RiverNorth Flexible Municipal Income Fund (NYSEARCA:RFM) Shares Down 0.5% – Here’s What Happened

RiverNorth Flexible Municipal Income Fund, Inc. (NYSEARCA:RFM)’s share price was down 0.5% on Thursday . The company traded as low as $14.63 and last traded at $14.67. Approximately 3,368 shares were traded during trading, a decline of 81% from the average daily volume of 17,944 shares. The stock had previously closed at $14.74.

RiverNorth Flexible Municipal Income Fund Price Performance

The company has a fifty day moving average price of $14.66 and a 200-day moving average price of $14.45.

RiverNorth Flexible Municipal Income Fund Announces Dividend

The company also recently disclosed a monthly dividend, which will be paid on Friday, July 31st. Shareholders of record on Wednesday, July 15th will be paid a $0.0881 dividend. The ex-dividend date of this dividend is Wednesday, July 15th. This represents a c) dividend on an annualized basis and a yield of 7.2%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Royal Bank of Canada grew its holdings in shares of RiverNorth Flexible Municipal Income Fund by 35.7% in the first quarter. Royal Bank of Canada now owns 67,484 shares of the company’s stock valued at $947,000 after purchasing an additional 17,738 shares in the last quarter. Rivernorth Capital Management LLC raised its stake in RiverNorth Flexible Municipal Income Fund by 318.5% during the first quarter. Rivernorth Capital Management LLC now owns 47,654 shares of the company’s stock valued at $669,000 after purchasing an additional 36,267 shares in the last quarter. NewEdge Advisors LLC lifted its position in RiverNorth Flexible Municipal Income Fund by 52.7% during the third quarter. NewEdge Advisors LLC now owns 35,118 shares of the company’s stock valued at $508,000 after purchasing an additional 12,113 shares during the last quarter. Raymond James Financial Inc. lifted its position in RiverNorth Flexible Municipal Income Fund by 30.7% during the third quarter. Raymond James Financial Inc. now owns 22,112 shares of the company’s stock valued at $320,000 after purchasing an additional 5,197 shares during the last quarter. Finally, Osaic Holdings Inc. grew its stake in shares of RiverNorth Flexible Municipal Income Fund by 17.9% in the 4th quarter. Osaic Holdings Inc. now owns 15,993 shares of the company’s stock worth $223,000 after buying an additional 2,430 shares in the last quarter.

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.