RiverNorth Flexible Municipal Income Fund (NYSEARCA:RFM) Shares Down 0.1% – What’s Next?

RiverNorth Flexible Municipal Income Fund, Inc. (NYSEARCA:RFM) fell 0.1% during mid-day trading on Thursday . The stock traded as low as $14.00 and last traded at $14.08. 13,242 shares changed hands during mid-day trading, a decline of 46% from the average session volume of 24,448 shares. The stock had previously closed at $14.10.

RiverNorth Flexible Municipal Income Fund Stock Performance

The company’s fifty day simple moving average is $14.18 and its two-hundred day simple moving average is $14.12.

RiverNorth Flexible Municipal Income Fund Dividend Announcement

The firm also recently announced a monthly dividend, which will be paid on Tuesday, March 31st. Investors of record on Monday, March 16th will be issued a $0.0881 dividend. This represents a c) dividend on an annualized basis and a dividend yield of 7.5%. The ex-dividend date is Monday, March 16th.

Insiders Place Their Bets

In related news, insider Financial Holdings Rivernorth purchased 4,905 shares of the business’s stock in a transaction on Monday, November 24th. The stock was acquired at an average price of $14.06 per share, for a total transaction of $68,964.30. Following the purchase, the insider owned 37,772 shares of the company’s stock, valued at approximately $531,074.32. This trade represents a 14.92% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Over the last quarter, insiders have bought 40,647 shares of company stock valued at $580,916.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of RFM. Capital Investment Advisors LLC grew its holdings in RiverNorth Flexible Municipal Income Fund by 6.8% during the second quarter. Capital Investment Advisors LLC now owns 15,750 shares of the company’s stock worth $220,000 after buying an additional 1,000 shares in the last quarter. SteelPeak Wealth LLC lifted its stake in RiverNorth Flexible Municipal Income Fund by 6.4% during the 2nd quarter. SteelPeak Wealth LLC now owns 29,800 shares of the company’s stock valued at $416,000 after acquiring an additional 1,800 shares in the last quarter. Raymond James Financial Inc. boosted its holdings in RiverNorth Flexible Municipal Income Fund by 14.7% during the 2nd quarter. Raymond James Financial Inc. now owns 16,915 shares of the company’s stock worth $236,000 after acquiring an additional 2,165 shares during the last quarter. NewEdge Advisors LLC grew its stake in shares of RiverNorth Flexible Municipal Income Fund by 52.7% in the 3rd quarter. NewEdge Advisors LLC now owns 35,118 shares of the company’s stock worth $508,000 after acquiring an additional 12,113 shares in the last quarter. Finally, River Street Advisors LLC purchased a new stake in shares of RiverNorth Flexible Municipal Income Fund in the second quarter valued at about $263,000.

RiverNorth Flexible Municipal Income Fund Company Profile

The RiverNorth Flexible Municipal Income Fund, Inc seeks to provide current income exempt from regular U.S. federal income taxes1 with a secondary objective of total return.