Rivernorth Managed Duration Municipal Income Fund (NYSEARCA:RMM) Stock Price Up 0.4% – Here’s Why

Rivernorth Managed Duration Municipal Income Fund Inc. (NYSEARCA:RMM) was up 0.4% during mid-day trading on Tuesday . The stock traded as high as $14.28 and last traded at $14.25. 31,297 shares traded hands during trading, a decline of 37% from the average session volume of 49,298 shares. The stock had previously closed at $14.20.

Rivernorth Managed Duration Municipal Income Fund Stock Up 0.4%

The stock’s fifty day simple moving average is $14.57 and its 200 day simple moving average is $14.38.

Rivernorth Managed Duration Municipal Income Fund Announces Dividend

The business also recently declared a monthly dividend, which was paid on Friday, July 31st. Stockholders of record on Wednesday, July 15th were given a $0.0847 dividend. The ex-dividend date was 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 and other institutional investors have recently made changes to their positions in RMM. Advocate Investing Services LLC purchased a new position in Rivernorth Managed Duration Municipal Income Fund during the fourth quarter worth approximately $34,000. Advisory Services Network LLC purchased a new stake in Rivernorth Managed Duration Municipal Income Fund in the 3rd quarter valued at $62,000. Kestra Advisory Services LLC purchased a new stake in Rivernorth Managed Duration Municipal Income Fund in the 4th quarter valued at $67,000. EverSource Wealth Advisors LLC increased its stake in shares of Rivernorth Managed Duration Municipal Income Fund by 20.0% in the 4th quarter. EverSource Wealth Advisors LLC now owns 6,000 shares of the company’s stock worth $82,000 after acquiring an additional 1,000 shares during the last quarter. Finally, Fifth Third Bancorp purchased a new position in shares of Rivernorth Managed Duration Municipal Income Fund during the 1st quarter worth $82,000.

Rivernorth Managed Duration Municipal Income Fund Company 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.