Short Interest in RiverNorth Opportunistic Municipal Income Fund, Inc. (NYSE:RMI) Rises By 197.2%

RiverNorth Opportunistic Municipal Income Fund, Inc. (NYSE:RMI) saw a significant growth in short interest in the month of August. As of August 14th, there was short interest totaling 44,376 shares, a growth of 197.2% from the July 30th total of 14,931 shares. Based on an average daily volume of 18,634 shares, the days-to-cover ratio is currently 2.4 days.

RiverNorth Opportunistic Municipal Income Fund Stock Performance

Shares of NYSE RMI traded up $0.04 during mid-day trading on Thursday, reaching $15.16. 13,303 shares of the company’s stock were exchanged, compared to its average volume of 22,829. RiverNorth Opportunistic Municipal Income Fund has a 52-week low of $13.78 and a 52-week high of $16.36. The company’s 50-day moving average is $15.49 and its 200-day moving average is $15.39.

RiverNorth Opportunistic Municipal Income Fund Dividend Announcement

The business also recently announced a monthly dividend, which was paid on Friday, July 31st. Shareholders of record on Wednesday, July 15th were given a $0.0889 dividend. The ex-dividend date of this dividend was Wednesday, July 15th. This represents a c) dividend on an annualized basis and a yield of 7.0%.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Bank of America Corp DE raised its stake in shares of RiverNorth Opportunistic Municipal Income Fund by 35.6% in the 4th quarter. Bank of America Corp DE now owns 2,440 shares of the company’s stock valued at $37,000 after acquiring an additional 640 shares during the period. Janney Montgomery Scott LLC acquired a new stake in RiverNorth Opportunistic Municipal Income Fund in the 4th quarter valued at approximately $161,000. Osaic Holdings Inc. increased its holdings in RiverNorth Opportunistic Municipal Income Fund by 17.0% in the 2nd quarter. Osaic Holdings Inc. now owns 15,909 shares of the company’s stock valued at $227,000 after purchasing an additional 2,315 shares during the last quarter. Arlington Capital Management Inc. purchased a new stake in RiverNorth Opportunistic Municipal Income Fund in the third quarter valued at approximately $253,000. Finally, Envestnet Asset Management Inc. purchased a new stake in RiverNorth Opportunistic Municipal Income Fund in the third quarter valued at approximately $494,000.

RiverNorth Opportunistic Municipal Income Fund Company Profile

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.