Fortitude Advisory Group L.L.C. Increases Stake in Putnam Managed Municipal Income Trust (NYSE:PMM)

Fortitude Advisory Group L.L.C. grew its position in Putnam Managed Municipal Income Trust (NYSE:PMM) by 25.1% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 18,764 shares of the company’s stock after acquiring an additional 3,766 shares during the quarter. Fortitude Advisory Group L.L.C.’s holdings in Putnam Managed Municipal Income Trust were worth $114,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. HTLF Bank purchased a new stake in shares of Putnam Managed Municipal Income Trust in the fourth quarter valued at $68,000. Kestra Private Wealth Services LLC purchased a new position in Putnam Managed Municipal Income Trust in the 3rd quarter worth about $62,000. Gilliland Jeter Wealth Management LLC purchased a new position in Putnam Managed Municipal Income Trust in the 4th quarter worth about $71,000. Clear Creek Financial Management LLC purchased a new position in Putnam Managed Municipal Income Trust in the 4th quarter worth about $87,000. Finally, Stonebrook Private Inc. purchased a new position in Putnam Managed Municipal Income Trust in the 4th quarter worth about $132,000. Hedge funds and other institutional investors own 13.54% of the company’s stock.

Putnam Managed Municipal Income Trust Price Performance

PMM stock remained flat at $5.87 during trading on Thursday. 7,353 shares of the company traded hands, compared to its average volume of 108,488. Putnam Managed Municipal Income Trust has a 52 week low of $5.00 and a 52 week high of $6.42. The firm has a 50-day moving average of $6.02 and a 200 day moving average of $5.93.

Putnam Managed Municipal Income Trust Dividend Announcement

The business also recently declared a monthly dividend, which will be paid on Monday, June 3rd. Investors of record on Friday, May 24th will be paid a $0.0238 dividend. This represents a $0.29 annualized dividend and a yield of 4.87%. The ex-dividend date is Thursday, May 23rd.

Putnam Managed Municipal Income Trust Company Profile

Putnam Managed Municipal Income Trust is a close-ended fixed income mutual fund launched and managed by Putnam Investment Management LLC. It is co-managed by Putnam Investments Limited. The fund invests in the fixed income markets of the United States. It primarily invests in a diversified portfolio of tax-exempt municipal securities, including high-yield securities that are rated below investment grade.