Rivernorth Managed Duration Municipal Income Fund (NYSEARCA:RMM) Shares Down 0.1% – What’s Next?

Rivernorth Managed Duration Municipal Income Fund Inc. (NYSEARCA:RMM) shares fell 0.1% during mid-day trading on Thursday . The stock traded as low as $14.35 and last traded at $14.42. 39,802 shares changed hands during mid-day trading, a decline of 22% from the average session volume of 51,064 shares. The stock had previously closed at $14.44.

Rivernorth Managed Duration Municipal Income Fund Stock Performance

The business has a 50 day moving average of $14.58 and a 200-day moving average of $14.31.

Rivernorth Managed Duration Municipal Income Fund Announces Dividend

The business also recently declared a monthly dividend, which will be paid on Friday, July 31st. Stockholders of record on Wednesday, July 15th will be issued a $0.0847 dividend. This represents a c) annualized dividend and a dividend yield of 7.0%. The ex-dividend date is Wednesday, July 15th.

Institutional Investors Weigh In On Rivernorth Managed Duration Municipal Income Fund

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Advisors Asset Management Inc. raised its stake in shares of Rivernorth Managed Duration Municipal Income Fund by 118.3% in the 4th quarter. Advisors Asset Management Inc. now owns 228,430 shares of the company’s stock valued at $3,109,000 after purchasing an additional 123,771 shares during the period. Arkadios Wealth Advisors acquired a new position in shares of Rivernorth Managed Duration Municipal Income Fund during the first quarter worth about $1,472,000. Gateway Wealth Partners LLC grew its holdings in shares of Rivernorth Managed Duration Municipal Income Fund by 174.5% during the first quarter. Gateway Wealth Partners LLC now owns 115,380 shares of the company’s stock worth $1,573,000 after buying an additional 73,345 shares in the last quarter. Oppenheimer & Co. Inc. bought a new position in shares of Rivernorth Managed Duration Municipal Income Fund during the fourth quarter worth about $658,000. Finally, Rockefeller Capital Management L.P. raised its position in Rivernorth Managed Duration Municipal Income Fund by 98.2% in the 4th quarter. Rockefeller Capital Management L.P. now owns 95,605 shares of the company’s stock valued at $1,301,000 after buying an additional 47,358 shares during the last quarter.

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.