Oppenheimer & Co. Inc. Acquires Shares of 48,342 Rivernorth Managed Duration Municipal Income Fund Inc. $RMM

Oppenheimer & Co. Inc. bought a new position in Rivernorth Managed Duration Municipal Income Fund Inc. (NYSEARCA:RMM) during the fourth quarter, Holdings Channel.com reports. The institutional investor bought 48,342 shares of the company’s stock, valued at approximately $658,000.

Several other institutional investors and hedge funds have also made changes to their positions in RMM. Samalin Investment Counsel LLC purchased a new stake in shares of Rivernorth Managed Duration Municipal Income Fund in the third quarter valued at approximately $831,000. Wagner Wealth Management LLC lifted its position in Rivernorth Managed Duration Municipal Income Fund by 53.2% during the fourth quarter. Wagner Wealth Management LLC now owns 109,754 shares of the company’s stock worth $1,494,000 after buying an additional 38,116 shares in the last quarter. Royal Bank of Canada boosted its stake in Rivernorth Managed Duration Municipal Income Fund by 10.7% during the first quarter. Royal Bank of Canada now owns 268,226 shares of the company’s stock worth $3,841,000 after buying an additional 25,822 shares during the last quarter. Abel Hall LLC acquired a new position in Rivernorth Managed Duration Municipal Income Fund during the third quarter worth $283,000. Finally, B. Riley Wealth Advisors Inc. purchased a new stake in Rivernorth Managed Duration Municipal Income Fund in the 2nd quarter valued at $217,000.

Rivernorth Managed Duration Municipal Income Fund Price Performance

Shares of RMM opened at $14.42 on Friday. Rivernorth Managed Duration Municipal Income Fund Inc. has a 52-week low of $13.28 and a 52-week high of $14.88. The stock has a fifty day simple moving average of $14.14 and a two-hundred day simple moving average of $14.05.

Rivernorth Managed Duration Municipal Income Fund Dividend Announcement

The company also recently disclosed a monthly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 15th will be given a dividend of $0.0847 per share. This represents a c) annualized dividend and a yield of 7.0%. The ex-dividend date is Monday, June 15th.

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.