Rivernorth Managed Duration Municipal Income Fund (NYSEARCA:RMM) Stock Price Up 1.2% – Time to Buy?

Rivernorth Managed Duration Municipal Income Fund Inc. (NYSEARCA:RMM)’s stock price rose 1.2% on Friday . The company traded as high as $14.42 and last traded at $14.41. Approximately 26,137 shares changed hands during trading, a decline of 57% from the average daily volume of 61,174 shares. The stock had previously closed at $14.24.

Rivernorth Managed Duration Municipal Income Fund Trading Up 1.2%

The business has a fifty day simple moving average of $14.21 and a 200-day simple moving average of $14.01.

Rivernorth Managed Duration Municipal Income Fund Announces Dividend

The business also recently disclosed a monthly dividend, which will be paid on Tuesday, March 31st. Investors of record on Monday, March 16th will be issued a dividend of $0.0847 per share. This represents a c) dividend on an annualized basis and a yield of 7.1%. The ex-dividend date is Monday, March 16th.

Institutional Investors Weigh In On Rivernorth Managed Duration Municipal Income Fund

Hedge funds and other institutional investors have recently modified their holdings of the stock. Advocate Investing Services LLC bought a new stake in Rivernorth Managed Duration Municipal Income Fund during the fourth quarter valued at approximately $34,000. Advisory Services Network LLC bought a new stake in Rivernorth Managed Duration Municipal Income Fund in the third quarter valued at approximately $62,000. Kestra Advisory Services LLC bought a new stake in Rivernorth Managed Duration Municipal Income Fund in the 4th quarter worth $67,000. EverSource Wealth Advisors LLC purchased a new position in Rivernorth Managed Duration Municipal Income Fund during the 3rd quarter valued at about $71,000. Finally, Closed End Fund Advisors Inc. purchased a new stake in Rivernorth Managed Duration Municipal Income Fund in the fourth quarter worth $162,000.

About Rivernorth Managed Duration Municipal Income Fund

Rivernorth Managed Duration Municipal Income Fund Inc is a closed ended fixed income mutual fund launched and managed by RiverNorth Capital Management, LLC. The fund is co-managed by MacKay Shields LLC. It invests in the fixed income markets of the United States. The fund primarily invests in investment grade municipal debt securities. It seeks to invest in securities of any maturity. The fund employs a combination of fundamental and quantitative analysis. It benchmarks the performance of its portfolio against the Bloomberg Barclays Municipal Bond Index.