Nuveen Floating Rate Income Fund (NYSE:JFR) Share Price Breaks Above 50 Day Moving Average – What’s Next?

Nuveen Floating Rate Income Fund (NYSE:JFR) passed above its fifty day moving average during trading on Monday. The stock has a fifty day moving average of $7.38 and traded as high as $7.40. Nuveen Floating Rate Income Fund shares last traded at $7.3950, with a volume of 473,466 shares changing hands.

Nuveen Floating Rate Income Fund Stock Up 0.9%

The firm’s 50 day moving average is $7.38 and its two-hundred day moving average is $7.55.

Nuveen Floating Rate Income Fund Dividend Announcement

The company also recently declared a monthly dividend, which will be paid on Tuesday, December 1st. Shareholders of record on Friday, November 13th will be given a dividend of $0.0780 per share. This represents a $0.94 annualized dividend and a yield of 12.7%. The ex-dividend date of this dividend is Friday, November 13th.

Insider Buying and Selling

In other news, insider Terence J. Toth sold 4,464 shares of Nuveen Floating Rate Income Fund stock in a transaction dated Tuesday, September 8th. The shares were sold at an average price of $7.65, for a total value of $34,149.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

Institutional Investors Weigh In On Nuveen Floating Rate Income Fund

Institutional investors and hedge funds have recently modified their holdings of the company. Cassaday & Co Wealth Management LLC bought a new position in Nuveen Floating Rate Income Fund during the first quarter worth about $41,000. Asset Dedication LLC bought a new stake in Nuveen Floating Rate Income Fund in the first quarter valued at approximately $42,000. Axiom Investment Management LLC acquired a new stake in shares of Nuveen Floating Rate Income Fund in the first quarter valued at approximately $48,000. Samalin Investment Counsel LLC acquired a new stake in shares of Nuveen Floating Rate Income Fund in the third quarter valued at approximately $75,000. Finally, Northwestern Mutual Wealth Management Co. acquired a new stake in shares of Nuveen Floating Rate Income Fund in the second quarter valued at approximately $79,000.

About Nuveen Floating Rate Income Fund

Nuveen Floating Rate Income Fund (NYSE:JFR) is a closed-end management investment company designed to provide investors with current income. The fund primarily invests in floating-rate senior secured loans and other floating-rate debt instruments issued by corporate borrowers, many of which are below investment grade or unrated.

Because the fund invests in loans whose interest rates generally adjust periodically, its portfolio is structured to seek income that may be less sensitive to changes in prevailing interest rates than fixed-rate bonds.