Short-term stake in Nuveen Pennsylvania Quality Municipal Income Fund (NYSE:NQP) drops 33.6%

The Nuveen Pennsylvania Quality Municipal Income Fund (NYSE:NQP – Get Rating) benefited from a significant drop in short-term interest rates in June. As of June 15, there was short interest totaling 8,100 shares, down 33.6% from the May 31 total of 12,200 shares. Based on an average daily trading volume of 71,000 shares, the day-to-cover ratio is currently 0.1 day.

NYSE: NQP traded down $0.16 during Friday’s midday session, hitting $12.35. The company had a trading volume of 61,222 shares, compared to an average volume of 60,655. Nuveen Pennsylvania Quality Municipal Income Fund has a fifty-two week low of $11.31 and a fifty-two week high of 15 $.77. The company’s fifty-day moving average is $11.99 and its two-hundred-day moving average is $13.27.

The company also recently announced a monthly dividend, which was paid on Friday, July 1. Shareholders of record on Wednesday, June 15 received a dividend of $0.0485. This represents an annualized dividend of $0.58 and a yield of 4.71%. The ex-dividend date was Tuesday, June 14.

Several institutional investors have recently changed their positions in NQP. Cetera Advisor Networks LLC increased its holdings of Nuveen Pennsylvania Quality Municipal Income Fund shares by 7.3% in the third quarter. Cetera Advisor Networks LLC now owns 13,271 shares of the financial services provider worth $196,000 after acquiring 900 additional shares in the last quarter. Moors & Cabot Inc. purchased a new stake in shares of Nuveen Pennsylvania Quality Municipal Income Fund in the third quarter for a value of approximately $343,000. SevenBridge Financial Group LLC increased its holdings of Nuveen Pennsylvania Quality Municipal Income Fund shares by 72.8% in the fourth quarter. SevenBridge Financial Group LLC now owns 37,598 shares of the financial services provider worth $560,000 after acquiring an additional 15,834 shares in the last quarter. Narwhal Capital Management increased its holdings of Nuveen Pennsylvania Quality Municipal Income Fund shares by 22.1% in the fourth quarter. Narwhal Capital Management now owns 14,820 shares of the financial services provider worth $221,000 after acquiring 2,680 additional shares last quarter. Finally, Blue Bell Private Wealth Management LLC purchased a new stake in shares of Nuveen Pennsylvania Quality Municipal Income Fund in the fourth quarter for a value of approximately $32,000.

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About Nuveen Pennsylvania Quality Municipal Income Fund (Get an assessment)

Nuveen Pennsylvania Quality Municipal Income Fund is a closed-end, fixed-income mutual fund launched by Nuveen Investments, Inc. The fund is co-managed by Nuveen Fund Advisors LLC and Nuveen Asset Management, LLC. It invests in the Pennsylvania bond markets. The fund invests in tax-exempt municipal bonds with a rating of Baa/BBB or better.

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