Short Interest in MainStay MacKay DefinedTerm Municipal Opportunities Fund (NYSE:MMD) Drops By 52.9%

MainStay MacKay DefinedTerm Municipal Opportunities Fund (NYSE:MMD) was the recipient of a large decline in short interest in December. As of December 31st, there was short interest totaling 9,360 shares, a decline of 52.9% from the December 15th total of 19,882 shares. Based on an average daily trading volume, of 170,056 shares, the days-to-cover ratio is presently 0.1 days. Based on an average daily trading volume, of 170,056 shares, the days-to-cover ratio is presently 0.1 days.

Insiders Place Their Bets

In other news, Portfolio Manager Robert A. Dimella sold 11,965 shares of the stock in a transaction that occurred on Thursday, November 20th. The stock was sold at an average price of $14.84, for a total transaction of $177,560.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Institutional Trading of MainStay MacKay DefinedTerm Municipal Opportunities Fund

Several institutional investors have recently modified their holdings of the company. Hennion & Walsh Asset Management Inc. increased its position in shares of MainStay MacKay DefinedTerm Municipal Opportunities Fund by 5.6% in the fourth quarter. Hennion & Walsh Asset Management Inc. now owns 739,494 shares of the closed-end fund’s stock worth $10,996,000 after acquiring an additional 38,972 shares in the last quarter. Raymond James Financial Inc. lifted its stake in shares of MainStay MacKay DefinedTerm Municipal Opportunities Fund by 13.2% in the 3rd quarter. Raymond James Financial Inc. now owns 567,803 shares of the closed-end fund’s stock valued at $8,591,000 after purchasing an additional 66,168 shares during the last quarter. Bank of America Corp DE lifted its position in shares of MainStay MacKay DefinedTerm Municipal Opportunities Fund by 4.3% in the second quarter. Bank of America Corp DE now owns 326,646 shares of the closed-end fund’s stock worth $4,831,000 after buying an additional 13,581 shares during the last quarter. Guggenheim Capital LLC lifted its holdings in MainStay MacKay DefinedTerm Municipal Opportunities Fund by 128.0% in the 2nd quarter. Guggenheim Capital LLC now owns 291,477 shares of the closed-end fund’s stock worth $4,311,000 after purchasing an additional 163,614 shares during the last quarter. Finally, Royal Bank of Canada lifted its holdings in MainStay MacKay DefinedTerm Municipal Opportunities Fund by 12.0% in the 1st quarter. Royal Bank of Canada now owns 162,191 shares of the closed-end fund’s stock worth $2,446,000 after purchasing an additional 17,390 shares during the last quarter.

MainStay MacKay DefinedTerm Municipal Opportunities Fund Price Performance

NYSE MMD traded up $0.02 on Wednesday, hitting $15.26. The stock had a trading volume of 52,616 shares, compared to its average volume of 71,591. MainStay MacKay DefinedTerm Municipal Opportunities Fund has a one year low of $14.00 and a one year high of $15.86. The company’s 50-day moving average is $14.96 and its two-hundred day moving average is $14.91.

MainStay MacKay DefinedTerm Municipal Opportunities Fund Dividend Announcement

The company also recently announced a monthly dividend, which will be paid on Wednesday, April 1st. Investors of record on Monday, March 16th will be issued a dividend of $0.065 per share. The ex-dividend date of this dividend is Monday, March 16th. This represents a c) annualized dividend and a yield of 5.1%.

About MainStay MacKay DefinedTerm Municipal Opportunities Fund

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.