RiverNorth Opportunities Fund (NYSE:RIV) Shares Up 0.8% – Time to Buy?

RiverNorth Opportunities Fund, Inc. (NYSE:RIV) rose 0.8% during trading on Friday. The company traded as high as $10.44 and last traded at $10.3380. Approximately 140,943 shares were traded during trading, an increase of 42% from the average session volume of 99,396 shares. The stock had previously closed at $10.26.

RiverNorth Opportunities Fund Stock Performance

The firm’s fifty day moving average price is $10.48 and its two-hundred day moving average price is $11.32.

RiverNorth Opportunities Fund Dividend Announcement

The company also recently declared a monthly dividend, which will be paid on Thursday, December 31st. Investors of record on Tuesday, December 15th will be given a dividend of $0.1306 per share. This represents a $1.57 annualized dividend and a yield of 15.2%. The ex-dividend date is Tuesday, December 15th.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in RIV. Bank of America Corp DE acquired a new position in shares of RiverNorth Opportunities Fund in the second quarter worth about $3,869,000. Advisory Solutions Group LLC purchased a new stake in shares of RiverNorth Opportunities Fund during the 2nd quarter worth about $985,000. Allworth Financial LP purchased a new stake in shares of RiverNorth Opportunities Fund during the 2nd quarter worth about $770,000. Arete Wealth Advisors LLC grew its position in shares of RiverNorth Opportunities Fund by 15.9% during the 1st quarter. Arete Wealth Advisors LLC now owns 437,265 shares of the company’s stock valued at $4,867,000 after acquiring an additional 60,096 shares during the period. Finally, Gateway Wealth Partners LLC grew its position in shares of RiverNorth Opportunities Fund by 158.5% during the 1st quarter. Gateway Wealth Partners LLC now owns 26,166 shares of the company’s stock valued at $290,000 after acquiring an additional 16,043 shares during the period.

About RiverNorth Opportunities Fund

RiverNorth Opportunities Fund, Inc (NYSE: RIV) is a diversified closed-end management investment company. The fund seeks to provide investors with total return through a combination of current income and capital appreciation.

RiverNorth Opportunities Fund pursues its objective through an opportunistic, actively managed strategy that may invest in closed-end funds, exchange-traded funds, business development companies, and other investment companies and securities. Its portfolio may provide exposure to a range of asset classes, including equity and fixed-income investments, while the adviser seeks to identify market pricing discrepancies and attractive income opportunities.

The fund is advised by RiverNorth Capital Management, LLC, an investment manager specializing in closed-end fund and opportunistic investment strategies.