Rivernorth Managed Duration Municipal Income Fund (NYSEARCA:RMM) Stock Price Down 0.1% – Here’s What Happened

Rivernorth Managed Duration Municipal Income Fund Inc. (NYSEARCA:RMM)’s stock price traded down 0.1% during mid-day trading on Tuesday . The stock traded as low as $13.64 and last traded at $13.67. 136,954 shares were traded during trading, an increase of 62% from the average session volume of 84,703 shares. The stock had previously closed at $13.68.

Rivernorth Managed Duration Municipal Income Fund Stock Down 0.1%

The stock has a 50 day moving average price of $13.96 and a 200 day moving average price of $13.81.

Rivernorth Managed Duration Municipal Income Fund Announces Dividend

The company also recently announced a monthly dividend, which will be paid on Wednesday, December 31st. Shareholders of record on Monday, December 15th will be given a $0.0905 dividend. The ex-dividend date is Monday, December 15th. This represents a c) annualized dividend and a yield of 7.9%.

Institutional Trading of Rivernorth Managed Duration Municipal Income Fund

Several hedge funds and other institutional investors have recently made changes to their positions in RMM. Royal Bank of Canada raised its holdings in Rivernorth Managed Duration Municipal Income Fund by 10.7% in the 1st quarter. Royal Bank of Canada now owns 268,226 shares of the company’s stock valued at $3,841,000 after buying an additional 25,822 shares during the last quarter. U.S. Capital Wealth Advisors LLC increased its position in Rivernorth Managed Duration Municipal Income Fund by 2.1% in the 3rd quarter. U.S. Capital Wealth Advisors LLC now owns 166,643 shares of the company’s stock valued at $2,356,000 after acquiring an additional 3,500 shares during the period. Raymond James Financial Inc. increased its position in Rivernorth Managed Duration Municipal Income Fund by 11.9% in the 3rd quarter. Raymond James Financial Inc. now owns 72,555 shares of the company’s stock valued at $1,026,000 after acquiring an additional 7,718 shares during the period. Wagner Wealth Management LLC raised its stake in shares of Rivernorth Managed Duration Municipal Income Fund by 222.2% during the third quarter. Wagner Wealth Management LLC now owns 71,638 shares of the company’s stock valued at $1,013,000 after acquiring an additional 49,403 shares during the last quarter. Finally, Samalin Investment Counsel LLC acquired a new position in shares of Rivernorth Managed Duration Municipal Income Fund during the third quarter worth $831,000.

About Rivernorth Managed Duration Municipal Income Fund

Rivernorth Managed Duration Municipal Income Fund Inc is a closed ended fixed income mutual fund launched and managed by RiverNorth Capital Management, LLC. The fund is co-managed by MacKay Shields LLC. It invests in the fixed income markets of the United States. The fund primarily invests in investment grade municipal debt securities. It seeks to invest in securities of any maturity. The fund employs a combination of fundamental and quantitative analysis. It benchmarks the performance of its portfolio against the Bloomberg Barclays Municipal Bond Index.