recipient of a large drop in short interest in the month of August. As of August 15th, there was short interest totaling 13,200 shares, a drop of 25.4% from the July 31st total of 17,700 shares. Based on an average daily trading volume, of 22,700 shares, the days-to-cover ratio is presently 0.6 days. Based on an average daily trading volume, of 22,700 shares, the days-to-cover ratio is presently 0.6 days.

Nuveen Select Maturities Municipal Fund Price Performance

NIM stock traded up $0.02 during mid-day trading on Friday, hitting $9.33. The stock had a trading volume of 23,291 shares, compared to its average volume of 18,419. Nuveen Select Maturities Municipal Fund has a 52 week low of $8.60 and a 52 week high of $9.64. The firm has a fifty day simple moving average of $9.14 and a 200 day simple moving average of $9.12.

Nuveen Select Maturities Municipal Fund Increases Dividend

The business also recently declared a monthly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Monday, September 15th will be paid a $0.029 dividend. This represents a c) dividend on an annualized basis and a dividend yield of 3.7%. The ex-dividend date is Monday, September 15th. This is an increase from Nuveen Select Maturities Municipal Fund's previous monthly dividend of $0.03.

Institutional Investors Weigh In On Nuveen Select Maturities Municipal Fund

Hedge funds have recently made changes to their positions in the stock. IFP Advisors Inc boosted its stake in shares of Nuveen Select Maturities Municipal Fund by 38.1% in the 1st quarter. IFP Advisors Inc now owns 9,601 shares of the company's stock valued at $89,000 after purchasing an additional 2,647 shares in the last quarter. Stratos Wealth Partners LTD. acquired a new stake in shares of Nuveen Select Maturities Municipal Fund in the 1st quarter valued at approximately $132,000. Ameriprise Financial Inc. boosted its stake in shares of Nuveen Select Maturities Municipal Fund by 16.6% in the 4th quarter. Ameriprise Financial Inc. now owns 21,050 shares of the company's stock valued at $183,000 after purchasing an additional 3,000 shares in the last quarter. Nomura Holdings Inc. acquired a new stake in shares of Nuveen Select Maturities Municipal Fund in the 4th quarter valued at approximately $192,000. Finally, Osaic Holdings Inc. boosted its stake in shares of Nuveen Select Maturities Municipal Fund by 58.8% in the 2nd quarter. Osaic Holdings Inc. now owns 33,742 shares of the company's stock valued at $306,000 after purchasing an additional 12,500 shares in the last quarter. 32.23% of the stock is currently owned by institutional investors and hedge funds.

About Nuveen Select Maturities Municipal Fund

Nuveen Select Maturities Municipal Fund is a closed-ended fixed income mutual fund launched by Nuveen Investments, Inc The fund is co-managed by Nuveen Fund Advisors LLC and Nuveen Asset Management, LLC. It invests in the fixed income markets of the United States. The fund invests primarily in municipal securities rated Baa/BBB or better.