Rivernorth Managed Duration Municipal Income Fund (NYSE:RMM) Stock Price Down 2.5% – What’s Next?

Rivernorth Managed Duration Municipal Income Fund Inc. (NYSE:RMM)’s share price fell 2.5% during mid-day trading on Tuesday . The stock traded as low as $13.33 and last traded at $13.38. 68,284 shares were traded during mid-day trading, an increase of 39% from the average daily volume of 49,156 shares. The stock had previously closed at $13.73.

Rivernorth Managed Duration Municipal Income Fund Stock Down 2.5%

The stock has a 50-day moving average of $14.38 and a 200 day moving average of $14.34.

Rivernorth Managed Duration Municipal Income Fund Dividend Announcement

The firm also recently announced a monthly dividend, which was paid on Friday, July 31st. Stockholders of record on Wednesday, July 15th were paid a $0.0847 dividend. This represents a c) annualized dividend and a dividend yield of 7.6%. The ex-dividend date of this dividend was Wednesday, July 15th.

Institutional Investors Weigh In On Rivernorth Managed Duration Municipal Income Fund

A number of institutional investors and hedge funds have recently modified their holdings of RMM. NewEdge Advisors LLC lifted its holdings in Rivernorth Managed Duration Municipal Income Fund by 10.5% in the first quarter. NewEdge Advisors LLC now owns 17,850 shares of the company’s stock valued at $243,000 after buying an additional 1,700 shares during the period. Arkadios Wealth Advisors bought a new stake in shares of Rivernorth Managed Duration Municipal Income Fund during the 1st quarter valued at $1,472,000. Rivernorth Capital Management LLC bought a new stake in shares of Rivernorth Managed Duration Municipal Income Fund during the 1st quarter valued at $182,000. Gateway Wealth Partners LLC lifted its stake in shares of Rivernorth Managed Duration Municipal Income Fund by 174.5% in the 1st quarter. Gateway Wealth Partners LLC now owns 115,380 shares of the company’s stock valued at $1,573,000 after purchasing an additional 73,345 shares during the period. Finally, Fifth Third Bancorp acquired a new position in shares of Rivernorth Managed Duration Municipal Income Fund in the 1st quarter valued at $82,000.

About Rivernorth Managed Duration Municipal Income Fund

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. It seeks to invest in securities of any maturity. The fund employs a combination of fundamental and quantitative analysis. It benchmarks the performance of its portfolio against the Bloomberg Barclays Municipal Bond Index.