Short Interest in MainStay MacKay DefinedTerm Municipal Opportunities Fund (NYSE:MMD) Declines By 63.3%

MainStay MacKay DefinedTerm Municipal Opportunities Fund (NYSE:MMD) was the target of a large decline in short interest in the month of August. As of August 14th, there was short interest totaling 4,234 shares, a decline of 63.3% from the July 30th total of 11,526 shares. Based on an average daily volume of 68,812 shares, the days-to-cover ratio is presently 0.1 days.

MainStay MacKay DefinedTerm Municipal Opportunities Fund Price Performance

MMD traded down $0.02 during trading on Friday, reaching $14.95. 27,830 shares of the company were exchanged, compared to its average volume of 57,206. MainStay MacKay DefinedTerm Municipal Opportunities Fund has a 52 week low of $14.45 and a 52 week high of $15.82. The firm has a 50 day moving average of $15.17 and a 200 day moving average of $15.20.

MainStay MacKay DefinedTerm Municipal Opportunities Fund Dividend Announcement

The firm also recently declared a monthly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Tuesday, September 15th will be issued 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.

Institutional Investors Weigh In On MainStay MacKay DefinedTerm Municipal Opportunities Fund

Several institutional investors have recently bought and sold shares of MMD. Raymond James Financial Inc. grew its position in MainStay MacKay DefinedTerm Municipal Opportunities Fund by 13.2% in the 3rd quarter. Raymond James Financial Inc. now owns 567,803 shares of the closed-end fund’s stock valued at $8,591,000 after buying an additional 66,168 shares in the last quarter. Guggenheim Capital LLC raised its position in shares of MainStay MacKay DefinedTerm Municipal Opportunities Fund by 7.1% during the 4th quarter. Guggenheim Capital LLC now owns 449,927 shares of the closed-end fund’s stock worth $6,690,000 after buying an additional 29,643 shares in the last quarter. Bank of America Corp DE raised its position in shares of MainStay MacKay DefinedTerm Municipal Opportunities Fund by 4.3% during the 2nd quarter. Bank of America Corp DE now owns 326,646 shares of the closed-end fund’s stock worth $4,831,000 after buying an additional 13,581 shares in the last quarter. Wells Fargo & Company MN lifted its stake in shares of MainStay MacKay DefinedTerm Municipal Opportunities Fund by 9.2% in the 4th quarter. Wells Fargo & Company MN now owns 256,146 shares of the closed-end fund’s stock worth $3,809,000 after acquiring an additional 21,567 shares during the period. Finally, Royal Bank of Canada lifted its stake in shares of MainStay MacKay DefinedTerm Municipal Opportunities Fund by 12.0% in the 1st quarter. Royal Bank of Canada now owns 162,191 shares of the closed-end fund’s stock worth $2,446,000 after acquiring an additional 17,390 shares during the period.

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.