UPDATE: Stifel Nicolaus Initiates Nuveen New York AMT-Free Municipal Income Fund at Hold
Stifel Nicolaus initiated coverage on Nuveen New York AMT-Free Municipal Income Fund (NYSE: NRK) with a Hold rating.
Stifel Nicolaus commented, "As of February 15, 2013, shares of NRK traded at a 0.92% discount to net asset value. This compares to one-year and three-year average discount of 1.95% and 4.97%, respectively. Under normal circumstances, municipal closed-end funds pay dividends exempt from federal taxes. Additionally, for New York residences, a portion of NRK's income will likely be exempt from state and local income taxes as well."
Nuveen New York AMT-Free Municipal Income Fund closed at $15.11 on Friday.
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.