Rivernorth Managed Duration Municipal Income Fund Inc. (RMM) to Distribute Monthly Dividend of $0.08 on December 31st

Rivernorth Managed Duration Municipal Income Fund Inc. (NYSE:RMM) announced a monthly dividend on Thursday, October 1st. Stockholders of record on Tuesday, December 15th will be given a dividend of $0.0847 per share on Thursday, December 31st. This represents a $1.02 annualized dividend and a dividend yield of 7.9%. The ex-dividend date of this dividend is Tuesday, December 15th.

Rivernorth Managed Duration Municipal Income Fund Trading Up 1.6%

NYSE:RMM opened at $12.79 on Friday. Rivernorth Managed Duration Municipal Income Fund has a one year low of $12.15 and a one year high of $15.00. The stock has a 50-day simple moving average of $13.92 and a 200 day simple moving average of $14.21.

Institutional Trading of Rivernorth Managed Duration Municipal Income Fund

Several hedge funds have recently made changes to their positions in RMM. NewEdge Advisors LLC grew its stake in 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 during the last quarter. Arkadios Wealth Advisors bought a new stake in Rivernorth Managed Duration Municipal Income Fund in the first quarter valued at $1,472,000. Rivernorth Capital Management LLC acquired a new position in shares of Rivernorth Managed Duration Municipal Income Fund during the first quarter valued at $182,000. Gateway Wealth Partners LLC grew its position in shares of Rivernorth Managed Duration Municipal Income Fund by 174.5% during the first quarter. Gateway Wealth Partners LLC now owns 115,380 shares of the company’s stock worth $1,573,000 after acquiring an additional 73,345 shares during the last quarter. Finally, Fifth Third Bancorp bought a new position in shares of Rivernorth Managed Duration Municipal Income Fund during the first quarter worth about $82,000.

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.