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

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

Rivernorth Managed Duration Municipal Income Fund Price Performance

The firm has a 50 day simple moving average of $14.35 and a 200-day simple moving average of $14.33.

Rivernorth Managed Duration Municipal Income Fund Dividend Announcement

The company also recently disclosed a monthly dividend, which was paid on Friday, July 31st. Shareholders of record on Wednesday, July 15th were given a dividend of $0.0847 per share. The ex-dividend date was Wednesday, July 15th. This represents a c) annualized dividend and a yield of 7.5%.

Institutional Investors Weigh In On Rivernorth Managed Duration Municipal Income Fund

Several institutional investors have recently made changes to their positions in the stock. Fifth Third Bancorp bought a new stake in shares of Rivernorth Managed Duration Municipal Income Fund during the 1st quarter worth approximately $82,000. EverSource Wealth Advisors LLC lifted its stake in Rivernorth Managed Duration Municipal Income Fund by 20.0% during the fourth quarter. EverSource Wealth Advisors LLC now owns 6,000 shares of the company’s stock worth $82,000 after purchasing an additional 1,000 shares during the last quarter. Closed End Fund Advisors Inc. acquired a new stake in shares of Rivernorth Managed Duration Municipal Income Fund in the 4th quarter valued at $162,000. Rivernorth Capital Management LLC bought a new position in shares of Rivernorth Managed Duration Municipal Income Fund in the 1st quarter valued at $182,000. Finally, NewEdge Advisors LLC raised its holdings in shares of Rivernorth Managed Duration Municipal Income Fund by 10.5% during the 1st quarter. NewEdge Advisors LLC now owns 17,850 shares of the company’s stock worth $243,000 after buying an additional 1,700 shares in the last quarter.

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.