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

Nuveen California Quality Municipal Income Fund (NYSE:NAC)’s share price passed below its fifty day moving average during trading on Monday . The stock has a fifty day moving average of $11.98 and traded as low as $11.68. Nuveen California Quality Municipal Income Fund shares last traded at $11.7050, with a volume of 332,100 shares.

Nuveen California Quality Municipal Income Fund Price Performance

The company’s 50-day simple moving average is $11.98 and its 200 day simple moving average is $11.89.

Nuveen California Quality Municipal Income Fund Announces Dividend

The business also recently disclosed a monthly dividend, which will be paid on Monday, August 3rd. Stockholders of record on Wednesday, July 15th will be paid a $0.0695 dividend. This represents a c) annualized dividend and a dividend yield of 7.1%. The ex-dividend date is Wednesday, July 15th.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of NAC. Hennion & Walsh Asset Management Inc. raised its position in Nuveen California Quality Municipal Income Fund by 17.4% in the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 518,286 shares of the company’s stock valued at $6,282,000 after purchasing an additional 76,673 shares in the last quarter. Mirador Capital Partners LP purchased a new position in shares of Nuveen California Quality Municipal Income Fund in the 2nd quarter valued at about $390,000. Western Wealth Management LLC grew its position in shares of Nuveen California Quality Municipal Income Fund by 189.2% during the first quarter. Western Wealth Management LLC now owns 43,515 shares of the company’s stock worth $507,000 after buying an additional 28,466 shares in the last quarter. NewEdge Advisors LLC grew its position in shares of Nuveen California Quality Municipal Income Fund by 7.3% during the first quarter. NewEdge Advisors LLC now owns 71,293 shares of the company’s stock worth $831,000 after buying an additional 4,864 shares in the last quarter. Finally, Bank of America Corp DE increased its stake in shares of Nuveen California Quality Municipal Income Fund by 11.7% during the first quarter. Bank of America Corp DE now owns 932,762 shares of the company’s stock worth $10,867,000 after buying an additional 97,905 shares during the period.

Nuveen California Quality Municipal Income Fund Company Profile

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.