Nuveen New York Select Tax-Free Income Portfolio (NXN) Declares $0.04 Dividend

Nuveen New York Select Tax-Free Income Portfolio said on August 1, 2023 that its board of directors declared a regular monthly dividend of $0.04 per share ($0.49 annualized). Previously, the company paid $0.04 per share.

Shares must be purchased before the ex-div date of August 14, 2023 to qualify for the dividend. Shareholders of record as of August 15, 2023 will receive the payment on September 1, 2023.

At the current share price of $12.23 / share, the stock's dividend yield is 4.02%.

Looking back five years and taking a sample every week, the average dividend yield has been 3.53%, the lowest has been 2.89%, and the highest has been 4.14%. The standard deviation of yields is 0.29 (n=195).

The current dividend yield is 1.72 standard deviations above the historical average.

The company's 3-Year dividend growth rate is -0.04%.

What is the Fund Sentiment?

There are 23 funds or institutions reporting positions in Nuveen New York Select Tax-Free Income Portfolio. This is unchanged over the last quarter. Average portfolio weight of all funds dedicated to NXN is 0.04%, an increase of 39.15%. Total shares owned by institutions decreased in the last three months by 3.32% to 847K shares.

What are Other Shareholders Doing?

1607 Capital Partners holds 349K shares. In it's prior filing, the firm reported owning 367K shares, representing a decrease of 5.07%. The firm increased its portfolio allocation in NXN by 1.43% over the last quarter.

Tortoise Investment Management holds 167K shares. In it's prior filing, the firm reported owning 175K shares, representing a decrease of 4.62%. The firm increased its portfolio allocation in NXN by 90,302.84% over the last quarter.

Guggenheim Capital holds 67K shares. In it's prior filing, the firm reported owning 47K shares, representing an increase of 30.34%. The firm increased its portfolio allocation in NXN by 43.02% over the last quarter.

Breakwater Capital Group holds 49K shares. In it's prior filing, the firm reported owning 44K shares, representing an increase of 10.10%. The firm decreased its portfolio allocation in NXN by 4.51% over the last quarter.

RiverNorth Opportunistic Municipal Income Fund holds 21K shares. No change in the last quarter.

Nuveen New York Select Tax-Free Income Portfolio Background Information
(This description is provided by the company.)

Nuveen New York Select Tax-Free Income Portfolio seeks to provide current income exempt from regular federal, and New York State and New York City income tax consistent with the preservation of capital. The Fund invests in municipal securities that are exempt from federal, New York state, and New York City income taxes. The Fund invests at least 80% of its managed assets in municipal securities rated investment grade at the time of investment, or, if they are unrated, are judged by the manager to be of comparable quality. The Fund may invest up to 20% of its managed assets in municipal securities rated below investment quality or judged by the manager to be of comparable quality, of which up to 10% of its managed assets may be rated below B-/B3 or of comparable quality. The Fund may invest in inverse floating rate municipal securities, also known as tender option bonds. The Fund's use of tender option bonds to more efficiently implement its investment strategy may create up to 10% effective leverage.

Additional reading:

• Confidential (C)
• /s/ Brandon M. Peene
• Nuveen Funds Board of Directors Meeting August 4, 2022
• Nuveen Funds Complex
• AGREEMENT WITH RESPECT TO CERTAIN RECOVERY UNDER JOINT FIDELITY BOND

This story originally appeared on Fintel.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.