MainStay MacKay DefinedTerm Municipal Opportunities Fund (NYSE:MMD) Short Interest Update

MainStay MacKay DefinedTerm Municipal Opportunities Fund (NYSE:MMD) saw a significant growth in short interest in the month of August. As of August 31st, there was short interest totaling 9,231 shares, a growth of 118.0% from the August 15th total of 4,234 shares. Based on an average daily volume of 47,463 shares, the days-to-cover ratio is currently 0.2 days.

MainStay MacKay DefinedTerm Municipal Opportunities Fund Stock Down 1.9%

MainStay MacKay DefinedTerm Municipal Opportunities Fund stock opened at $14.13 on Wednesday. The stock’s 50 day moving average is $14.97 and its 200-day moving average is $15.12. MainStay MacKay DefinedTerm Municipal Opportunities Fund has a 12 month low of $14.11 and a 12 month high of $15.82.

MainStay MacKay DefinedTerm Municipal Opportunities Fund Announces Dividend

The business also recently declared a monthly dividend, which will be paid on Thursday, October 1st. Investors of record on Tuesday, September 15th will be paid a $0.0675 dividend. This represents a c) annualized dividend and a dividend yield of 5.7%. The ex-dividend date is Tuesday, September 15th.

Hedge Funds Weigh In On MainStay MacKay DefinedTerm Municipal Opportunities Fund

A number of institutional investors have recently added to or reduced their stakes in MMD. Kelleher Financial Advisors boosted its position in MainStay MacKay DefinedTerm Municipal Opportunities Fund by 100.0% during the 2nd quarter. Kelleher Financial Advisors now owns 1,840 shares of the closed-end fund’s stock worth $29,000 after buying an additional 920 shares during the period. Fifth Third Bancorp acquired a new position in shares of MainStay MacKay DefinedTerm Municipal Opportunities Fund during the first quarter valued at about $54,000. Pasadena Private Wealth LLC bought a new position in MainStay MacKay DefinedTerm Municipal Opportunities Fund in the fourth quarter worth approximately $149,000. Financially in Tune LLC acquired a new stake in MainStay MacKay DefinedTerm Municipal Opportunities Fund in the 4th quarter valued at $155,000. Finally, Rareview Capital LLC acquired a new position in shares of MainStay MacKay DefinedTerm Municipal Opportunities Fund during the first quarter valued at about $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.