Nuveen AMT-Free Quality Municipal Income Fund (NYSE:NEA) Share Price Breaks Below 50-Day Moving Average After Insider Selling

Nuveen AMT-Free Quality Municipal Income Fund (NYSE:NEA) passed below its fifty day moving average during trading on Friday following insider selling activity. The stock has a fifty day moving average of $11.04 and traded as low as $9.90. Nuveen AMT-Free Quality Municipal Income Fund shares last traded at $9.9750, with a volume of 2,215,134 shares trading hands.

Specifically, Portfolio Manager Michael S. Hamilton sold 2,676 shares of the stock in a transaction that occurred on Thursday, September 24th. The shares were sold at an average price of $9.93, for a total transaction of $26,572.68. The sale was disclosed in a filing with the SEC, which is available at the SEC website.

Nuveen AMT-Free Quality Municipal Income Fund Stock Performance

The business’s 50 day simple moving average is $11.04 and its two-hundred day simple moving average is $11.33.

Nuveen AMT-Free Quality Municipal Income Fund Announces Dividend

The company also recently disclosed a monthly dividend, which will be paid on Thursday, October 1st. Investors of record on Tuesday, September 15th will be issued a $0.0680 dividend. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $0.82 annualized dividend and a dividend yield of 8.2%.

Institutional Trading of Nuveen AMT-Free Quality Municipal Income Fund

A number of hedge funds have recently bought and sold shares of NEA. Envestnet Asset Management Inc. increased its holdings in Nuveen AMT-Free Quality Municipal Income Fund by 119.3% during the second quarter. Envestnet Asset Management Inc. now owns 173,183 shares of the company’s stock valued at $2,033,000 after buying an additional 94,216 shares during the last quarter. Smith Chas P & Associates PA Cpas purchased a new position in shares of Nuveen AMT-Free Quality Municipal Income Fund during the 2nd quarter worth $135,000. Palogic Value Management L.P. grew its position in shares of Nuveen AMT-Free Quality Municipal Income Fund by 0.9% during the 2nd quarter. Palogic Value Management L.P. now owns 380,871 shares of the company’s stock valued at $4,471,000 after acquiring an additional 3,313 shares during the period. Sequoia Financial Advisors LLC purchased a new stake in shares of Nuveen AMT-Free Quality Municipal Income Fund in the 2nd quarter worth $387,000. Finally, Integrated Wealth Concepts LLC increased its stake in shares of Nuveen AMT-Free Quality Municipal Income Fund by 14.5% in the 2nd quarter. Integrated Wealth Concepts LLC now owns 16,895 shares of the company’s stock worth $198,000 after purchasing an additional 2,140 shares in the last quarter.

About Nuveen AMT-Free Quality Municipal Income Fund

Nuveen AMT-Free Quality Municipal Income Fund (NYSE: NEA) is a closed-end management investment company that seeks to provide high current income exempt from federal alternative minimum tax. The fund primarily invests in a diversified portfolio of investment-grade municipal bonds, focusing on securities that enjoy strong credit quality and are issued by states, municipalities and public authorities across the United States.

In constructing its portfolio, NEA emphasizes bonds that are rated investment grade by one or more major rating agencies, with an aim to balance income generation and risk management.