RiverNorth Flexible Municipal Income Fund (NYSE:RFM) Stock Falls 1% – Here’s What Happened

Shares of RiverNorth Flexible Municipal Income Fund, Inc. (NYSE:RFM) dropped 1% on Friday. The stock traded as low as $13.21 and last traded at $13.21. 49,202 shares were traded during mid-day trading, an increase of 167% from the average session volume of 18,431 shares. The stock had previously closed at $13.34.

RiverNorth Flexible Municipal Income Fund Stock Down 1.0%

The stock has a fifty day moving average price of $13.60 and a 200-day moving average price of $14.24.

RiverNorth Flexible Municipal Income Fund Dividend Announcement

The business also recently declared a monthly dividend, which will be paid on Thursday, December 31st. Shareholders of record on Tuesday, December 15th will be given a $0.0881 dividend. This represents a $1.06 dividend on an annualized basis and a yield of 8.0%. The ex-dividend date is Tuesday, December 15th.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Rivernorth Capital Management LLC boosted its stake in shares of RiverNorth Flexible Municipal Income Fund by 318.5% in the 1st 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. Wedbush Securities Inc. acquired a new stake in shares of RiverNorth Flexible Municipal Income Fund during the 3rd quarter worth about $268,000. Concurrent Investment Advisors LLC lifted its holdings in RiverNorth Flexible Municipal Income Fund by 44.5% during the 2nd quarter. Concurrent Investment Advisors LLC now owns 64,275 shares of the company’s stock valued at $876,000 after purchasing an additional 19,800 shares during the last quarter. Royal Bank of Canada lifted its holdings in RiverNorth Flexible Municipal Income Fund by 35.7% during the 1st 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 during the last quarter. Finally, Beacon Pointe Advisors LLC bought a new position in RiverNorth Flexible Municipal Income Fund during the 2nd quarter valued at about $235,000.

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.