MainStay MacKay DefinedTerm Municipal Opportunities Fund Declares Monthly Dividend of $0.07 (NYSE:MMD)

MainStay MacKay DefinedTerm Municipal Opportunities Fund (NYSE:MMD) declared a monthly dividend on Wednesday, July 1st. Stockholders of record on Tuesday, September 15th will be paid a dividend of 0.0675 per share by the closed-end fund on Thursday, October 1st. This represents a c) dividend on an annualized basis and a dividend yield of 5.2%. The ex-dividend date of this dividend is Tuesday, September 15th.

MainStay MacKay DefinedTerm Municipal Opportunities Fund Price Performance

Shares of NYSE:MMD traded down $0.01 during midday trading on Wednesday, reaching $15.49. 68,457 shares of the company’s stock were exchanged, compared to its average volume of 59,782. The company’s 50 day simple moving average is $15.23 and its two-hundred day simple moving average is $15.20. MainStay MacKay DefinedTerm Municipal Opportunities Fund has a 12 month low of $14.39 and a 12 month high of $15.82.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MMD. Fifth Third Bancorp acquired a new stake in MainStay MacKay DefinedTerm Municipal Opportunities Fund during the first quarter valued at approximately $54,000. Kestra Advisory Services LLC bought a new position in shares of MainStay MacKay DefinedTerm Municipal Opportunities Fund during the 4th quarter worth approximately $96,000. Pasadena Private Wealth LLC bought a new stake in MainStay MacKay DefinedTerm Municipal Opportunities Fund in the fourth quarter valued at $149,000. Financially in Tune LLC bought a new stake in MainStay MacKay DefinedTerm Municipal Opportunities Fund in the fourth quarter valued at $155,000. Finally, Rareview Capital LLC acquired a new position in MainStay MacKay DefinedTerm Municipal Opportunities Fund during the first quarter worth $159,000.

MainStay MacKay DefinedTerm Municipal Opportunities Fund Company Profile

The MainStay MacKay DefinedTerm Municipal Opportunities Fund (NYSE: MMD) is a closed-end, diversified management investment company that seeks to provide a high level of tax-exempt income. The fund primarily invests in investment-grade municipal securities, including general obligation bonds, revenue bonds and other state and local government obligations. By focusing on tax-exempt instruments, MMD aims to enhance after-tax yields for its shareholders, making it an option for investors in higher tax brackets who seek municipal bond exposure through a publicly traded vehicle.

As a defined-term fund, MMD was structured with a predetermined termination date at which point the portfolio is expected to be liquidated and proceeds returned to investors.