RiverNorth Flexible Municipal Income Fund (NYSE:RFM) Shares Down 0.9% – Here’s Why

Shares of RiverNorth Flexible Municipal Income Fund, Inc. (NYSE:RFM) fell 0.9% during trading on Thursday . The stock traded as low as $13.86 and last traded at $13.8950. 30,964 shares were traded during trading, an increase of 87% from the average daily volume of 16,595 shares. The stock had previously closed at $14.02.

RiverNorth Flexible Municipal Income Fund Stock Down 0.9%

The stock has a 50 day moving average of $14.62 and a 200 day moving average of $14.49.

RiverNorth Flexible Municipal Income Fund Dividend Announcement

The company also recently announced a monthly dividend, which was paid on Friday, July 31st. Stockholders of record on Wednesday, July 15th were given a $0.0881 dividend. The ex-dividend date was Wednesday, July 15th. This represents a c) annualized dividend and a dividend yield of 7.6%.

Institutional Investors Weigh In On RiverNorth Flexible Municipal Income Fund

Institutional investors have recently made changes to their positions in the company. NewEdge Advisors LLC lifted its stake in RiverNorth Flexible Municipal Income Fund by 322.8% during the second quarter. NewEdge Advisors LLC now owns 23,005 shares of the company’s stock worth $321,000 after purchasing an additional 17,564 shares during the last quarter. Raymond James Financial Inc. raised its holdings in shares of RiverNorth Flexible Municipal Income Fund by 14.7% during the second quarter. Raymond James Financial Inc. now owns 16,915 shares of the company’s stock worth $236,000 after purchasing an additional 2,165 shares during the period. Closed End Fund Advisors Inc. acquired a new stake in shares of RiverNorth Flexible Municipal Income Fund during the fourth quarter worth $219,000. LPL Financial LLC bought a new position in shares of RiverNorth Flexible Municipal Income Fund in the 4th quarter worth about $162,000. Finally, &PARTNERS bought a new position in shares of RiverNorth Flexible Municipal Income Fund in the 4th quarter worth about $214,000.

RiverNorth Flexible Municipal Income Fund Company Profile

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.