Nuveen Preferred and Income Fund
JPT
New York Stock Exchange- -
USD
- -
- -
Capital Structure
FRC
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in mil. unless spec.Working Capital
FRC
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in mil. unless spec.Growth Rates
FRC
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in mil. unless spec.Quarterly Revenue
FRC
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in mil. unless spec.Quarterly Earnings Per Share
FRC
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in mil. unless spec.Quarterly Dividends Per Share
FRC
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in mil. unless spec.- Sector
- Financial Services
- Industry
- Asset Management - Income
- Address
- 333 West Wacker Drive Chicago IL United States of America 60606-1220
- IPO Date
- Jan 27, 2017
- CIK
- 0001679033
- Similar Companies
- Business
- Nuveen Preferred and Income Fund (NYSE: JPT) is a closed-end management investment company focused on providing a high level of current income and secondarily total return. The Fund invests at least 80% of its managed assets in preferred and other income-producing securities, including hybrid securities such as contingent capital securities; up to 20% opportunistically in other income-oriented securities, primarily corporate and taxable municipal debt and common equity; and provides access to both exchange-traded and over-the-counter preferred securities markets to capitalize on price discrepancies. It employs leverage, may invest without limit in below-investment-grade securities (with no more than 10% rated below B-/B3), allocates up to 40% of managed assets to securities issued by companies worldwide (no more than 10% in emerging markets), and holds all investments in U.S. dollar-denominated securities while avoiding contingent capital securities. The Fund targets financial services sectors such as banks, insurance, REITs, and utilities, serving income-focused investors with regular distributions. In a major strategic reorganization completed on November 6, 2023, the Fund merged into Nuveen Preferred & Income Opportunities Fund (NYSE: JPC), which acquired substantially all of JPT's assets and liabilities in a tax-free transaction, converting JPT common shares into newly issued JPC common shares based on JPT's net asset value. This consolidation created the largest listed preferred securities closed-end fund with nearly $4 billion in assets under management at the time, enhancing scale, reducing net operating expenses, and boosting trading volume and earnings potential for shareholders. Originally structured as a term fund with a planned liquidation by March 1, 2022, that was extended, the merger marked the Fund's cessation as a standalone entity while preserving its investment strategy within the larger JPC portfolio. Nuveen Preferred and Income Fund was launched around 2021 and headquartered at 333 West Wacker Drive, Chicago, Illinois, under the management of Nuveen Investments, a TIAA company founded in 1898 with extensive experience in closed-end funds managing over $50 billion across dozens of vehicles. The Fund primarily operated in U.S. markets but held global exposure through international issuers, with no reported subsidiaries or parent fund relationships beyond Nuveen oversight. Post-merger, its portfolio and operations integrate into JPC, continuing to emphasize preferred securities for diversified income generation amid varying interest rate environments.