RiverNorth Flexible Municipal Income Fund (NYSEARCA:RFM) Trading 0.9% Higher – Still a Buy?

Shares of RiverNorth Flexible Municipal Income Fund, Inc. (NYSEARCA:RFM) traded up 0.9% during trading on Tuesday . The stock traded as high as $14.64 and last traded at $14.57. 34,687 shares changed hands during trading, an increase of 21% from the average session volume of 28,699 shares. The stock had previously closed at $14.44.

RiverNorth Flexible Municipal Income Fund Stock Up 0.9%

The stock’s 50 day simple moving average is $14.15 and its two-hundred day simple moving average is $14.16.

RiverNorth Flexible Municipal Income Fund Announces Dividend

The business also recently announced a monthly dividend, which will be paid on Tuesday, March 31st. Investors of record on Monday, March 16th will be paid a $0.0881 dividend. The ex-dividend date of this dividend is Monday, March 16th. This represents a c) dividend on an annualized basis and a yield of 7.3%.

Insider Transactions at RiverNorth Flexible Municipal Income Fund

In other news, insider Financial Holdings Rivernorth purchased 4,905 shares of the company’s stock in a transaction on Monday, November 24th. The shares were purchased at an average price of $14.06 per share, with a total value of $68,964.30. Following the purchase, the insider directly owned 37,772 shares of the company’s stock, valued at $531,074.32. This trade represents a 14.92% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In the last three months, insiders bought 24,137 shares of company stock worth $344,173.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. SteelPeak Wealth LLC grew its holdings in shares of RiverNorth Flexible Municipal Income Fund by 6.4% during the second quarter. SteelPeak Wealth LLC now owns 29,800 shares of the company’s stock worth $416,000 after buying an additional 1,800 shares in the last quarter. NewEdge Advisors LLC boosted its position in RiverNorth Flexible Municipal Income Fund by 52.7% during the 3rd quarter. NewEdge Advisors LLC now owns 35,118 shares of the company’s stock worth $508,000 after acquiring an additional 12,113 shares during the last quarter. Raymond James Financial Inc. boosted its position in RiverNorth Flexible Municipal Income Fund by 30.7% during the 3rd quarter. Raymond James Financial Inc. now owns 22,112 shares of the company’s stock worth $320,000 after acquiring an additional 5,197 shares during the last quarter. Finally, Wolverine Asset Management LLC bought a new position in shares of RiverNorth Flexible Municipal Income Fund during the 4th quarter worth approximately $72,000.

About RiverNorth Flexible Municipal Income Fund

The RiverNorth Flexible Municipal Income Fund, Inc seeks to provide current income exempt from regular U.S. federal income taxes1 with a secondary objective of total return.