RiverNorth Opportunistic Municipal Income Fund (NYSE:RMI) Trading Down 0.9% – Here’s Why

Shares of RiverNorth Opportunistic Municipal Income Fund, Inc. (NYSE:RMI) dropped 0.9% during mid-day trading on Friday . The company traded as low as $15.27 and last traded at $15.2860. Approximately 2,780 shares changed hands during mid-day trading, a decline of 88% from the average daily volume of 22,701 shares. The stock had previously closed at $15.42.

RiverNorth Opportunistic Municipal Income Fund Stock Performance

The stock has a 50-day moving average price of $15.37 and a 200 day moving average price of $15.26.

RiverNorth Opportunistic Municipal Income Fund Dividend Announcement

The company also recently declared a monthly dividend, which will be paid on Friday, July 31st. Investors of record on Wednesday, July 15th will be paid a $0.0889 dividend. The ex-dividend date is Wednesday, July 15th. This represents a c) dividend on an annualized basis and a yield of 7.0%.

Institutional Trading of RiverNorth Opportunistic Municipal Income Fund

A number of institutional investors have recently bought and sold shares of RMI. Bank of America Corp DE lifted its stake in RiverNorth Opportunistic Municipal Income Fund by 35.6% in the fourth quarter. Bank of America Corp DE now owns 2,440 shares of the company’s stock valued at $37,000 after buying an additional 640 shares during the last quarter. Royal Bank of Canada grew its position in RiverNorth Opportunistic Municipal Income Fund by 1.2% in the 4th quarter. Royal Bank of Canada now owns 96,874 shares of the company’s stock valued at $1,386,000 after buying an additional 1,141 shares during the last quarter. Osaic Holdings Inc. boosted its holdings in shares of RiverNorth Opportunistic Municipal Income Fund by 17.0% in the second quarter. Osaic Holdings Inc. now owns 15,909 shares of the company’s stock valued at $227,000 after acquiring an additional 2,315 shares in the last quarter. UBS Group AG boosted its holdings in RiverNorth Opportunistic Municipal Income Fund by 2.8% in the 3rd quarter. UBS Group AG now owns 161,653 shares of the company’s stock valued at $2,363,000 after purchasing an additional 4,472 shares in the last quarter. Finally, Janney Montgomery Scott LLC acquired a new position in RiverNorth Opportunistic Municipal Income Fund during the fourth quarter worth $161,000.

About RiverNorth Opportunistic Municipal Income Fund

RiverNorth Opportunistic Municipal Income Fund (NYSE:RMI) is a closed-end management investment company that seeks to deliver tax-exempt income through diversified exposure to U.S. municipal securities. The fund is structured as a non-diversified, interval fund and primarily caters to investors pursuing high-quality, tax-advantaged income from state and local government obligations.

RMI employs an opportunistic, value-oriented investment process, focusing on both traditional investment-grade bonds and specialized niches within the municipal market.