RiverNorth Opportunistic Municipal Income Fund (NYSE:RMI) Stock Falls 1.4% – Here’s What Happened

RiverNorth Opportunistic Municipal Income Fund, Inc. (NYSE:RMI)’s stock price was down 1.4% on Friday. The stock traded as low as $13.48 and last traded at $13.57. 6,981 shares traded hands during mid-day trading, a decline of 69% from the average daily volume of 22,410 shares. The stock had previously closed at $13.76.

RiverNorth Opportunistic Municipal Income Fund Trading Down 1.4%

The business’s 50 day moving average price is $14.39 and its 200-day moving average price is $15.05.

RiverNorth Opportunistic Municipal Income Fund Announces Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Thursday, December 31st. Shareholders of record on Tuesday, December 15th will be issued a $0.0889 dividend. This represents a $1.07 dividend on an annualized basis and a yield of 7.9%. The ex-dividend date of this dividend is Tuesday, December 15th.

Hedge Funds Weigh In On RiverNorth Opportunistic Municipal Income Fund

A hedge fund recently raised its position in RiverNorth Opportunistic Municipal Income Fund stock. Rockefeller Capital Management L.P. lifted its holdings in shares of RiverNorth Opportunistic Municipal Income Fund, Inc. (NYSE:RMI) by 252.8% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 72,050 shares of the company’s stock after buying an additional 51,625 shares during the period. Rockefeller Capital Management L.P.’s holdings in RiverNorth Opportunistic Municipal Income Fund were worth $1,031,000 at the end of the most recent reporting period.

About RiverNorth Opportunistic Municipal Income Fund

RiverNorth Opportunistic Municipal Income Fund (NYSE: RMI) is a closed-end investment fund that seeks to provide current income exempt from regular U.S. federal income tax. The fund invests primarily in municipal securities issued by states, municipalities and other public entities to finance projects and public services.

RMI uses an opportunistic approach to the municipal bond market, with the flexibility to invest across different maturities, credit qualities and sectors. Its portfolio may include investment-grade and below-investment-grade municipal obligations, allowing the fund to pursue income opportunities while managing credit and interest-rate risks.