Rivernorth Managed Duration Municipal Income Fund Inc. (NYSEARCA:RMM) Sees Large Drop in Short Interest

Rivernorth Managed Duration Municipal Income Fund Inc. (NYSEARCA:RMM) was the recipient of a significant decline in short interest in August. As of August 15th, there was short interest totaling 37,100 shares, adeclineof52.4% from the July 31st total of 77,900 shares. Based on an average daily volume of 95,800 shares, the short-interest ratio is presently 0.4 days. Based on an average daily volume of 95,800 shares, the short-interest ratio is presently 0.4 days.

Institutional Trading of Rivernorth Managed Duration Municipal Income Fund

Several large investors have recently added to or reduced their stakes in the company. Osaic Holdings Inc. raised its stake in Rivernorth Managed Duration Municipal Income Fund by 79.5% during the 2nd quarter. Osaic Holdings Inc. now owns 12,867 shares of the company’s stock valued at $173,000 after purchasing an additional 5,700 shares during the period. B. Riley Wealth Advisors Inc. purchased a new position in shares of Rivernorth Managed Duration Municipal Income Fund during the 2nd quarter valued at $217,000. Bank of America Corp DE grew its holdings in shares of Rivernorth Managed Duration Municipal Income Fund by 6.5% during the 2nd quarter. Bank of America Corp DE now owns 21,076 shares of the company’s stock valued at $283,000 after acquiring an additional 1,284 shares in the last quarter. NewEdge Advisors LLC grew its holdings in shares of Rivernorth Managed Duration Municipal Income Fund by 7.4% during the 2nd quarter. NewEdge Advisors LLC now owns 16,750 shares of the company’s stock valued at $225,000 after acquiring an additional 1,150 shares in the last quarter. Finally, Wedbush Securities Inc. grew its holdings in shares of Rivernorth Managed Duration Municipal Income Fund by 167.1% during the 2nd quarter. Wedbush Securities Inc. now owns 57,185 shares of the company’s stock valued at $767,000 after acquiring an additional 35,773 shares in the last quarter.

Rivernorth Managed Duration Municipal Income Fund Price Performance

Shares of NYSEARCA:RMM opened at $13.63 on Friday. Rivernorth Managed Duration Municipal Income Fund has a 12 month low of $12.55 and a 12 month high of $16.37. The stock’s 50 day moving average price is $13.66 and its 200 day moving average price is $13.83.

Rivernorth Managed Duration Municipal Income Fund Dividend Announcement

The company also recently announced a monthly dividend, which was paid on Friday, August 29th. Shareholders of record on Friday, August 15th were paid a dividend of $0.0905 per share. This represents a c) annualized dividend and a yield of 8.0%. The ex-dividend date of this dividend was Friday, August 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.