Nuveen Floating Rate Income Fund (NYSE:JFR) Sees Large Growth in Short Interest

Nuveen Floating Rate Income Fund (NYSE:JFR) was the recipient of a large growth in short interest in May. As of May 29th, there was short interest totaling 487,499 shares, a growth of 128.5% from the May 14th total of 213,386 shares. Based on an average daily volume of 711,404 shares, the short-interest ratio is currently 0.7 days.

Insider Activity at Nuveen Floating Rate Income Fund

In other news, Portfolio Manager Scott C. Caraher bought 7,000 shares of the firm’s stock in a transaction on Monday, March 30th. The shares were bought at an average price of $7.24 per share, for a total transaction of $50,680.00. Following the purchase, the portfolio manager owned 52,440 shares in the company, valued at approximately $379,665.60. The trade was a 15.40% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Royal Bank of Canada grew its holdings in Nuveen Floating Rate Income Fund by 11.0% during the 1st quarter. Royal Bank of Canada now owns 1,165,402 shares of the company’s stock valued at $9,870,000 after buying an additional 115,098 shares in the last quarter. Integrated Wealth Concepts LLC lifted its holdings in shares of Nuveen Floating Rate Income Fund by 4.6% in the first quarter. Integrated Wealth Concepts LLC now owns 33,135 shares of the company’s stock worth $281,000 after buying an additional 1,446 shares in the last quarter. Jane Street Group LLC lifted its holdings in shares of Nuveen Floating Rate Income Fund by 53.1% in the first quarter. Jane Street Group LLC now owns 42,062 shares of the company’s stock worth $356,000 after buying an additional 14,582 shares in the last quarter. Invesco Ltd. boosted its position in shares of Nuveen Floating Rate Income Fund by 0.8% during the second quarter. Invesco Ltd. now owns 2,683,125 shares of the company’s stock worth $22,726,000 after acquiring an additional 20,525 shares during the last quarter. Finally, First Trust Advisors LP bought a new position in shares of Nuveen Floating Rate Income Fund during the second quarter worth $485,000.

Nuveen Floating Rate Income Fund Price Performance

Shares of NYSE JFR opened at $7.68 on Friday. Nuveen Floating Rate Income Fund has a 1 year low of $7.16 and a 1 year high of $8.59. The firm has a fifty day moving average price of $7.55 and a 200-day moving average price of $7.66.

Nuveen Floating Rate Income Fund Announces Dividend

The firm also recently announced a monthly dividend, which will be paid on Wednesday, July 1st. Investors of record on Monday, June 15th will be given a dividend of $0.078 per share. The ex-dividend date is Monday, June 15th. This represents a c) annualized dividend and a dividend yield of 12.2%.

About Nuveen Floating Rate Income Fund

Nuveen Floating Rate Income Fund (NYSE: JFR) is a diversified, closed-end management investment company that seeks to provide current income by primarily investing in floating rate senior loans and other floating rate debt instruments. The fund focuses on senior secured loans issued by U.S. and non-U.S. corporations, aiming to benefit from variable interest payments that adjust with prevailing short-term rates and to help mitigate interest-rate risk. In pursuing its objective, the fund may also allocate assets to high-yield corporate debt, bank debt and other floating-rate instruments across a range of industries.

The fund employs leverage and a disciplined credit review process to enhance income generation.