RiverNorth Flexible Municipal Income Fund (NYSEARCA:RFM) Trading 0.9% Higher – Still a Buy?

RiverNorth Flexible Municipal Income Fund, Inc. (NYSEARCA:RFM) shot up 0.9% during mid-day trading on Tuesday . The stock traded as high as $14.64 and last traded at $14.57. 34,687 shares were traded during trading, an increase of 21% from the average session volume of 28,699 shares. The stock had previously closed at $14.44.

RiverNorth Flexible Municipal Income Fund Trading Up 0.9%

The business’s fifty day simple moving average is $14.15 and its 200 day simple moving average is $14.16.

RiverNorth Flexible Municipal Income Fund Announces Dividend

The business also recently declared 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. The ex-dividend date of this dividend is Monday, March 16th. This represents a c) dividend on an annualized basis and a dividend yield of 7.3%.

Insiders Place Their Bets

In other news, insider Financial Holdings Rivernorth acquired 4,905 shares of RiverNorth Flexible Municipal Income Fund stock in a transaction on Monday, November 24th. The shares were purchased at an average price of $14.06 per share, with a total value of $68,964.30. Following the acquisition, the insider owned 37,772 shares in the company, valued at $531,074.32. This represents a 14.92% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In the last three months, insiders have purchased 24,137 shares of company stock valued at $344,173.

Hedge Funds Weigh In On RiverNorth Flexible Municipal Income Fund

Several large investors have recently bought and sold shares of the business. Wolverine Asset Management LLC acquired a new stake in RiverNorth Flexible Municipal Income Fund during the 4th quarter worth $72,000. Raymond James Financial Inc. lifted its stake in shares of RiverNorth Flexible Municipal Income Fund by 14.7% in the 2nd quarter. Raymond James Financial Inc. now owns 16,915 shares of the company’s stock valued at $236,000 after purchasing an additional 2,165 shares during the period. NewEdge Advisors LLC boosted its position in shares of RiverNorth Flexible Municipal Income Fund by 322.8% in the 2nd quarter. NewEdge Advisors LLC now owns 23,005 shares of the company’s stock worth $321,000 after purchasing an additional 17,564 shares during the last quarter. Finally, SteelPeak Wealth LLC grew its stake in shares of RiverNorth Flexible Municipal Income Fund by 6.4% during the second quarter. SteelPeak Wealth LLC now owns 29,800 shares of the company’s stock worth $416,000 after purchasing an additional 1,800 shares during the period.

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.