Nuveen Virginia Quality Municipal Income Fund (NYSE:NPV) Sees Significant Drop in Short-Term Interest

The Nuveen Virginia Quality Municipal Income Fund (NYSE:NPV – Get Rating) benefited from a sharp drop in short-term interest rates during the month of June. As of June 15, there was short interest totaling 1,700 shares, down 26.1% from the May 31 total of 2,300 shares. Based on an average daily volume of 28,900 shares, the day-to-cover ratio is currently 0.1 day.

Large investors have recently increased or reduced their stakes in the stock. DAVENPORT & Co LLC increased its holdings in Nuveen Virginia Quality Municipal Income Fund by 1.9% in Q1. DAVENPORT & Co LLC now owns 199,861 shares of the financial services provider valued at $2,842,000 after purchasing an additional 3,679 shares during the period. Bank of America Corp DE increased its holdings in Nuveen Virginia Quality Municipal Income Fund by 15.1% in Q1. Bank of America Corp DE now owns 102,936 shares of the financial services provider valued at $1,464,000 after purchasing an additional 13,515 shares during the period. Truist Financial Corp increased its holdings in Nuveen Virginia Quality Municipal Income Fund by 4.3% in Q1. Truist Financial Corp now owns 72,848 shares of the financial services provider valued at $1,036,000 after purchasing an additional 3,025 shares during the period. Janney Montgomery Scott LLC increased its holdings in Nuveen Virginia Quality Municipal Income Fund by 1.5% in the fourth quarter. Janney Montgomery Scott LLC now owns 65,338 shares of the financial services provider valued at $1,112,000 after purchasing an additional 965 shares during the period. Finally, Envestnet Asset Management Inc. increased its stake in Nuveen Virginia Quality Municipal Income Fund by 7.7% in the 1st quarter. Envestnet Asset Management Inc. now owns 53,747 shares of the financial services provider valued at $764,000 after purchasing an additional 3,861 shares during the period. Hedge funds and other institutional investors own 6.28% of the company’s shares.

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NYSE: NPV opened at $12.51 on Friday. Nuveen Virginia Quality Municipal Income Fund has a one-year low of $11.50 and a one-year high of $17.93. The company has a fifty-day moving average price of $12.30 and a 200-day moving average price of $13.82.

The company also recently announced a monthly dividend, which was paid on Friday, July 1. Investors of record on Wednesday, June 15 received a dividend of $0.0485 per share. This represents an annualized dividend of $0.58 and a yield of 4.65%. The ex-dividend date was Tuesday, June 14.

About Nuveen Virginia Municipal Quality Income Fund (Get a rating)

Nuveen Virginia Quality Municipal Income Fund is a closed-end, 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 Virginia bond markets. The fund invests primarily in municipal securities rated Baa/BBB or better.

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