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

Nuveen Floating Rate Income Fund (NYSE:JFR) was the target of a large decrease in short interest in September. As of September 30th, there was short interest totaling 88,566 shares, a decrease of 83.1% from the September 15th total of 523,354 shares. Based on an average daily volume of 991,343 shares, the days-to-cover ratio is presently 0.1 days.

Insider Transactions at Nuveen Floating Rate Income Fund

In related news, insider Terence J. Toth sold 4,464 shares of the business’s stock in a transaction on Tuesday, September 8th. The shares were sold at an average price of $7.65, for a total value of $34,149.60. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link.

Hedge Funds Weigh In On Nuveen Floating Rate Income Fund

Several institutional investors and hedge funds have recently made changes to their positions in the company. NewEdge Advisors LLC grew its stake in shares of Nuveen Floating Rate Income Fund by 24.0% in the second quarter. NewEdge Advisors LLC now owns 277,570 shares of the company’s stock valued at $2,129,000 after acquiring an additional 53,725 shares in the last quarter. Corient Private Wealth LP acquired a new stake in Nuveen Floating Rate Income Fund in the 2nd quarter worth about $92,000. Ameritas Advisory Services LLC bought a new stake in Nuveen Floating Rate Income Fund in the 2nd quarter valued at about $132,000. Fortitude Advisory Group L.L.C. boosted its holdings in Nuveen Floating Rate Income Fund by 20.1% in the 2nd quarter. Fortitude Advisory Group L.L.C. now owns 54,980 shares of the company’s stock valued at $422,000 after purchasing an additional 9,199 shares during the period. Finally, Concurrent Investment Advisors LLC grew its position in shares of Nuveen Floating Rate Income Fund by 3.8% during the 2nd quarter. Concurrent Investment Advisors LLC now owns 41,091 shares of the company’s stock worth $315,000 after purchasing an additional 1,509 shares in the last quarter.

Nuveen Floating Rate Income Fund Stock Up 0.9%

Shares of JFR opened at $7.42 on Friday. Nuveen Floating Rate Income Fund has a twelve month low of $7.16 and a twelve month high of $8.14. The company has a 50 day moving average of $7.55 and a 200-day moving average of $7.57.

Nuveen Floating Rate Income Fund Announces Dividend

The firm also recently announced a monthly dividend, which will be paid on Monday, November 2nd. Stockholders of record on Thursday, October 15th will be paid a dividend of $0.0780 per share. This represents a $0.94 annualized dividend and a dividend yield of 12.6%. The ex-dividend date is Thursday, October 15th.

Nuveen Floating Rate Income Fund Company Profile

Nuveen Floating Rate Income Fund is a closed-end investment company listed on the New York Stock Exchange under the symbol JFR. The fund seeks to provide a high level of current income by investing primarily in floating-rate senior secured loans and other floating-rate debt instruments.

Its portfolio generally focuses on loans made to companies with below-investment-grade credit ratings or companies whose credit quality is comparable to below-investment-grade issuers. These investments may offer protection against rising interest rates because their interest payments typically adjust periodically based on changes in short-term reference rates.

The fund may invest across a range of industries and in issuers located in the United States and other countries.