In a recent transaction, Saba Capital Management, L.P., led by Boaz Weinstein, reported the sale of shares in Nuveen New Jersey Quality Municipal Income Fund (NYSE:NXJ). According to the filing, the firm sold 30,203 shares at a price of $12.44 per share, totaling approximately $375,725. Following the sale, Saba Capital retains ownership of 5,869,933 shares in the fund. The transaction was disclosed in a filing with the Securities and Exchange Commission.
InvestingPro Insights
While Saba Capital Management has reduced its position in Nuveen New Jersey Quality Municipal Income Fund (NYSE:NXJ), individual investors might find the fund's characteristics intriguing. According to InvestingPro data, NXJ boasts a substantial dividend yield of 7.54%, which aligns with one of the InvestingPro Tips highlighting that the fund "pays a significant dividend to shareholders." This high yield could be particularly attractive in the current market environment.
Moreover, NXJ has demonstrated consistency in its dividend payments, with an InvestingPro Tip noting that it "has maintained dividend payments for 24 consecutive years." This long-standing commitment to shareholder returns may provide some reassurance to income-focused investors, despite Saba Capital's recent share reduction.
The fund's market capitalization stands at $515 million, placing it in the small-cap category. With a P/E ratio of 13.78, NXJ appears reasonably valued compared to broader market averages. However, investors should note that an InvestingPro Tip cautions that the "valuation implies a poor free cash flow yield," which could be a consideration for value-oriented investors.
For those interested in a deeper analysis, InvestingPro offers 6 additional tips for NXJ, providing a more comprehensive view of the fund's financial health and market position.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.