Short-term stake in Nuveen Arizona Quality Municipal Income Fund (NYSE:NAZ) drops 46.8%


The Nuveen Arizona Quality Municipal Income Fund (NYSE:NAZ – Get Rating) benefited from a sharp drop in short-term interest during the month of April. As of April 15, there was short interest totaling 7,400 shares, down 46.8% from the March 31 total of 13,900 shares. Based on an average trading volume of 24,900 shares, the day-to-cover ratio is currently 0.3 days.

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Concourse Financial Group Securities Inc. purchased a new stake in Nuveen Arizona Quality Municipal Income Fund in the fourth quarter for $34,000. Wells Fargo & Company MN increased its position in Nuveen Arizona Quality Municipal Income Fund by 2.1% in the fourth quarter. Wells Fargo & Company MN now owns 121,739 shares of the investment management company worth $1,947,000 after buying 2,483 additional shares in the last quarter. Cetera Advisors LLC raised its position in Nuveen Arizona Quality Municipal Income Fund by 2.6% in the third quarter. Cetera Advisors LLC now owns 104,283 shares of the investment management company worth $1,635,000 after buying 2,646 additional shares in the last quarter. Bank of America Corp DE increased its position in Nuveen Arizona Quality Municipal Income Fund by 18.8% in the second quarter. Bank of America Corp DE now owns 29,142 shares of the investment management company worth $472,000 after buying 4,608 more shares in the last quarter. Finally, CWM LLC purchased a new stake in Nuveen Arizona Quality Municipal Income Fund in the fourth quarter at a value of $112,000. Hedge funds and other institutional investors own 9.45% of the company’s shares.

NYSE NAZ shares were down $0.08 at midday Friday, hitting $12.77. 24,177 shares of the stock traded in hands, compared to its average volume of 22,074. Nuveen Arizona Quality Municipal Income Fund has a 1-year low of $12.61 and a 1-year high of $16.25 . The company’s 50-day moving average is $13.34 and its 200-day moving average is $14.74.

The company also recently announced a monthly dividend, which will be paid on Monday, May 2. Shareholders of record on Thursday, April 14 will receive a dividend of $0.05 per share. The ex-dividend date is Wednesday, April 13. This represents a dividend of $0.60 on an annualized basis and a dividend yield of 4.70%.

Nuveen Arizona Quality Municipal Income Fund Company Profile (Get a rating)

Nuveen Arizona Quality Municipal Income Fund is a closed-end, fixed-income mutual fund launched by Nuveen Investments, Inc. The fund is managed by Nuveen Asset Management, LLC. He invests in the Arizona bond markets. The fund invests in municipal securities and other related investments whose income is exempt from regular federal and Arizona income taxes that are rated Baa or BBB or better and have an average maturity of 18.66 years .

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