Samalin Investment Counsel LLC Buys New Stake in Rivernorth Managed Duration Municipal Income Fund Inc. $RMM

Samalin Investment Counsel LLC purchased a new position in shares of Rivernorth Managed Duration Municipal Income Fund Inc. (NYSEARCA:RMM) in the third quarter, HoldingsChannel reports. The institutional investor purchased 58,744 shares of the company’s stock, valued at approximately $831,000.

A number of other institutional investors also recently added to or reduced their stakes in the stock. PFG Investments LLC bought a new stake in shares of Rivernorth Managed Duration Municipal Income Fund in the 2nd quarter valued at approximately $138,000. Osaic Holdings Inc. lifted its position in shares of Rivernorth Managed Duration Municipal Income Fund by 79.5% during the 2nd quarter. Osaic Holdings Inc. now owns 12,867 shares of the company’s stock worth $173,000 after buying an additional 5,700 shares during the period. B. Riley Wealth Advisors Inc. acquired a new stake in Rivernorth Managed Duration Municipal Income Fund in the 2nd quarter valued at $217,000. NewEdge Advisors LLC grew its position in Rivernorth Managed Duration Municipal Income Fund by 7.4% in the second quarter. NewEdge Advisors LLC now owns 16,750 shares of the company’s stock valued at $225,000 after acquiring an additional 1,150 shares during the period. Finally, Janney Montgomery Scott LLC grew its position in Rivernorth Managed Duration Municipal Income Fund by 13.1% in the second quarter. Janney Montgomery Scott LLC now owns 17,304 shares of the company’s stock valued at $232,000 after acquiring an additional 2,000 shares during the period.

Rivernorth Managed Duration Municipal Income Fund Trading Down 0.7%

Rivernorth Managed Duration Municipal Income Fund stock opened at $13.92 on Wednesday. The stock has a fifty day moving average price of $13.87 and a two-hundred day moving average price of $13.87. Rivernorth Managed Duration Municipal Income Fund Inc. has a 52-week low of $12.55 and a 52-week high of $15.23.

Rivernorth Managed Duration Municipal Income Fund Announces Dividend

The company also recently announced a monthly dividend, which will be paid on Tuesday, March 31st. Investors of record on Monday, March 16th will be given a dividend of $0.0847 per share. The ex-dividend date is Monday, March 16th. This represents a c) dividend on an annualized basis and a dividend yield of 7.3%.

Rivernorth Managed Duration Municipal Income Fund Company Profile

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.