Logan Stone Capital LLC Makes New $1.19 Million Investment in Rivernorth Managed Duration Municipal Income Fund Inc. (NYSEARCA:RMM)

Logan Stone Capital LLC purchased a new position in Rivernorth Managed Duration Municipal Income Fund Inc. (NYSEARCA:RMM) during the 4th quarter, according to its most recent disclosure with the SEC. The fund purchased 82,730 shares of the company’s stock, valued at approximately $1,193,000.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Truist Financial Corp increased its position in shares of Rivernorth Managed Duration Municipal Income Fund by 24.7% during the fourth quarter. Truist Financial Corp now owns 45,939 shares of the company’s stock valued at $662,000 after purchasing an additional 9,111 shares during the period. Oppenheimer & Co. Inc. increased its position in shares of Rivernorth Managed Duration Municipal Income Fund by 14.5% during the fourth quarter. Oppenheimer & Co. Inc. now owns 25,200 shares of the company’s stock valued at $363,000 after purchasing an additional 3,200 shares during the period. Apollon Wealth Management LLC bought a new stake in shares of Rivernorth Managed Duration Municipal Income Fund during the fourth quarter valued at approximately $402,000. Raymond James Financial Inc. bought a new stake in shares of Rivernorth Managed Duration Municipal Income Fund during the fourth quarter valued at approximately $900,000. Finally, Independent Advisor Alliance bought a new stake in shares of Rivernorth Managed Duration Municipal Income Fund during the fourth quarter valued at approximately $427,000.

Insider Activity

In related news, President Patrick W. Galley purchased 4,000 shares of the stock in a transaction on Wednesday, April 9th. The shares were purchased at an average cost of $13.14 per share, for a total transaction of $52,560.00. Following the completion of the transaction, the president now directly owns 15,000 shares of the company’s stock, valued at approximately $197,100. The trade was a 36.36% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Rivernorth Managed Duration Municipal Income Fund Stock Performance

RMM opened at $13.97 on Monday. Rivernorth Managed Duration Municipal Income Fund Inc. has a 1 year low of $12.55 and a 1 year high of $16.37. The stock’s 50 day simple moving average is $13.90 and its 200-day simple moving average is $14.71.

Rivernorth Managed Duration Municipal Income Fund Announces Dividend

The company also recently disclosed a dividend, which was paid on Wednesday, April 30th. Stockholders of record on Wednesday, April 16th were given a dividend of $0.0905 per share. This represents a dividend yield of 8.32%. The ex-dividend date of this dividend was Tuesday, April 15th.

Rivernorth Managed Duration Municipal Income Fund Profile

Rivernorth Managed Duration Municipal Income Fund Inc is a closed ended fixed income mutual fund launched and managed by RiverNorth Capital Management, LLC. The fund is co-managed by MacKay Shields LLC. It invests in the fixed income markets of the United States. The fund primarily invests in investment grade municipal debt securities.