MainStay MacKay DefinedTerm Municipal Opportunities Fund Plans Monthly Dividend of $0.07 (NYSE:MMD)

MainStay MacKay DefinedTerm Municipal Opportunities Fund (NYSE:MMD) announced a monthly dividend on Wednesday, July 1st. Investors of record on Friday, August 14th will be paid a dividend of 0.0675 per share by the closed-end fund on Tuesday, September 1st. This represents a c) dividend on an annualized basis and a dividend yield of 5.2%. The ex-dividend date of this dividend is Friday, August 14th.

MainStay MacKay DefinedTerm Municipal Opportunities Fund Price Performance

NYSE MMD opened at $15.49 on Thursday. The stock has a fifty day moving average of $15.23 and a 200-day moving average of $15.21. MainStay MacKay DefinedTerm Municipal Opportunities Fund has a 52 week low of $14.39 and a 52 week high of $15.82.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Hennion & Walsh Asset Management Inc. lifted its stake in MainStay MacKay DefinedTerm Municipal Opportunities Fund by 5.6% in the fourth quarter. Hennion & Walsh Asset Management Inc. now owns 739,494 shares of the closed-end fund’s stock valued at $10,996,000 after buying an additional 38,972 shares during the period. Raymond James Financial Inc. lifted its stake in MainStay MacKay DefinedTerm Municipal Opportunities Fund by 13.2% in the third quarter. Raymond James Financial Inc. now owns 567,803 shares of the closed-end fund’s stock valued at $8,591,000 after buying an additional 66,168 shares in the last quarter. Guggenheim Capital LLC boosted its stake in MainStay MacKay DefinedTerm Municipal Opportunities Fund by 7.1% in the 4th quarter. Guggenheim Capital LLC now owns 449,927 shares of the closed-end fund’s stock worth $6,690,000 after purchasing an additional 29,643 shares during the period. Bank of America Corp DE lifted its holdings in shares of MainStay MacKay DefinedTerm Municipal Opportunities Fund by 4.3% in the second quarter. Bank of America Corp DE now owns 326,646 shares of the closed-end fund’s stock valued at $4,831,000 after purchasing an additional 13,581 shares in the last quarter. Finally, Wells Fargo & Company MN boosted its position in shares of MainStay MacKay DefinedTerm Municipal Opportunities Fund by 9.2% during the fourth quarter. Wells Fargo & Company MN now owns 256,146 shares of the closed-end fund’s stock worth $3,809,000 after buying an additional 21,567 shares during the period.

About MainStay MacKay DefinedTerm Municipal Opportunities Fund

The MainStay MacKay DefinedTerm Municipal Opportunities Fund (NYSE: MMD) is a closed-end, diversified management investment company that seeks to provide a high level of tax-exempt income. The fund primarily invests in investment-grade municipal securities, including general obligation bonds, revenue bonds and other state and local government obligations. By focusing on tax-exempt instruments, MMD aims to enhance after-tax yields for its shareholders, making it an option for investors in higher tax brackets who seek municipal bond exposure through a publicly traded vehicle.

As a defined-term fund, MMD was structured with a predetermined termination date at which point the portfolio is expected to be liquidated and proceeds returned to investors.