Short Interest in Nuveen Select Tax-Free Income Portfolio (NYSE:NXP) Increases By 55.8%

The Nuveen Select Tax-Free Income Portfolio (NYSE:NXP) experienced a notable increase in short interest in October. As of October 15th, the total short interest rose to 33,500 shares, which marks a significant growth of 55.8% from the previous total of 21,500 shares noted on September 30th. Given the average daily trading volume of 83,400 shares, the current days-to-cover ratio stands at 0.4 days.

Nuveen Select Tax-Free Income Portfolio Performance

On Friday, the stock for the Nuveen Select Tax-Free Income Portfolio saw a slight uptick of 0.1%, increasing by $0.02 to reach $14.87. The trading volume was recorded at 62,655 shares, which is below its average volume of 78,488 shares. Over the past year, the stock has seen a low of $13.00 and a high of $15.25. Currently, the firm’s fifty-day moving average is at $14.99, while the 200-day moving average is $14.60.

Upcoming Dividend Announcement

The company has also recently announced a monthly dividend that is set to be paid out on Friday, November 1st. Shareholders who are on record as of Tuesday, October 15th, will receive $0.052 per share. The ex-dividend date coincided with the record date, on October 15th, reflecting an annualized dividend of $0.62 and a dividend yield of 4.20%.

Changes in Institutional Ownership

Recently, several hedge funds have adjusted their positions in the Nuveen Select Tax-Free Income Portfolio. For instance, Hennion & Walsh Asset Management Inc. has increased its stake by 27.9% in the third quarter, bringing its total holdings to 658,181 shares worth approximately $9,945,000 after acquiring an additional 143,447 shares. Moreover, International Assets Investment Management LLC has significantly raised its stake by 1,422.3%, now owning 81,258 shares valued at $1,228,000 after acquiring 75,920 shares. Sanctuary Advisors LLC established a new investment in the portfolio earlier in the second quarter, valued at around $161,000. Truist Financial Corp and B. Riley Wealth Advisors Inc. have also boosted their stakes by 4.9% and 101.4%, respectively, in the second quarter. In total, approximately 16.17% of the stock is currently owned by institutional investors and hedge funds.

Company Overview

(Get Free Report) Nuveen Select Tax-Free Income Portfolio is a closed-end fixed income mutual fund initiated by Nuveen Investments Inc. The management of the fund is carried out by Nuveen Fund Advisors LLC and Nuveen Asset Management, LLC. The fund primarily invests in fixed income markets within the United States focusing on investment-grade municipal securities rated Baa and BBB or higher.

Conclusion

In summary, the Nuveen Select Tax-Free Income Portfolio has shown a remarkable rise in short interest and continues to attract institutional investment. The upcoming dividend payments and the company’s stable performance in the face of market challenges create an intriguing outlook for investors.

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