55,740 Shares of Rivernorth Managed Duration Municipal Income Fund Inc. $RMM Acquired by Wedbush Securities Inc.

Wedbush Securities Inc. bought a new position in Rivernorth Managed Duration Municipal Income Fund Inc. (NYSE:RMM) in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 55,740 shares of the company’s stock, valued at approximately $699,000.

Other institutional investors have also made changes to their positions in the company. Gateway Wealth Partners LLC lifted its position in shares of Rivernorth Managed Duration Municipal Income Fund by 174.5% in the 1st quarter. Gateway Wealth Partners LLC now owns 115,380 shares of the company’s stock valued at $1,573,000 after acquiring an additional 73,345 shares in the last quarter. Arkadios Wealth Advisors purchased a new position in Rivernorth Managed Duration Municipal Income Fund during the 1st quarter worth approximately $1,472,000. Rockefeller Capital Management L.P. grew its position in Rivernorth Managed Duration Municipal Income Fund by 98.2% during the 4th quarter. Rockefeller Capital Management L.P. now owns 95,605 shares of the company’s stock worth $1,301,000 after purchasing an additional 47,358 shares in the last quarter. Janney Montgomery Scott LLC grew its position in Rivernorth Managed Duration Municipal Income Fund by 6.1% during the 1st quarter. Janney Montgomery Scott LLC now owns 26,100 shares of the company’s stock worth $356,000 after purchasing an additional 1,500 shares in the last quarter. Finally, NewEdge Advisors LLC grew its position in Rivernorth Managed Duration Municipal Income Fund by 10.5% during the 1st quarter. NewEdge Advisors LLC now owns 17,850 shares of the company’s stock worth $243,000 after purchasing an additional 1,700 shares in the last quarter.

Rivernorth Managed Duration Municipal Income Fund Price Performance

Shares of NYSE:RMM opened at $13.28 on Tuesday. The company’s fifty day moving average is $13.49 and its two-hundred day moving average is $14.12. Rivernorth Managed Duration Municipal Income Fund Inc. has a 12-month low of $12.15 and a 12-month high of $15.00.

Rivernorth Managed Duration Municipal Income Fund Dividend Announcement

The firm also recently declared a monthly dividend, which will be paid on Thursday, December 31st. Stockholders of record on Tuesday, December 15th will be issued a dividend of $0.0847 per share. The ex-dividend date is Tuesday, December 15th. This represents a $1.02 dividend on an annualized basis and a dividend yield of 7.7%.

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.