Nuveen Pennsylvania Quality Municipal Income Fund (NYSE:NQP) Shares Pass Above 200 Day Moving Average – Time to Sell?

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 $11.74 and traded as high as $12.12. Nuveen Pennsylvania Quality Municipal Income Fund shares last traded at $12.0850, with a volume of 83,863 shares changing hands.

Nuveen Pennsylvania Quality Municipal Income Fund Price Performance

The firm’s 50-day moving average is $11.98 and its two-hundred day moving average is $11.74.

Nuveen Pennsylvania Quality Municipal Income Fund Announces Dividend

The firm also recently announced a monthly dividend, which will be paid on Monday, March 2nd. Stockholders of record on Friday, February 13th will be issued a $0.078 dividend. The ex-dividend date is Friday, February 13th. This represents a c) dividend on an annualized basis and a dividend yield of 7.7%.

Insider Activity at Nuveen Pennsylvania Quality Municipal Income Fund

In related news, major shareholder Saba Capital Management, L.P. sold 174,255 shares of the stock in a transaction dated Friday, November 14th. The shares were sold at an average price of $12.19, for a total value of $2,124,168.45. Following the completion of the transaction, the insider owned 3,869,727 shares of the company’s stock, valued at approximately $47,171,972.13. This trade represents a 4.31% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Over the last ninety days, insiders have sold 330,431 shares of company stock valued at $4,023,837. 1.00% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Nuveen Pennsylvania Quality Municipal Income Fund

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. HighTower Advisors LLC lifted its stake in shares of Nuveen Pennsylvania Quality Municipal Income Fund by 0.6% in the 4th quarter. HighTower Advisors LLC now owns 184,132 shares of the financial services provider’s stock valued at $2,189,000 after purchasing an additional 1,152 shares during the last quarter. Steward Partners Investment Advisory LLC increased its position in shares of Nuveen Pennsylvania Quality Municipal Income Fund by 10.4% during the 2nd quarter. Steward Partners Investment Advisory LLC now owns 12,700 shares of the financial services provider’s stock valued at $142,000 after purchasing an additional 1,200 shares during the last quarter. Virtu Financial LLC raised its holdings in Nuveen Pennsylvania Quality Municipal Income Fund by 12.5% during the 3rd quarter. Virtu Financial LLC now owns 15,414 shares of the financial services provider’s stock valued at $185,000 after buying an additional 1,710 shares during the period. Global Retirement Partners LLC bought a new stake in Nuveen Pennsylvania Quality Municipal Income Fund in the fourth quarter worth $26,000. Finally, Envestnet Asset Management Inc. boosted its stake in Nuveen Pennsylvania Quality Municipal Income Fund by 5.5% during the third quarter. Envestnet Asset Management Inc. now owns 44,439 shares of the financial services provider’s stock worth $533,000 after buying an additional 2,336 shares during the period. 30.58% of the stock is currently owned by hedge funds and other institutional investors.

About Nuveen Pennsylvania Quality Municipal Income Fund

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.