55,740 Shares in Rivernorth Managed Duration Municipal Income Fund Inc. $RMM Purchased by Wedbush Securities Inc.

Wedbush Securities Inc. purchased a new stake in shares of Rivernorth Managed Duration Municipal Income Fund Inc. (NYSE:RMM) during the third quarter, Holdings Channel reports. The fund purchased 55,740 shares of the company’s stock, valued at approximately $699,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Fifth Third Bancorp bought a new position in Rivernorth Managed Duration Municipal Income Fund during the first quarter valued at about $82,000. Rivernorth Capital Management LLC acquired a new stake in shares of Rivernorth Managed Duration Municipal Income Fund in the first quarter worth about $182,000. NewEdge Advisors LLC boosted its stake 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 acquiring an additional 1,700 shares in the last quarter. Janney Montgomery Scott LLC boosted its stake in shares of Rivernorth Managed Duration Municipal Income Fund by 6.1% during the 1st quarter. Janney Montgomery Scott LLC now owns 26,100 shares of the company’s stock worth $356,000 after acquiring an additional 1,500 shares in the last quarter. Finally, Rockefeller Capital Management L.P. boosted its stake in shares of Rivernorth Managed Duration Municipal Income Fund by 98.2% during the 4th quarter. Rockefeller Capital Management L.P. now owns 95,605 shares of the company’s stock worth $1,301,000 after acquiring an additional 47,358 shares in the last quarter.

Rivernorth Managed Duration Municipal Income Fund Price Performance

Shares of NYSE RMM opened at $13.28 on Tuesday. The business’s 50-day simple moving average is $13.49 and its 200-day simple moving average is $14.12. Rivernorth Managed Duration Municipal Income Fund Inc. has a 52 week low of $12.15 and a 52 week high of $15.00.

Rivernorth Managed Duration Municipal Income Fund Dividend Announcement

The business also recently announced a monthly dividend, which will be paid on Thursday, December 31st. Investors of record on Tuesday, December 15th will be issued a $0.0847 dividend. This represents a $1.02 annualized dividend and a yield of 7.7%. The ex-dividend date is Tuesday, December 15th.

Rivernorth Managed Duration Municipal Income Fund Company Profile

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.