MainStay MacKay DefinedTerm Municipal Opportunities Fund (NYSE:MMD) Sees Large Increase in Short Interest

MainStay MacKay DefinedTerm Municipal Opportunities Fund (NYSE:MMD) was the target of a large increase in short interest in the month of July. As of July 31st, there was short interest totaling 11,526 shares, an increase of 63.4% from the July 15th total of 7,055 shares. Based on an average daily trading volume, of 33,580 shares, the days-to-cover ratio is currently 0.3 days.

Institutional Investors Weigh In On MainStay MacKay DefinedTerm Municipal Opportunities Fund

Large investors have recently added to or reduced their stakes in the company. Raymond James Financial Inc. increased its holdings in MainStay MacKay DefinedTerm Municipal Opportunities Fund by 27.5% during the 2nd quarter. Raymond James Financial Inc. now owns 501,635 shares of the closed-end fund’s stock worth $7,419,000 after purchasing an additional 108,288 shares during the last quarter. Wolverine Asset Management LLC acquired a new stake in MainStay MacKay DefinedTerm Municipal Opportunities Fund in the fourth quarter valued at $1,311,000. Balyasny Asset Management L.P. bought a new position in MainStay MacKay DefinedTerm Municipal Opportunities Fund during the 4th quarter valued at $931,000. Worthington Financial Partners LLC acquired a new position in MainStay MacKay DefinedTerm Municipal Opportunities Fund during the 4th quarter worth $911,000. Finally, Rivernorth Capital Management LLC bought a new stake in shares of MainStay MacKay DefinedTerm Municipal Opportunities Fund in the 4th quarter worth about $598,000.

MainStay MacKay DefinedTerm Municipal Opportunities Fund Stock Down 0.3%

NYSE MMD traded down $0.04 on Monday, reaching $14.99. The company had a trading volume of 42,137 shares, compared to its average volume of 57,694. MainStay MacKay DefinedTerm Municipal Opportunities Fund has a 1 year low of $14.40 and a 1 year high of $15.82. The firm has a 50-day moving average of $15.23 and a 200-day moving average of $15.23.

MainStay MacKay DefinedTerm Municipal Opportunities Fund Announces Dividend

The company also recently announced a monthly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Tuesday, September 15th will be given a dividend of $0.0675 per share. This represents a c) dividend on an annualized basis and a dividend yield of 5.4%. The ex-dividend date of this dividend is Tuesday, September 15th.

MainStay MacKay DefinedTerm Municipal Opportunities Fund Company Profile

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.