Michael S. Hamilton, a portfolio manager at Nuveen AMT-Free Quality Municipal Income Fund (NYSE:NEA), recently acquired 264 shares of the fund's common stock. The shares were purchased on November 5 at a price of $11.44 each, totaling approximately $3,020. Following this transaction, Hamilton holds a total of 2,411 shares in a joint account.
This transaction reflects Hamilton's ongoing involvement and investment in the fund, which is part of Nuveen Investments, headquartered in Chicago.
InvestingPro Insights
Michael S. Hamilton's recent purchase of Nuveen AMT-Free Quality Municipal Income Fund (NYSE:NEA) shares aligns with several positive attributes of the fund. According to InvestingPro data, NEA boasts a significant dividend yield of 7.64%, making it an attractive option for income-focused investors. This high yield is supported by the fund's consistent dividend history, with an InvestingPro Tip noting that NEA has maintained dividend payments for 22 consecutive years.
The fund's stability is further underscored by another InvestingPro Tip, which indicates that the stock generally trades with low price volatility. This characteristic may appeal to investors seeking steady returns and income. Additionally, NEA's financial health appears sound, with InvestingPro data showing that liquid assets exceed short-term obligations, suggesting a strong balance sheet.
While the fund's P/E ratio stands at 70.56, which may seem high, it's important to consider this in the context of NEA's consistent dividend payments and the nature of municipal bond funds. The fund's gross profit margin of 100% for the last twelve months ending Q2 2024 reflects its efficient operation as an investment vehicle.
For investors interested in a deeper analysis, InvestingPro offers 6 additional tips for NEA, providing a more comprehensive view of the fund's potential. These insights can be valuable for those considering following Hamilton's lead in investing in this municipal income fund.
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