Nuveen California Quality Municipal Income Fund (NYSE:NAC) Stock Price Crosses Below 50-Day Moving Average – What’s Next?

Shares of Nuveen California Quality Municipal Income Fund (NYSE:NAC) passed below its fifty day moving average during trading on Friday . The stock has a fifty day moving average of $11.99 and traded as low as $11.94. Nuveen California Quality Municipal Income Fund shares last traded at $11.9450, with a volume of 338,589 shares trading hands.

Nuveen California Quality Municipal Income Fund Price Performance

The company’s 50-day moving average is $11.99 and its 200 day moving average is $11.89.

Nuveen California Quality Municipal Income Fund Announces Dividend

The company also recently announced a monthly dividend, which will be paid on Monday, August 3rd. Shareholders of record on Wednesday, July 15th will be paid a dividend of $0.0695 per share. This represents a c) annualized dividend and a yield of 7.0%. The ex-dividend date of this dividend is Wednesday, July 15th.

Institutional Trading of Nuveen California Quality Municipal Income Fund

Several hedge funds and other institutional investors have recently modified their holdings of NAC. Royal Bank of Canada raised its position in Nuveen California Quality Municipal Income Fund by 8.1% during the first quarter. Royal Bank of Canada now owns 125,135 shares of the company’s stock valued at $1,407,000 after buying an additional 9,425 shares during the period. NewEdge Advisors LLC lifted its stake in Nuveen California Quality Municipal Income Fund by 41.6% in the 1st quarter. NewEdge Advisors LLC now owns 70,068 shares of the company’s stock worth $788,000 after acquiring an additional 20,593 shares in the last quarter. Jane Street Group LLC acquired a new stake in Nuveen California Quality Municipal Income Fund during the 1st quarter worth about $300,000. Ameriprise Financial Inc. boosted its position in Nuveen California Quality Municipal Income Fund by 3.9% during the 2nd quarter. Ameriprise Financial Inc. now owns 118,150 shares of the company’s stock worth $1,320,000 after acquiring an additional 4,399 shares during the period. Finally, Bank of America Corp DE grew its stake in Nuveen California Quality Municipal Income Fund by 8.3% during the 2nd quarter. Bank of America Corp DE now owns 494,618 shares of the company’s stock valued at $5,525,000 after acquiring an additional 37,729 shares in the last quarter.

About Nuveen California Quality Municipal Income Fund

Nuveen California Quality Municipal Income Fund (NYSE: NAC) is a closed-end management investment company that seeks to provide investors with a high level of current income exempt from federal and California state income taxes, with a secondary objective of capital appreciation. The fund primarily acquires a diversified portfolio of municipal securities issued by entities located in California, focusing on investment-grade bonds. These securities typically include general obligation bonds, revenue bonds and other taxable or tax-advantaged instruments that finance public projects such as transportation, education and utilities.

In managing the portfolio, the fund’s investment team applies rigorous credit research to identify issuers with strong balance sheets, stable revenue streams and manageable debt levels.