In a notable performance within the financial markets, Nuveen California Select Tax-Free Income Portfolio (NXC) has reached a 52-week high, trading at $14.18. This peak reflects a significant uptrend for the closed-end fund, which specializes in tax-free income, primarily from California municipal bonds. Over the past year, NXC has seen an impressive 16.01% change, outpacing many of its peers and signaling strong investor confidence in its portfolio management and strategy. The fund's ability to reach this price level amidst fluctuating market conditions underscores its resilience and the growing appetite for tax-efficient investment options.
InvestingPro Insights
Nuveen California Select Tax-Free Income Portfolio (NXC) continues to demonstrate its strength in the market, as evidenced by its recent performance and InvestingPro data. The fund's market capitalization stands at $89.9 million, reflecting its significant presence in the California municipal bond space. With a P/E ratio of 17.64, NXC appears to be reasonably valued compared to its earnings.
InvestingPro Tips highlight NXC's stability and income-generating potential. The fund has maintained dividend payments for an impressive 33 consecutive years, a testament to its commitment to providing consistent returns to investors. This aligns well with the fund's focus on tax-free income, which is particularly attractive to income-seeking investors in high-tax states like California.
Additionally, NXC's stock generally trades with low price volatility, which may appeal to risk-averse investors looking for steady performance. The fund's current dividend yield of 3.89% further enhances its appeal as an income-generating investment.
It's worth noting that NXC is trading near its 52-week high, with a price that is 99.86% of its highest point over the past year. This corroborates the article's mention of the fund reaching a new peak and outperforming many of its peers.
For investors seeking more comprehensive analysis, InvestingPro offers additional tips and insights that could provide a deeper understanding of NXC's investment potential. There are 6 more tips available on the InvestingPro platform, which could offer valuable guidance for those considering this fund for their portfolio.
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