Nuveen Pennsylvania Quality Municipal Income Fund (NYSE:NQP) Stock Passes Above 200-Day Moving Average – Should You Sell?

Shares of Nuveen Pennsylvania Quality Municipal Income Fund (NYSE:NQP) crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $11.63 and traded as high as $11.97. Nuveen Pennsylvania Quality Municipal Income Fund shares last traded at $11.9250, with a volume of 182,648 shares traded.

Nuveen Pennsylvania Quality Municipal Income Fund Stock Down 0.6%

The stock’s 50 day moving average is $12.04 and its two-hundred day moving average is $11.63.

Nuveen Pennsylvania Quality Municipal Income Fund Dividend Announcement

The company also recently announced a monthly dividend, which will be paid on Monday, February 2nd. Stockholders of record on Thursday, January 15th will be given a $0.078 dividend. This represents a c) annualized dividend and a dividend yield of 7.8%. The ex-dividend date is Thursday, January 15th.

Insider Activity at Nuveen Pennsylvania Quality Municipal Income Fund

In related news, major shareholder Saba Capital Management, L.P. sold 15,108 shares of the stock in a transaction on Thursday, November 20th. The stock was sold at an average price of $12.11, for a total value of $182,957.88. Following the completion of the transaction, the insider directly owned 3,715,104 shares of the company’s stock, valued at approximately $44,989,909.44. This represents a 0.41% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders sold 887,874 shares of company stock worth $10,739,484 in the last three months. 1.00% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Nuveen Pennsylvania Quality Municipal Income Fund

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Royal Bank of Canada grew its holdings in shares of Nuveen Pennsylvania Quality Municipal Income Fund by 25.2% during the first quarter. Royal Bank of Canada now owns 311,664 shares of the financial services provider’s stock worth $3,497,000 after buying an additional 62,761 shares in the last quarter. Focus Partners Wealth acquired a new position in Nuveen Pennsylvania Quality Municipal Income Fund during the first quarter worth about $186,000. Kavar Capital Partners Group LLC acquired a new position in Nuveen Pennsylvania Quality Municipal Income Fund during the second quarter worth about $157,000. Envestnet Asset Management Inc. grew its stake in Nuveen Pennsylvania Quality Municipal Income Fund by 43.2% during the 2nd quarter. Envestnet Asset Management Inc. now owns 42,103 shares of the financial services provider’s stock valued at $472,000 after acquiring an additional 12,703 shares in the last quarter. Finally, Aviance Capital Partners LLC raised its holdings in Nuveen Pennsylvania Quality Municipal Income Fund by 8.6% in the 2nd quarter. Aviance Capital Partners LLC now owns 42,226 shares of the financial services provider’s stock valued at $474,000 after acquiring an additional 3,345 shares during the last quarter. Institutional investors and hedge funds own 30.58% of the company’s stock.

Nuveen Pennsylvania Quality Municipal Income Fund Company Profile

Nuveen Pennsylvania Quality Municipal Income Fund (NYSE: NQP) is a closed-end management investment company that seeks to provide a high level of current income exempt from federal and Pennsylvania state income taxes. Launched in the early 1980s, the Fund primarily invests in investment-grade municipal securities issued by state and local government entities within Pennsylvania, targeting bonds that finance public infrastructure, healthcare facilities, educational institutions and utility projects.

Under its 80% asset policy, the Fund allocates the majority of its portfolio to bonds rated ‘BBB’ or higher, emphasizing general obligation and revenue-secured municipal debt.