Rivernorth Managed Duration Municipal Income Fund Inc. (NYSEARCA:RMM – Get Rating) announced a monthly dividend on Thursday, April 6th, Wall Street Journal reports. Shareholders of record on Monday, May 15th will be given a dividend of 0.0911 per share on Wednesday, May 31st. This represents a $1.09 dividend on an annualized basis and a dividend yield of 7.21%. The ex-dividend date of this dividend is Friday, May 12th.

Rivernorth Managed Duration Municipal Income Fund Price Performance

Rivernorth Managed Duration Municipal Income Fund stock opened at $15.16 on Thursday. The stock has a fifty day simple moving average of $15.52 and a two-hundred day simple moving average of $15.01. Rivernorth Managed Duration Municipal Income Fund has a 12 month low of $13.43 and a 12 month high of $17.32.

Institutional Trading of Rivernorth Managed Duration Municipal Income Fund

A number of institutional investors and hedge funds have recently modified their holdings of RMM. Logan Stone Capital LLC bought a new stake in shares of Rivernorth Managed Duration Municipal Income Fund in the fourth quarter worth $2,205,000. Wells Fargo & Company MN grew its holdings in shares of Rivernorth Managed Duration Municipal Income Fund by 43.5% in the fourth quarter. Wells Fargo & Company MN now owns 257,022 shares of the company's stock worth $3,701,000 after acquiring an additional 77,869 shares during the period. Morgan Stanley grew its holdings in shares of Rivernorth Managed Duration Municipal Income Fund by 17.8% in the fourth quarter. Morgan Stanley now owns 367,014 shares of the company's stock worth $5,285,000 after acquiring an additional 55,462 shares during the period. Bank of America Corp DE grew its holdings in shares of Rivernorth Managed Duration Municipal Income Fund by 511.9% in the first quarter. Bank of America Corp DE now owns 29,645 shares of the company's stock worth $510,000 after acquiring an additional 24,800 shares during the period. Finally, Envestnet Asset Management Inc. bought a new stake in shares of Rivernorth Managed Duration Municipal Income Fund in the first quarter worth $365,000.

Rivernorth Managed Duration Municipal Income Fund Company Profile

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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.

Further Reading

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