Short Interest in Nuveen Select Tax-Free Income Portfolio Surges by 55.8%

In October, the Nuveen Select Tax-Free Income Portfolio (NYSE:NXP - Get Free Report) experienced a notable increase in short interest. As of October 15th, the short interest reached a total of 33,500 shares. This marks an impressive growth of 55.8% compared to the September 30th figure, which stood at 21,500 shares. The days-to-cover ratio, calculated using an average daily volume of 83,400 shares, is currently at 0.4 days.

Recent Stock Performance

The stock of Nuveen Select Tax-Free Income Portfolio saw a slight increase of 0.1% during trading hours on the previous Friday, with a price of $14.87. The trading volume for the day was 62,655 shares, just below its average volume of 78,488 shares. Over the past year, the stock has fluctuated between a low of $13.00 and a high of $15.25. Its 50-day moving average is noted at $14.99, while the 200-day moving average stands at $14.60.

Dividend Announcement

Recently, the company announced a monthly dividend of $0.052 per share, which is set to be paid on Friday, November 1st. Investors recorded as of Tuesday, October 15th will receive this dividend. The ex-dividend date was also noted as October 15th, representing an annualized dividend of $0.62 and yielding a rate of 4.20%.

Institutional Trading Activity

Various institutional investors have been actively buying and selling shares of the Nuveen Select Tax-Free Income Portfolio. Notably, Hennion & Walsh Asset Management Inc. increased its holdings by 27.9% during the third quarter, now owning 658,181 shares valued at approximately $9,945,000 after purchasing an extra 143,447 shares. Additionally, International Assets Investment Management LLC significantly raised its stake by 1,422.3% in the same quarter, acquiring 81,258 shares valued at around $1,228,000. Sanctuary Advisors LLC also made a new investment in the company during the second quarter, valued at roughly $161,000. Truist Financial Corp and B. Riley Wealth Advisors Inc. made smaller increases to their stakes as well. Currently, institutional and hedge fund investors hold about 16.17% of the stock.

Company Overview

Nuveen Select Tax-Free Income Portfolio is a closed-end fixed income mutual fund managed by Nuveen Investments Inc. The fund focuses on investments in the U.S. fixed income markets, particularly targeting investment-grade municipal securities rated Baa and BBB or higher.

Nuveen, Investment, Stocks