Insider Buying: RiverNorth Opportunistic Municipal Income Fund (NYSE:RMI) Insider Acquires 6,642 Shares of Stock

RiverNorth Opportunistic Municipal Income Fund, Inc. (NYSE:RMI) insider Financial Holdings Rivernorth acquired 6,642 shares of the stock in a transaction dated Monday, November 17th. The shares were bought at an average price of $14.54 per share, with a total value of $96,574.68. Following the completion of the transaction, the insider directly owned 69,867 shares of the company’s stock, valued at $1,015,866.18. The trade was a 10.51% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

Financial Holdings Rivernorth also recently made the following trade(s):

• On Friday, November 14th, Financial Holdings Rivernorth purchased 7,045 shares of RiverNorth Opportunistic Municipal Income Fund stock. The shares were purchased at an average price of $14.50 per share, with a total value of $102,152.50.
• On Thursday, November 13th, Financial Holdings Rivernorth purchased 3,664 shares of RiverNorth Opportunistic Municipal Income Fund stock. The shares were purchased at an average cost of $14.60 per share, for a total transaction of $53,494.40.
• On Tuesday, November 11th, Financial Holdings Rivernorth bought 1,657 shares of RiverNorth Opportunistic Municipal Income Fund stock. The shares were bought at an average price of $14.65 per share, for a total transaction of $24,275.05.
• On Monday, November 10th, Financial Holdings Rivernorth bought 1,301 shares of RiverNorth Opportunistic Municipal Income Fund stock. The shares were purchased at an average cost of $14.54 per share, for a total transaction of $18,916.54.
• On Friday, November 7th, Financial Holdings Rivernorth acquired 6,857 shares of RiverNorth Opportunistic Municipal Income Fund stock. The stock was acquired at an average cost of $14.51 per share, for a total transaction of $99,495.07.
• On Wednesday, November 5th, Financial Holdings Rivernorth acquired 1,226 shares of RiverNorth Opportunistic Municipal Income Fund stock. The stock was bought at an average cost of $14.67 per share, with a total value of $17,985.42.
• On Tuesday, November 4th, Financial Holdings Rivernorth purchased 6,857 shares of RiverNorth Opportunistic Municipal Income Fund stock. The shares were purchased at an average cost of $14.69 per share, for a total transaction of $100,729.33.
• On Monday, November 3rd, Financial Holdings Rivernorth acquired 1,640 shares of RiverNorth Opportunistic Municipal Income Fund stock. The stock was acquired at an average cost of $14.65 per share, for a total transaction of $24,026.00.
• On Friday, October 31st, Financial Holdings Rivernorth bought 1,032 shares of RiverNorth Opportunistic Municipal Income Fund stock. The shares were bought at an average cost of $14.66 per share, with a total value of $15,129.12.
• On Friday, October 24th, Financial Holdings Rivernorth purchased 4,277 shares of RiverNorth Opportunistic Municipal Income Fund stock. The shares were purchased at an average price of $14.38 per share, with a total value of $61,503.26.

RiverNorth Opportunistic Municipal Income Fund Stock Performance

Shares of RMI stock traded up $0.10 during trading on Tuesday, reaching $14.55. 23,702 shares of the company’s stock traded hands, compared to its average volume of 28,911. The firm’s 50-day moving average is $14.56 and its 200 day moving average is $14.33. RiverNorth Opportunistic Municipal Income Fund, Inc. has a 1 year low of $13.63 and a 1 year high of $16.74.

RiverNorth Opportunistic Municipal Income Fund Announces Dividend

The company also recently declared a monthly dividend, which will be paid on Wednesday, December 31st. Shareholders of record on Monday, December 15th will be issued a $0.0945 dividend. This represents a c) annualized dividend and a yield of 7.8%. The ex-dividend date of this dividend is Monday, December 15th.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. Bank of America Corp DE grew its stake in RiverNorth Opportunistic Municipal Income Fund by 35.6% in the 4th 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 in the last quarter. Osaic Holdings Inc. increased its stake in shares of RiverNorth Opportunistic Municipal Income Fund by 17.0% in the second quarter. Osaic Holdings Inc. now owns 15,909 shares of the company’s stock worth $227,000 after buying an additional 2,315 shares during the period. Arlington Capital Management Inc. purchased a new position in shares of RiverNorth Opportunistic Municipal Income Fund in the third quarter valued at about $253,000. River Street Advisors LLC bought a new position in RiverNorth Opportunistic Municipal Income Fund during the 2nd quarter valued at approximately $294,000. Finally, Plancorp LLC bought a new position in shares of RiverNorth Opportunistic Municipal Income Fund during the third quarter valued at approximately $308,000.

RiverNorth Opportunistic Municipal Income Fund Company Profile

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.