RiverNorth Opportunistic Municipal Income Fund (NYSE:RMI) Stock Price Up 0% – Still a Buy?

Shares of RiverNorth Opportunistic Municipal Income Fund, Inc. (NYSE:RMI) shot up 0% during mid-day trading on Monday . The company traded as high as $13.91 and last traded at $13.90. 27,627 shares changed hands during trading, an increase of 1% from the average session volume of 27,332 shares. The stock had previously closed at $13.89.

RiverNorth Opportunistic Municipal Income Fund Stock Performance

The business has a 50-day simple moving average of $14.08 and a 200-day simple moving average of $14.49.

RiverNorth Opportunistic Municipal Income Fund Announces Dividend

The business also recently disclosed a monthly dividend, which was paid on Friday, August 29th. Shareholders of record on Friday, August 15th were given a dividend of $0.0945 per share. The ex-dividend date was Friday, August 15th. This represents a c) dividend on an annualized basis and a yield of 8.2%.

Institutional Investors Weigh In On RiverNorth Opportunistic Municipal Income Fund

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Bank of America Corp DE raised its holdings in shares of RiverNorth Opportunistic Municipal Income Fund by 35.6% in the fourth quarter. Bank of America Corp DE now owns 2,440 shares of the company’s stock worth $37,000 after buying an additional 640 shares during the period. Nomura Holdings Inc. purchased a new stake in shares of RiverNorth Opportunistic Municipal Income Fund in the fourth quarter worth approximately $167,000. Advisor Resource Council purchased a new stake in shares of RiverNorth Opportunistic Municipal Income Fund in the first quarter worth approximately $235,000. River Street Advisors LLC purchased a new stake in shares of RiverNorth Opportunistic Municipal Income Fund in the second quarter worth approximately $294,000. Finally, Raymond James Financial Inc. purchased a new stake in shares of RiverNorth Opportunistic Municipal Income Fund in the fourth quarter worth approximately $337,000.

About RiverNorth Opportunistic Municipal Income Fund

The RiverNorth Opportunistic Municipal Income Fund, Inc (the “Fund”) seeks to provide current income exempt from regular U.S. federal income taxes1 with a secondary objective of total return.