Rivernorth Managed Duration Municipal Income Fund (NYSE:RMM) Stock Price Crosses Above 50-Day Moving Average – Should You Sell?

Shares of Rivernorth Managed Duration Municipal Income Fund Inc. (NYSE:RMM) passed above its fifty day moving average during trading on Friday. The stock has a fifty day moving average of $13.28 and traded as high as $13.44. Rivernorth Managed Duration Municipal Income Fund shares last traded at $13.37, with a volume of 28,739 shares trading hands.

Rivernorth Managed Duration Municipal Income Fund Stock Performance

The firm’s 50-day simple moving average is $13.28 and its 200 day simple moving average is $14.08.

Rivernorth Managed Duration Municipal Income Fund Dividend Announcement

The business also recently announced a monthly dividend, which will be paid on Thursday, December 31st. Investors of record on Tuesday, December 15th will be given a $0.0847 dividend. The ex-dividend date of this dividend is Tuesday, December 15th. This represents a $1.02 dividend on an annualized basis and a dividend yield of 7.6%.

Institutional Trading of Rivernorth Managed Duration Municipal Income Fund

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Wedbush Securities Inc. acquired a new position in shares of Rivernorth Managed Duration Municipal Income Fund during the 3rd quarter worth approximately $699,000. Gateway Wealth Partners LLC boosted its holdings in shares of Rivernorth Managed Duration Municipal Income Fund by 174.5% in the 1st quarter. Gateway Wealth Partners LLC now owns 115,380 shares of the company’s stock valued at $1,573,000 after buying an additional 73,345 shares during the last quarter. Arkadios Wealth Advisors acquired a new stake in shares of Rivernorth Managed Duration Municipal Income Fund in the 1st quarter valued at approximately $1,472,000. ProVise Management Group LLC boosted its holdings in shares of Rivernorth Managed Duration Municipal Income Fund by 1.2% in the 3rd quarter. ProVise Management Group LLC now owns 172,504 shares of the company’s stock valued at $2,163,000 after buying an additional 1,979 shares during the last quarter. Finally, Kestra Advisory Services LLC boosted its holdings in shares of Rivernorth Managed Duration Municipal Income Fund by 0.7% in the 3rd quarter. Kestra Advisory Services LLC now owns 166,972 shares of the company’s stock valued at $2,094,000 after buying an additional 1,190 shares during the last quarter.

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.