RiverNorth Opportunities Fund (NYSE:RIV) Trading Down 1.3% – Should You Sell?

Shares of RiverNorth Opportunities Fund, Inc. (NYSE:RIV) dropped 1.3% during mid-day trading on Thursday . The company traded as low as $11.25 and last traded at $11.2710. Approximately 54,822 shares traded hands during mid-day trading, a decline of 33% from the average daily volume of 82,383 shares. The stock had previously closed at $11.42.

RiverNorth Opportunities Fund Stock Performance

The firm’s 50 day moving average price is $11.54 and its 200 day moving average price is $11.65.

RiverNorth Opportunities Fund Dividend Announcement

The firm also recently declared a monthly dividend, which will be paid on Friday, July 31st. Shareholders of record on Wednesday, July 15th will be given a dividend of $0.1306 per share. The ex-dividend date of this dividend is Wednesday, July 15th. This represents a c) dividend on an annualized basis and a yield of 13.9%.

Hedge Funds Weigh In On RiverNorth Opportunities Fund

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Royal Bank of Canada boosted its holdings in RiverNorth Opportunities Fund by 25.2% in the first quarter. Royal Bank of Canada now owns 199,111 shares of the company’s stock valued at $2,348,000 after acquiring an additional 40,031 shares in the last quarter. Raymond James Financial Inc. lifted its position in shares of RiverNorth Opportunities Fund by 1.7% in the 2nd quarter. Raymond James Financial Inc. now owns 63,215 shares of the company’s stock worth $775,000 after purchasing an additional 1,047 shares during the period. Bank of America Corp DE lifted its position in shares of RiverNorth Opportunities Fund by 89.7% in the 2nd quarter. Bank of America Corp DE now owns 47,442 shares of the company’s stock worth $582,000 after purchasing an additional 22,431 shares during the period. Nomura Holdings Inc. bought a new stake in shares of RiverNorth Opportunities Fund during the 3rd quarter valued at about $1,200,000. Finally, Quarry LP bought a new stake in shares of RiverNorth Opportunities Fund during the 3rd quarter valued at about $936,000.

RiverNorth Opportunities Fund Company Profile

RiverNorth Opportunities Fund (NYSE:RIV) is a closed-end management investment company that seeks to deliver total return through a combination of current income and capital appreciation. Listed on the New York Stock Exchange, the fund employs an unconstrained, actively managed approach to investing across a broad array of convertible and derivative securities.

The fund’s primary investments include convertible bonds, convertible preferred stocks, synthetic convertible instruments (such as caps, floors and spreads), and related derivative instruments.