RiverNorth Opportunistic Municipal Income Fund (NYSE:RMI) Stock Price Down 0.9% – Here’s Why

RiverNorth Opportunistic Municipal Income Fund, Inc. (NYSE:RMI)’s share price was down 0.9% during trading on Friday . The company traded as low as $15.27 and last traded at $15.2860. Approximately 2,780 shares changed hands during mid-day trading, a decline of 88% from the average daily volume of 22,701 shares. The stock had previously closed at $15.42.

RiverNorth Opportunistic Municipal Income Fund Stock Down 0.9%

The business has a fifty day simple moving average of $15.37 and a two-hundred day simple moving average of $15.26.

RiverNorth Opportunistic Municipal Income Fund Announces Dividend

The business also recently declared a monthly dividend, which will be paid on Friday, July 31st. Stockholders of record on Wednesday, July 15th will be issued a dividend of $0.0889 per share. This represents a c) annualized dividend and a dividend yield of 7.0%. The ex-dividend date is Wednesday, July 15th.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Bank of America Corp DE lifted its stake in RiverNorth Opportunistic Municipal Income Fund by 35.6% during the 4th quarter. Bank of America Corp DE now owns 2,440 shares of the company’s stock worth $37,000 after acquiring an additional 640 shares in the last quarter. Janney Montgomery Scott LLC acquired a new position in RiverNorth Opportunistic Municipal Income Fund in the 4th quarter valued at about $161,000. Osaic Holdings Inc. grew its position in RiverNorth Opportunistic Municipal Income Fund by 17.0% in the 2nd quarter. Osaic Holdings Inc. now owns 15,909 shares of the company’s stock valued at $227,000 after acquiring an additional 2,315 shares in the last quarter. Arlington Capital Management Inc. purchased a new stake in RiverNorth Opportunistic Municipal Income Fund during the third quarter worth about $253,000. Finally, Envestnet Asset Management Inc. acquired a new stake in shares of RiverNorth Opportunistic Municipal Income Fund during the third quarter worth about $494,000.

About RiverNorth Opportunistic Municipal Income Fund

RiverNorth Opportunistic Municipal Income Fund (NYSE:RMI) is a closed-end management investment company that seeks to deliver tax-exempt income through diversified exposure to U.S. municipal securities. The fund is structured as a non-diversified, interval fund and primarily caters to investors pursuing high-quality, tax-advantaged income from state and local government obligations.

RMI employs an opportunistic, value-oriented investment process, focusing on both traditional investment-grade bonds and specialized niches within the municipal market.