MainStay MacKay DefinedTerm Municipal Opportunities Fund (NYSE:MMD) to Issue Dividend Increase – $0.07 Per Share

MainStay MacKay DefinedTerm Municipal Opportunities Fund (NYSE:MMD) declared a monthly dividend on Wednesday, April 1st. Shareholders of record on Wednesday, April 15th will be paid a dividend of 0.0675 per share by the closed-end fund on Friday, May 1st. This represents a c) annualized dividend and a yield of 5.3%. The ex-dividend date of this dividend is Wednesday, April 15th. This is a 3.8% increase from MainStay MacKay DefinedTerm Municipal Opportunities Fund’s previous monthly dividend of $0.07.

MainStay MacKay DefinedTerm Municipal Opportunities Fund Stock Down 0.1%

MainStay MacKay DefinedTerm Municipal Opportunities Fund stock traded down $0.01 during midday trading on Monday, hitting $15.16. 7,564 shares of the company’s stock were exchanged, compared to its average volume of 62,880. MainStay MacKay DefinedTerm Municipal Opportunities Fund has a 12 month low of $14.00 and a 12 month high of $15.82. The firm has a 50-day moving average of $15.28 and a two-hundred day moving average of $15.13.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in MMD. Kestra Advisory Services LLC purchased a new stake in shares of MainStay MacKay DefinedTerm Municipal Opportunities Fund during the fourth quarter valued at about $96,000. Pasadena Private Wealth LLC purchased a new stake in shares of MainStay MacKay DefinedTerm Municipal Opportunities Fund during the fourth quarter valued at about $149,000. Financially in Tune LLC purchased a new stake in shares of MainStay MacKay DefinedTerm Municipal Opportunities Fund during the fourth quarter valued at about $155,000. Elevation Point Wealth Partners LLC purchased a new stake in shares of MainStay MacKay DefinedTerm Municipal Opportunities Fund during the third quarter valued at about $184,000. Finally, Cyndeo Wealth Partners LLC lifted its position in shares of MainStay MacKay DefinedTerm Municipal Opportunities Fund by 8.8% during the third quarter. Cyndeo Wealth Partners LLC now owns 13,199 shares of the closed-end fund’s stock valued at $200,000 after buying an additional 1,072 shares during the last quarter.

About MainStay MacKay DefinedTerm Municipal Opportunities Fund

The MainStay MacKay DefinedTerm Municipal Opportunities Fund (NYSE: MMD) is a closed-end, diversified management investment company that seeks to provide a high level of tax-exempt income. The fund primarily invests in investment-grade municipal securities, including general obligation bonds, revenue bonds and other state and local government obligations. By focusing on tax-exempt instruments, MMD aims to enhance after-tax yields for its shareholders, making it an option for investors in higher tax brackets who seek municipal bond exposure through a publicly traded vehicle.

As a defined-term fund, MMD was structured with a predetermined termination date at which point the portfolio is expected to be liquidated and proceeds returned to investors.