MainStay MacKay DefinedTerm Municipal Opportunities Fund (NYSE:MMD) Stock Passes Below 200-Day Moving Average – Here’s Why

MainStay MacKay DefinedTerm Municipal Opportunities Fund (NYSE:MMD) shares passed below its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $15.17 and traded as low as $14.77. MainStay MacKay DefinedTerm Municipal Opportunities Fund shares last traded at $14.8050, with a volume of 22,158 shares trading hands.

MainStay MacKay DefinedTerm Municipal Opportunities Fund Stock Down 0.4%

The business’s 50 day moving average price is $15.10 and its 200 day moving average price is $15.17.

MainStay MacKay DefinedTerm Municipal Opportunities Fund Announces Dividend

The business also recently announced a monthly dividend, which will be paid on Thursday, October 1st. Investors of record on Tuesday, September 15th will be issued a $0.0675 dividend. The ex-dividend date is Tuesday, September 15th. This represents a c) annualized dividend and a yield of 5.5%.

Institutional Investors Weigh In On MainStay MacKay DefinedTerm Municipal Opportunities Fund

Large investors have recently added to or reduced their stakes in the stock. Kelleher Financial Advisors lifted its holdings in shares of MainStay MacKay DefinedTerm Municipal Opportunities Fund by 100.0% during the 2nd quarter. Kelleher Financial Advisors now owns 1,840 shares of the closed-end fund’s stock valued at $29,000 after buying an additional 920 shares during the period. Fifth Third Bancorp purchased a new position in shares of MainStay MacKay DefinedTerm Municipal Opportunities Fund in the 1st quarter worth $54,000. Kestra Advisory Services LLC bought a new stake in shares of MainStay MacKay DefinedTerm Municipal Opportunities Fund in the fourth quarter worth $96,000. Pasadena Private Wealth LLC bought a new stake in shares of MainStay MacKay DefinedTerm Municipal Opportunities Fund in the fourth quarter worth $149,000. Finally, Financially in Tune LLC bought a new stake in shares of MainStay MacKay DefinedTerm Municipal Opportunities Fund in the fourth quarter worth $155,000.

About MainStay MacKay DefinedTerm Municipal Opportunities Fund

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.