Nuveen Municipal Income Fund (NYSE:NMI) Trading Down 0.5% – Should You Sell?

Nuveen Municipal Income Fund, Inc. (NYSE:NMI) shares were down 0.5% during trading on Tuesday . The stock traded as low as $10.77 and last traded at $10.8050. Approximately 8,176 shares changed hands during mid-day trading, a decline of 54% from the average daily volume of 17,672 shares. The stock had previously closed at $10.86.

Nuveen Municipal Income Fund Price Performance

The stock’s 50 day moving average is $10.86 and its two-hundred day moving average is $10.43.

Nuveen Municipal Income Fund Announces Dividend

The company also recently declared a monthly dividend, which will be paid on Monday, August 3rd. Stockholders of record on Wednesday, July 15th will be issued a $0.038 dividend. This represents a c) dividend on an annualized basis and a dividend yield of 4.2%. The ex-dividend date is Wednesday, July 15th.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. World Investment Advisors bought a new position in shares of Nuveen Municipal Income Fund during the first quarter worth about $2,891,000. Hennion & Walsh Asset Management Inc. lifted its stake in Nuveen Municipal Income Fund by 195.6% in the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 209,716 shares of the company’s stock valued at $2,311,000 after acquiring an additional 138,770 shares in the last quarter. Truist Financial Corp acquired a new position in Nuveen Municipal Income Fund during the 4th quarter worth approximately $261,000. Ameriprise Financial Inc. boosted its position in Nuveen Municipal Income Fund by 137.8% during the 2nd quarter. Ameriprise Financial Inc. now owns 29,102 shares of the company’s stock worth $292,000 after acquiring an additional 16,864 shares during the last quarter. Finally, Osaic Holdings Inc. grew its stake in shares of Nuveen Municipal Income Fund by 74.6% during the 2nd quarter. Osaic Holdings Inc. now owns 35,583 shares of the company’s stock worth $358,000 after acquiring an additional 15,200 shares in the last quarter. 16.57% of the stock is currently owned by institutional investors.

About Nuveen Municipal Income Fund

Nuveen Municipal Income Fund (NYSE: NMI) is a closed-end management investment company that seeks to provide current income exempt from federal income tax. The fund primarily invests in municipal obligations issued by U.S. states, territories and municipalities, as well as certain municipal securities issued outside the United States. By focusing on a diversified portfolio of investment-grade and select below-investment-grade municipal bonds, NMI aims to deliver tax-advantaged income to its shareholders.

The fund’s portfolio typically includes general obligation bonds, revenue bonds and other municipal securities across a broad range of sectors, including transportation, utilities, health care and education.