Welcome to our dedicated page for Neuberger Berman New York Municipal Fund news (Ticker: NBO), a resource for investors and traders seeking the latest updates and insights on Neuberger Berman New York Municipal Fund stock.
Neuberger Berman New York Municipal Fund, Inc. (NYSE American: NBO) is a key player in the municipal bond market, providing investors with opportunities to earn tax-exempt income. Founded under the umbrella of Neuberger Berman, an independent investment management firm with a rich history dating back to 1939, NBO focuses on generating income that is exempt from regular federal income tax.
The fund aims to deliver consistent income to its shareholders through strategic investments in municipal bonds, which are primarily issued by New York entities. These bonds are generally considered lower risk and offer tax advantages, making them an attractive option for investors seeking steady income with potential tax benefits.
Recently, NBO underwent significant organizational changes. As of October 23, 2023, the fund successfully merged with Neuberger Berman California Municipal Fund Inc. (NYSE American: NBW) and Neuberger Berman Municipal Fund Inc. (NYSE American: NBH). This reorganization allows NBO shareholders to receive NBH shares, aligning their holdings under a single, larger fund. This consolidation is aimed at enhancing operational efficiency and providing shareholders with the potential for better returns.
Neuberger Berman, the parent company, is renowned for its active management approach and robust research capabilities. It manages a broad range of strategies including equities, fixed income, quantitative and multi-asset classes, private equity, real estate, and hedge funds. With over 2,750 professionals in 26 countries, the firm manages $439 billion in client assets as of September 30, 2023.
Furthermore, Neuberger Berman's commitment to environmental, social, and governance (ESG) factors underpins its investment philosophy, reinforcing its position as a responsible and forward-thinking investment manager. The firm has consistently been recognized as a top workplace in the money management industry, which speaks volumes about its culture and employee engagement.
For investors in NBO, the fund's regular distributions are a key highlight. The latest distribution of $0.03774 per share, announced on October 16, 2023, is payable on November 15, 2023. These distributions can be an attractive feature for income-focused investors, especially those looking to minimize their tax liabilities.
Overall, Neuberger Berman New York Municipal Fund, Inc. represents a synthesis of stability, strategic foresight, and investor-centric management, making it a substantial option for those seeking tax-exempt income through municipal bonds.
On November 11, 2022, Neuberger Berman Municipal Fund (NYSE: NBH), California Municipal Fund (NYSE: NBW), and New York Municipal Fund (NYSE: NBO) announced a partial redemption of Variable Rate Municipal Term Preferred Shares (VMTP Shares). The redemption price was set at $100,000 per share plus final accumulated distributions. The Municipal Fund redeemed 200 VMTP Shares, leaving 1,457 outstanding; the California Fund redeemed 55, leaving 457 outstanding, while the New York Fund redeemed 55, leaving 365 outstanding. The Funds have not registered VMTP Shares under the Securities Act.
On August 15, 2022, Neuberger Berman Municipal Fund (NYSE: NBH), Neuberger Berman California Municipal Fund (NYSE: NBW), and Neuberger Berman New York Municipal Fund (NYSE: NBO) announced a partial redemption of their Variable Rate Municipal Term Preferred Shares (VMTP Shares). The funds redeemed 47 VMTP Shares (NBH), 38 (NBW), and 43 (NBO) at a liquidation preference of $100,000 each, plus accrued distributions. Currently, 1,657 VMTP Shares remain in NBH, 512 in NBW, and 420 in NBO. The funds have not registered the VMTP Shares under the Securities Act, limiting their sale in the U.S.
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