Gateway Wealth Partners LLC Grows Stake in Rivernorth Managed Duration Municipal Income Fund Inc. $RMM

Gateway Wealth Partners LLC raised its holdings in Rivernorth Managed Duration Municipal Income Fund Inc. (NYSEARCA:RMM) by 174.5% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 115,380 shares of the company’s stock after buying an additional 73,345 shares during the quarter. Gateway Wealth Partners LLC’s holdings in Rivernorth Managed Duration Municipal Income Fund were worth $1,573,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in the business. Advocate Investing Services LLC bought a new position in shares of Rivernorth Managed Duration Municipal Income Fund during the fourth quarter valued at approximately $34,000. Advisory Services Network LLC bought a new stake in shares of Rivernorth Managed Duration Municipal Income Fund during the 3rd quarter valued at about $62,000. Kestra Advisory Services LLC bought a new stake in shares of Rivernorth Managed Duration Municipal Income Fund during the 4th quarter valued at about $67,000. Fifth Third Bancorp bought a new stake in shares of Rivernorth Managed Duration Municipal Income Fund during the 1st quarter valued at about $82,000. Finally, EverSource Wealth Advisors LLC increased its position in shares of Rivernorth Managed Duration Municipal Income Fund by 20.0% during the fourth quarter. EverSource Wealth Advisors LLC now owns 6,000 shares of the company’s stock valued at $82,000 after buying an additional 1,000 shares during the period.

Rivernorth Managed Duration Municipal Income Fund Price Performance

RMM stock opened at $14.38 on Wednesday. Rivernorth Managed Duration Municipal Income Fund Inc. has a 1 year low of $13.35 and a 1 year high of $15.00. The firm has a 50-day moving average of $14.59 and a 200 day moving average of $14.33.

Rivernorth Managed Duration Municipal Income Fund Dividend Announcement

The company also recently disclosed a monthly dividend, which will be paid on Friday, July 31st. Shareholders of record on Wednesday, July 15th will be given a dividend of $0.0847 per share. This represents a c) annualized dividend and a yield of 7.1%. The ex-dividend date of this dividend is Wednesday, July 15th.

Rivernorth Managed Duration Municipal Income Fund Profile

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.