The Nuveen California Select Tax-Free Income Portfolio (NYSE:NXC – Get Rating) benefited from a sharp drop in short-term interest rates in May. As of May 15, there was short interest totaling 21,800 shares, down 20.1% from the April 30 total of 27,300 shares. Based on an average trading volume of 15,800 shares, the short-term interest rate ratio is currently 1.4 days.

Several institutional investors and hedge funds have recently changed their holdings in the company. Advisors Asset Management Inc. increased its holdings of Nuveen California Select Tax-Free Income Portfolio stocks by 182.0% in Q1. Advisors Asset Management Inc. now owns 55,310 shares of the company worth $785,000 after buying 35,696 additional shares in the last quarter. Regatta Capital Group LLC increased its holdings of Nuveen California Select Tax-Free Income Portfolio shares by 29.4% in Q1. Regatta Capital Group LLC now owns 49,118 shares of the company worth $697,000 after purchasing an additional 11,174 shares last quarter. Guggenheim Capital LLC increased its holdings of Nuveen California Select Tax-Free Income Portfolio shares by 150.2% in Q1. Guggenheim Capital LLC now owns 66,824 shares of the company worth $949,000 after purchasing an additional 40,120 shares last quarter. Advisor Group Holdings Inc. increased its position in the Nuveen California Select tax-free income portfolio by 10.0% during the 1st quarter. Advisor Group Holdings Inc. now owns 22,485 shares of the company worth $319,000 after acquiring 2,046 additional shares in the last quarter. Finally, Allworth Financial LP purchased a new stake in Nuveen California Select Tax-Free Income Portfolio during Q1 for approximately $43,000. 14.58% of the shares are held by institutional investors and hedge funds.

Shares of NXC traded down $0.02 in midday trading on Tuesday, hitting $14.16. The company had a trading volume of 10,116 shares, compared to an average volume of 14,493. Nuveen California Select Tax-Free Income Portfolio has a 12-month low of $13.15 and a 12-month high of $17.48 . The company’s 50-day moving average is $13.91 and its 200-day moving average is $15.03.

The company also recently announced a dividend, which will be paid on Wednesday, June 1. Shareholders of record on Friday, May 13 will receive a dividend of $0.04. The ex-dividend date is Thursday, May 12. This represents a dividend yield of 3.55%.

Nuveen California Select Tax-Free Income Portfolio Company Profile (Get a rating)

Nuveen California Select Tax-Free Income Portfolio is a closed-end, fixed-income mutual fund launched by Nuveen Investments Inc. The fund is co-managed by Nuveen Fund Advisors LLC and Nuveen Asset Management, LLC. It invests in the California bond markets. The fund invests in the securities of companies that operate in diversified sectors.

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