Nuveen Municipal Income Fund (NYSE:NMI) Shares Climb 1.1% – Here’s What Happened

Nuveen Municipal Income Fund, Inc. (NYSE:NMI)’s stock price traded up 1.1% on Wednesday. The stock traded as high as $9.75 and last traded at $9.71. Approximately 71,847 shares changed hands during mid-day trading, an increase of 155% from the average daily volume of 28,176 shares. The stock had previously closed at $9.60.

Nuveen Municipal Income Fund Trading Up 0.1%

The company’s 50-day simple moving average is $10.41 and its 200-day simple moving average is $10.51.

Nuveen Municipal Income Fund Announces Dividend

The company also recently disclosed a monthly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Tuesday, September 15th will be paid a dividend of $0.0380 per share. The ex-dividend date is Tuesday, September 15th. This represents a $0.46 annualized dividend and a dividend yield of 4.7%.

Institutional Investors Weigh In On Nuveen Municipal Income Fund

Hedge funds have recently bought and sold shares of the company. Hennion & Walsh Asset Management Inc. raised its stake in Nuveen Municipal Income Fund by 195.6% in the second quarter. Hennion & Walsh Asset Management Inc. now owns 209,716 shares of the company’s stock valued at $2,311,000 after buying an additional 138,770 shares during the period. World Investment Advisors bought a new position in shares of Nuveen Municipal Income Fund during the 1st quarter worth approximately $2,891,000. OneDigital Investment Advisors LLC bought a new position in shares of Nuveen Municipal Income Fund during the 2nd quarter worth approximately $409,000. Kestra Advisory Services LLC increased its holdings in shares of Nuveen Municipal Income Fund by 118.6% during the 1st quarter. Kestra Advisory Services LLC now owns 12,024 shares of the company’s stock worth $126,000 after acquiring an additional 6,524 shares during the last quarter. Finally, Janney Montgomery Scott LLC increased its holdings in shares of Nuveen Municipal Income Fund by 76.9% during the 1st quarter. Janney Montgomery Scott LLC now owns 20,783 shares of the company’s stock worth $217,000 after acquiring an additional 9,035 shares during the last quarter. 16.57% of the stock is currently owned by institutional investors and hedge funds.

About Nuveen Municipal Income Fund

Nuveen Municipal Income Fund (NYSE:NMI) is a closed-end management investment company advised by Nuveen Asset Management, a subsidiary of Nuveen, the asset-management business of TIAA. The fund seeks to provide current income that is exempt from regular federal income tax by investing primarily in municipal securities.

The fund invests in debt obligations issued by states, municipalities, and other governmental entities and related authorities across the United States. These securities may help finance public services and infrastructure projects, including transportation, utilities, education, health care, and other community facilities.