Putnam Managed (NYSE:PMM) Stock Price Up 0.2% – Here’s Why

Putnam Managed (NYSE:PMM)’s share price traded up 0.2% during trading on Thursday . The stock traded as high as $6.29 and last traded at $6.25. 73,163 shares traded hands during trading, a decline of 25% from the average session volume of 97,265 shares. The stock had previously closed at $6.24.

Putnam Managed Trading Down 0.3%

The firm has a 50-day moving average of $6.39 and a two-hundred day moving average of $6.30.

Putnam Managed Dividend Announcement

The company also recently disclosed a monthly dividend, which will be paid on Monday, November 30th. Stockholders of record on Friday, November 20th will be paid a dividend of $0.033 per share. The ex-dividend date of this dividend is Friday, November 20th. This represents a c) dividend on an annualized basis and a dividend yield of 6.4%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PMM. Wells Fargo & Company MN raised its holdings in Putnam Managed by 1.4% in the 4th quarter. Wells Fargo & Company MN now owns 1,111,767 shares of the company’s stock worth $6,971,000 after purchasing an additional 15,203 shares during the period. Advisors Asset Management Inc. boosted its position in Putnam Managed by 29.9% during the fourth quarter. Advisors Asset Management Inc. now owns 867,048 shares of the company’s stock worth $5,436,000 after purchasing an additional 199,831 shares in the last quarter. Raymond James Financial Inc. grew its holdings in Putnam Managed by 4.1% in the third quarter. Raymond James Financial Inc. now owns 548,110 shares of the company’s stock valued at $3,311,000 after purchasing an additional 21,509 shares during the period. Invesco Ltd. increased its position in shares of Putnam Managed by 23.1% in the fourth quarter. Invesco Ltd. now owns 417,901 shares of the company’s stock valued at $2,620,000 after buying an additional 78,533 shares in the last quarter. Finally, Van ECK Associates Corp increased its position in shares of Putnam Managed by 10.5% in the second quarter. Van ECK Associates Corp now owns 399,438 shares of the company’s stock valued at $2,612,000 after buying an additional 38,113 shares in the last quarter. Hedge funds and other institutional investors own 13.54% of the company’s stock.

About Putnam Managed

Putnam Managed Municipal Income Trust (NYSE: PMM) is a closed-end management investment company that seeks to provide current income exempt from federal income tax. The trust’s primary business activity is the active management of a diversified portfolio of investment-grade municipal securities, including general obligation and revenue bonds issued by U.S. states and municipalities. Using a flexible approach, PMM’s portfolio managers may also invest in below-investment-grade or unrated municipal securities, subject to quality restrictions, to enhance yield potential.

Established in September 1993, PMM has a long history of targeting tax-exempt income for its shareholders.