MainStay MacKay DefinedTerm Municipal Opportunities Fund to Issue Monthly Dividend of $0.07 (NYSE:MMD)

MainStay MacKay DefinedTerm Municipal Opportunities Fund (NYSE:MMD) announced a monthly dividend on Wednesday, July 1st. Investors of record on Friday, August 14th will be paid a dividend of 0.0675 per share by the closed-end fund on Tuesday, September 1st. This represents a c) dividend on an annualized basis and a yield of 5.2%. The ex-dividend date is Friday, August 14th.

MainStay MacKay DefinedTerm Municipal Opportunities Fund Stock Performance

MMD traded down $0.01 during midday trading on Wednesday, reaching $15.49. 68,457 shares of the company’s stock were exchanged, compared to its average volume of 59,782. MainStay MacKay DefinedTerm Municipal Opportunities Fund has a 1-year low of $14.39 and a 1-year high of $15.82. The business’s 50-day moving average price is $15.23 and its 200 day moving average price is $15.20.

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.