On July 31, 2023, Saba Capital Management, L.P. (Trades, Portfolio), a renowned investment firm, added 421,247 shares of Nuveen New Jersey Quality Municipal Income Fund (NXJ, Financial) to its portfolio. This article provides an in-depth analysis of this transaction, the profiles of both entities involved, and the potential implications of this move.
Details of the Transaction
The transaction took place on July 31, 2023, with Saba Capital Management, L.P. (Trades, Portfolio) acquiring additional shares of NXJ at a trading price of $11.6 per share. This addition of 421,247 shares had a 0.09% impact on the firm's portfolio. Following this transaction, the firm now holds a total of 2,983,744 shares of NXJ, representing 0.66% of its portfolio. The firm's holdings in NXJ now stand at 7.19%.
Profile of Saba Capital Management, L.P. (Trades, Portfolio)
Saba Capital Management, L.P. (Trades, Portfolio) is a prominent investment firm based in New York. The firm's portfolio comprises 762 stocks, with a total equity of $5.24 billion. Its top holdings include Templeton Global Income Fund(GIM, Financial), BlackRock Capital Allocation Trust(BCAT, Financial), BlackRock Health Sciences Trust II(BMEZ, Financial), BlackRock Innovation & Growth Tr(BIGZ, Financial), and BlackRock ESG Capital Allocation Trust(ECAT, Financial). The firm primarily invests in the Financial Services and Technology sectors. 
Overview of Nuveen New Jersey Quality Municipal Income Fund
Nuveen New Jersey Quality Municipal Income Fund (NXJ, Financial) is a closed-end investment management company based in the USA. The company aims to provide current income exempt from regular federal and New Jersey income tax and enhance portfolio value by investing in underrated or undervalued tax-exempt municipal bonds. As of the date of this article, the company's market capitalization stands at $480.373 million, with a stock price of $11.58. The company's PE Percentage is 0.00, indicating that it is currently at a loss. 
GuruFocus Valuation of NXJ
According to GuruFocus valuation, NXJ's GF Value is $22.81, with a Price to GF Value of 0.51. The GF Score stands at 57/100, indicating a moderate future performance potential. The company's Balance Sheet Rank is 6/10, Profitability Rank is 3/10, Growth Rank is 0/10, GF Value Rank is 4/10, and Momentum Rank is 5/10.
NXJ's Financial Health Indicators and Performance Metrics
NXJ's financial health indicators show an F Score of 3 and a Z Score of 0.00. The Cash to Debt Rank is 1, with a ROE of -11.11 and a ROA of -6.96. Since the transaction, the stock has seen a gain percent of -0.17. The stock's IPO Percent is -22.8, and the YTD Percent is 0.96. The RSI 5 Day stands at 54.08, RSI 9 Day at 55.45, and RSI 14 Day at 55.96. The Momentum Index 6 - 1 Month is -5.13, and the Momentum Index 12 - 1 Month is -11.84.
Conclusion
In conclusion, Saba Capital Management, L.P. (Trades, Portfolio)'s recent acquisition of additional shares in NXJ is a significant move that could potentially influence both the stock and the firm's portfolio. While NXJ's current financial health indicators and performance metrics present a mixed picture, the firm's continued investment in the stock indicates a level of confidence in its future prospects. As always, investors are advised to conduct their own thorough research before making investment decisions.
