Rivernorth Managed Duration Municipal Income Fund (NYSEARCA:RMM) Trading Down 0.1% – What’s Next?

Shares of Rivernorth Managed Duration Municipal Income Fund Inc. (NYSEARCA:RMM) were down 0.1% during mid-day trading on Thursday . The stock traded as low as $14.35 and last traded at $14.42. 39,802 shares were traded during mid-day trading, a decline of 22% from the average session volume of 51,064 shares. The stock had previously closed at $14.44.

Rivernorth Managed Duration Municipal Income Fund Stock Performance

The company has a 50 day simple moving average of $14.58 and a 200 day simple moving average of $14.31.

Rivernorth Managed Duration Municipal Income Fund Dividend Announcement

The business also recently announced a monthly dividend, which will be paid on Friday, July 31st. Stockholders of record on Wednesday, July 15th will be issued a $0.0847 dividend. The ex-dividend date of this dividend is Wednesday, July 15th. This represents a c) dividend on an annualized basis and a dividend yield of 7.1%.

Institutional Investors Weigh In On Rivernorth Managed Duration Municipal Income Fund

Several hedge funds have recently modified their holdings of the stock. Advocate Investing Services LLC acquired a new position in Rivernorth Managed Duration Municipal Income Fund in the 4th quarter valued at $34,000. Advisory Services Network LLC acquired a new position in shares of Rivernorth Managed Duration Municipal Income Fund during the third quarter worth about $62,000. Kestra Advisory Services LLC purchased a new position in Rivernorth Managed Duration Municipal Income Fund during the fourth quarter worth about $67,000. EverSource Wealth Advisors LLC lifted its position in Rivernorth Managed Duration Municipal Income Fund by 20.0% in the fourth quarter. EverSource Wealth Advisors LLC now owns 6,000 shares of the company’s stock valued at $82,000 after purchasing an additional 1,000 shares during the period. Finally, Fifth Third Bancorp purchased a new stake in Rivernorth Managed Duration Municipal Income Fund in the 1st quarter valued at approximately $82,000.

About Rivernorth Managed Duration Municipal Income Fund

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. It seeks to invest in securities of any maturity. The fund employs a combination of fundamental and quantitative analysis. It benchmarks the performance of its portfolio against the Bloomberg Barclays Municipal Bond Index.