Nuveen Arizona Quality Municipal Income Fund (NYSE:NAZ) Share Price Passes Above 200-Day Moving Average – Should You Sell?

Nuveen Arizona Quality Municipal Income Fund (NYSE:NAZ) crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $12.31 and traded as high as $12.73. Nuveen Arizona Quality Municipal Income Fund shares last traded at $12.4950, with a volume of 7,388 shares trading hands.

Nuveen Arizona Quality Municipal Income Fund Stock Performance

The firm has a 50 day moving average price of $12.74 and a two-hundred day moving average price of $12.31.

Nuveen Arizona Quality Municipal Income Fund Cuts Dividend

The firm also recently announced a monthly dividend, which will be paid on Wednesday, July 1st. Shareholders of record on Monday, June 15th will be given a dividend of $0.062 per share. This represents a c) dividend on an annualized basis and a yield of 6.0%. The ex-dividend date is Monday, June 15th.

Hedge Funds Weigh In On Nuveen Arizona Quality Municipal Income Fund

Several large investors have recently modified their holdings of the business. Royal Bank of Canada raised its position in shares of Nuveen Arizona Quality Municipal Income Fund by 11.1% in the first quarter. Royal Bank of Canada now owns 23,983 shares of the investment management company’s stock valued at $289,000 after purchasing an additional 2,391 shares during the period. NewEdge Advisors LLC bought a new position in Nuveen Arizona Quality Municipal Income Fund in the 1st quarter worth approximately $211,000. Diversify Wealth Management LLC purchased a new position in Nuveen Arizona Quality Municipal Income Fund in the 2nd quarter valued at approximately $169,000. Raymond James Financial Inc. raised its holdings in Nuveen Arizona Quality Municipal Income Fund by 8.1% during the 2nd quarter. Raymond James Financial Inc. now owns 51,009 shares of the investment management company’s stock valued at $596,000 after acquiring an additional 3,813 shares during the period. Finally, Bank of America Corp DE lifted its position in shares of Nuveen Arizona Quality Municipal Income Fund by 14.1% during the second quarter. Bank of America Corp DE now owns 37,054 shares of the investment management company’s stock worth $433,000 after acquiring an additional 4,593 shares in the last quarter. Hedge funds and other institutional investors own 15.28% of the company’s stock.

About Nuveen Arizona Quality Municipal Income Fund

Nuveen Arizona Quality Municipal Income Fund (NYSE: NAZ) is a closed-end management investment company that seeks to provide shareholders with a high level of current income that is exempt from regular U.S. federal income tax. Managed by Nuveen Asset Management, the fund focuses on investment-grade municipal obligations issued by or on behalf of entities located in the state of Arizona. Its portfolio typically includes general obligation bonds, revenue bonds and essential-purpose municipal securities backed by state and local governments and quasi-governmental agencies.

The fund employs fundamental credit analysis to select bonds that meet rigorous quality standards, aiming to preserve principal while generating tax-advantaged income.