Nuveen Floating Rate Income Fund (NYSE:JFR) Share Price Breaks Above 50 Day Moving Average – What’s Next?

Nuveen Floating Rate Income Fund (NYSE:JFR) shares passed above its 50 day moving average during trading on Monday. The stock has a 50 day moving average of $7.38 and traded as high as $7.40. Nuveen Floating Rate Income Fund shares last traded at $7.3950, with a volume of 473,466 shares trading hands.

Nuveen Floating Rate Income Fund Stock Performance

The business’s 50 day moving average price is $7.38 and its 200-day moving average price is $7.55.

Nuveen Floating Rate Income Fund Announces Dividend

The business also recently declared a monthly dividend, which will be paid on Tuesday, December 1st. Shareholders of record on Friday, November 13th will be issued a $0.0780 dividend. This represents a $0.94 annualized dividend and a yield of 12.7%. The ex-dividend date of this dividend is Friday, November 13th.

Insiders Place Their Bets

In other Nuveen Floating Rate Income Fund news, insider Terence J. Toth sold 4,464 shares of the firm’s stock in a transaction that occurred on Tuesday, September 8th. The shares were sold at an average price of $7.65, for a total transaction of $34,149.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

Institutional Trading of Nuveen Floating Rate Income Fund

Several hedge funds have recently added to or reduced their stakes in the company. Bank of America Corp DE acquired a new stake in Nuveen Floating Rate Income Fund during the 2nd quarter worth approximately $15,564,000. Icon Advisers Inc. Co. grew its holdings in Nuveen Floating Rate Income Fund by 1.1% in the 1st quarter. Icon Advisers Inc. Co. now owns 1,716,759 shares of the company’s stock valued at $12,910,000 after buying an additional 19,288 shares in the last quarter. Royal Bank of Canada grew its holdings in Nuveen Floating Rate Income Fund by 16.3% in the 1st quarter. Royal Bank of Canada now owns 1,279,118 shares of the company’s stock valued at $9,619,000 after buying an additional 178,977 shares in the last quarter. Kanen Wealth Management LLC increased its position in Nuveen Floating Rate Income Fund by 6.0% during the 1st quarter. Kanen Wealth Management LLC now owns 813,234 shares of the company’s stock worth $6,116,000 after buying an additional 45,800 shares during the period. Finally, Cetera Investment Advisers increased its position in Nuveen Floating Rate Income Fund by 16.1% during the 1st quarter. Cetera Investment Advisers now owns 453,542 shares of the company’s stock worth $3,411,000 after buying an additional 62,761 shares during the period.

Nuveen Floating Rate Income Fund Company Profile

Nuveen Floating Rate Income Fund (NYSE:JFR) is a closed-end management investment company designed to provide investors with current income. The fund primarily invests in floating-rate senior secured loans and other floating-rate debt instruments issued by corporate borrowers, many of which are below investment grade or unrated.

Because the fund invests in loans whose interest rates generally adjust periodically, its portfolio is structured to seek income that may be less sensitive to changes in prevailing interest rates than fixed-rate bonds.