Nuveen California Select Tax-Free Income Portfolio Sees Significant Decline in Short Interest

The Nuveen California Select Tax-Free Income Portfolio (NYSE:NXC) experienced a notable drop in short interest for January. As of January 15th, total short interest amounted to 13,200 shares, which marks a substantial decline of 37.4% compared to the 21,100 shares shorted by December 31st. Given its average daily trading volume of 21,800 shares, the current days-to-cover ratio stands at 0.6 days.

Recent Trading Activity

On the trading day following these developments, shares of NXC traded down slightly by $0.02, bringing the price to $13.16. A total of 7,150 shares were exchanged, which is below the company’s average trading volume of 18,903 shares. The firm has established a 50-day moving average at $13.16 and a 200-day moving average at $13.52. Over the past year, the lowest trading price recorded was $12.75, while the highest reached $14.18.

Dividend Announcement

In addition to changes in short interest, the Nuveen California Select Tax-Free Income Portfolio recently announced a dividend payment scheduled for February 3rd. Stockholders who were on record as of January 15th will receive a dividend of $0.0455 per share. Notably, the ex-dividend date also fell on January 15th.

Institutional Investor Activity

Various hedge funds and institutional investors have adjusted their positions in the Nuveen California Select Tax-Free Income Portfolio. For example, International Assets Investment Management LLC significantly increased its holdings by a remarkable 1,313.9% in the third quarter, acquiring a total of 14,153 shares valued at approximately $200,000 after adding 13,152 shares. Similarly, Caprock Group LLC established a new position in the fund during the fourth quarter, estimated at $146,000. Another firm, Advisors Asset Management Inc., also boosted its stake by 30.4% in the third quarter and now holds 43,308 shares worth around $612,000 after purchasing an additional 10,108 shares. Lastly, Northwestern Mutual Wealth Management Co. recently acquired a new position estimated at $74,000. Presently, approximately 11.89% of the shares are held by institutional investors and hedge funds.

Company Overview

Nuveen California Select Tax-Free Income Portfolio is a closed-end fixed income mutual fund initiated by Nuveen Investments Inc. The investment strategies are co-managed by Nuveen Fund Advisors LLC and Nuveen Asset Management, LLC. The fund predominantly invests within the fixed income markets of California, focusing on securities across various sectors.

Nuveen, Income, Dividend