Truist Financial Corp boosted its stake in Rivernorth Managed Duration Municipal Income Fund Inc. (NYSEARCA:RMM – Get Rating) by 18.3% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 44,887 shares of the company's stock after purchasing an additional 6,948 shares during the quarter. Truist Financial Corp's holdings in Rivernorth Managed Duration Municipal Income Fund were worth $656,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors and hedge funds have also bought and sold shares of RMM. Steward Partners Investment Advisory LLC grew its holdings in shares of Rivernorth Managed Duration Municipal Income Fund by 20.5% in the second quarter. Steward Partners Investment Advisory LLC now owns 8,885 shares of the company's stock worth $140,000 after purchasing an additional 1,514 shares during the last quarter. Raymond James Financial Services Advisors Inc. grew its stake in shares of Rivernorth Managed Duration Municipal Income Fund by 8.0% during the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 13,686 shares of the company's stock valued at $200,000 after acquiring an additional 1,008 shares during the period. Mutual Advisors LLC grew its stake in shares of Rivernorth Managed Duration Municipal Income Fund by 12.2% during the 2nd quarter. Mutual Advisors LLC now owns 13,840 shares of the company's stock valued at $219,000 after acquiring an additional 1,500 shares during the period. Envestnet Asset Management Inc. purchased a new position in Rivernorth Managed Duration Municipal Income Fund in the 1st quarter worth approximately $365,000. Finally, LPL Financial LLC raised its holdings in shares of Rivernorth Managed Duration Municipal Income Fund by 52.2% during the 2nd quarter. LPL Financial LLC now owns 21,843 shares of the company's stock worth $345,000 after acquiring an additional 7,495 shares in the last quarter.
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Insider Buying and Selling
In other Rivernorth Managed Duration Municipal Income Fund news, President Patrick W. Galley sold 2,000 shares of the stock in a transaction dated Friday, November 4th. The stock was sold at an average price of $13.91, for a total value of $27,820.00. Following the completion of the sale, the president now directly owns 5,000 shares in the company, valued at $69,550. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other news, President Patrick W. Galley sold 2,000 shares of the firm's stock in a transaction dated Friday, November 4th. The stock was sold at an average price of $13.91, for a total value of $27,820.00. Following the completion of the transaction, the president now directly owns 5,000 shares in the company, valued at $69,550. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, President Patrick W. Galley sold 3,000 shares of the firm's stock in a transaction dated Monday, October 31st. The stock was sold at an average price of $13.62, for a total value of $40,860.00. Following the completion of the transaction, the president now owns 7,000 shares of the company's stock, valued at $95,340. The disclosure for this sale can be found here.
Rivernorth Managed Duration Municipal Income Fund Price Performance
NYSEARCA RMM opened at $15.67 on Friday. The business's 50 day moving average price is $15.04 and its 200-day moving average price is $15.29. Rivernorth Managed Duration Municipal Income Fund Inc. has a fifty-two week low of $13.43 and a fifty-two week high of $18.73.
Rivernorth Managed Duration Municipal Income Fund Increases Dividend
The firm also recently disclosed a monthly dividend, which will be paid on Friday, March 31st. Shareholders of record on Wednesday, March 15th will be given a $0.0911 dividend. This represents a $1.09 annualized dividend and a yield of 6.98%. The ex-dividend date of this dividend is Tuesday, March 14th. This is an increase from Rivernorth Managed Duration Municipal Income Fund's previous monthly dividend of $0.09.
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.
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