Nuveen California Quality Municipal Income Fund (NYSE:NAC) Stock Passes Below 50-Day Moving Average – Should You Sell?

Shares of Nuveen California Quality Municipal Income Fund (NYSE:NAC) passed below its 50-day moving average during trading on Thursday . The stock has a 50-day moving average of $11.43 and traded as low as $11.15. Nuveen California Quality Municipal Income Fund shares last traded at $11.20, with a volume of 649,091 shares trading hands.

Nuveen California Quality Municipal Income Fund Stock Performance

The company has a 50-day moving average of $11.42 and a 200 day moving average of $11.61.

Nuveen California Quality Municipal Income Fund Announces Dividend

The company also recently declared a monthly dividend, which will be paid on Monday, February 3rd. Shareholders of record on Wednesday, January 15th will be issued a $0.0735 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 7.89%. The ex-dividend date is Wednesday, January 15th.

Hedge Funds Weigh In On Nuveen California Quality Municipal Income Fund

Several hedge funds and other institutional investors have recently modified their holdings of NAC. XTX Topco Ltd purchased a new stake in Nuveen California Quality Municipal Income Fund during the 2nd quarter valued at about $145,000. Whitebox Advisors LLC increased its holdings in shares of Nuveen California Quality Municipal Income Fund by 200.7% in the 2nd quarter. Whitebox Advisors LLC now owns 1,120,372 shares of the company’s stock worth $12,918,000 after purchasing an additional 747,810 shares in the last quarter. Northwestern Mutual Wealth Management Co. purchased a new position in shares of Nuveen California Quality Municipal Income Fund in the second quarter worth $82,000. EP Wealth Advisors LLC lifted its holdings in shares of Nuveen California Quality Municipal Income Fund by 9.2% during the second quarter. EP Wealth Advisors LLC now owns 15,208 shares of the company’s stock valued at $175,000 after purchasing an additional 1,281 shares in the last quarter. Finally, Sanctuary Advisors LLC purchased a new stake in shares of Nuveen California Quality Municipal Income Fund during the second quarter valued at $660,000.

Nuveen California Quality Municipal Income Fund Company Profile

Nuveen California Quality Municipal Income Fund is a closed ended 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 fixed income markets of California, United States. The fund invests in undervalued municipal securities and other related investments that are exempt from regular federal and California income taxes.