RiverNorth Flexible Municipal Income Fund (NYSE:RFM) Trading Down 0.9% – What’s Next?

RiverNorth Flexible Municipal Income Fund, Inc. (NYSE:RFM) shares fell 0.9% on Thursday . The stock traded as low as $13.86 and last traded at $13.8950. Approximately 30,964 shares changed hands during mid-day trading, an increase of 87% from the average session volume of 16,595 shares. The stock had previously closed at $14.02.

RiverNorth Flexible Municipal Income Fund Stock Down 0.4%

The company’s fifty day simple moving average is $14.60 and its 200-day simple moving average is $14.48.

RiverNorth Flexible Municipal Income Fund Announces Dividend

The firm also recently announced a monthly dividend, which was paid on Friday, July 31st. Investors of record on Wednesday, July 15th were paid a dividend of $0.0881 per share. This represents a c) annualized dividend and a yield of 7.6%. The ex-dividend date was Wednesday, July 15th.

Institutional Investors Weigh In On RiverNorth Flexible Municipal Income Fund

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in RFM. Global Retirement Partners LLC acquired a new stake in RiverNorth Flexible Municipal Income Fund in the second quarter worth about $31,000. Compass Financial Management LLC purchased a new position in shares of RiverNorth Flexible Municipal Income Fund in the 2nd quarter valued at approximately $82,000. Rivernorth Capital Management LLC acquired a new stake in RiverNorth Flexible Municipal Income Fund in the 4th quarter worth approximately $159,000. LPL Financial LLC purchased a new stake in RiverNorth Flexible Municipal Income Fund during the 4th quarter worth approximately $162,000. Finally, Susquehanna International Group LLP purchased a new stake in RiverNorth Flexible Municipal Income Fund during the 2nd quarter worth approximately $197,000.

About RiverNorth Flexible Municipal Income Fund

The RiverNorth Flexible Municipal Income Fund, Inc seeks to provide current income exempt from regular U.S. federal income taxes1 with a secondary objective of total return.