Rivernorth Managed Duration Municipal Income Fund (NYSE:RMM) Shares Cross Above 50 Day Moving Average – Here’s Why

Rivernorth Managed Duration Municipal Income Fund Inc. (NYSE:RMM) shares crossed above its fifty day moving average during trading on Friday. The stock has a fifty day moving average of $13.28 and traded as high as $13.44. Rivernorth Managed Duration Municipal Income Fund shares last traded at $13.37, with a volume of 28,739 shares traded.

Rivernorth Managed Duration Municipal Income Fund Price Performance

The business has a 50-day simple moving average of $13.28 and a 200 day simple moving average of $14.08.

Rivernorth Managed Duration Municipal Income Fund Dividend Announcement

The business also recently disclosed a monthly dividend, which will be paid on Thursday, December 31st. Shareholders of record on Tuesday, December 15th will be paid a dividend of $0.0847 per share. This represents a $1.02 annualized dividend and a yield of 7.6%. The ex-dividend date is Tuesday, December 15th.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in RMM. Kestra Advisory Services LLC grew its holdings in shares of Rivernorth Managed Duration Municipal Income Fund by 0.7% in the 3rd quarter. Kestra Advisory Services LLC now owns 166,972 shares of the company’s stock worth $2,094,000 after acquiring an additional 1,190 shares during the period. Janney Montgomery Scott LLC boosted its position in shares of 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. NewEdge Advisors LLC raised its position in shares of Rivernorth Managed Duration Municipal Income Fund by 10.5% in the first quarter. NewEdge Advisors LLC now owns 17,850 shares of the company’s stock worth $243,000 after buying an additional 1,700 shares in the last quarter. ProVise Management Group LLC increased its stake in shares of Rivernorth Managed Duration Municipal Income Fund by 1.2% during the third quarter. ProVise Management Group LLC now owns 172,504 shares of the company’s stock valued at $2,163,000 after purchasing an additional 1,979 shares in the last quarter. Finally, Fifth Third Bancorp purchased a new position in Rivernorth Managed Duration Municipal Income Fund during the first quarter valued at $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.