RiverNorth Flexible Municipal Income Fund (NYSEARCA:RFM) Trading Down 0.4% – Here’s Why

RiverNorth Flexible Municipal Income Fund, Inc. (NYSEARCA:RFM) traded down 0.4% on Monday . The company traded as low as $14.02 and last traded at $14.07. 9,086 shares were traded during mid-day trading, a decline of 64% from the average session volume of 25,412 shares. The stock had previously closed at $14.13.

RiverNorth Flexible Municipal Income Fund Stock Up 2.5%

The stock has a 50 day moving average price of $14.36 and a two-hundred day moving average price of $14.29.

RiverNorth Flexible Municipal Income Fund Announces Dividend

The company also recently disclosed a monthly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th will be paid a $0.0881 dividend. The ex-dividend date of this dividend is Monday, June 15th. This represents a c) dividend on an annualized basis and a dividend yield of 7.4%.

Institutional Investors Weigh In On RiverNorth Flexible Municipal Income Fund

A number of hedge funds have recently added to or reduced their stakes in the business. NewEdge Advisors LLC boosted its position in 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 valued at $321,000 after buying an additional 17,564 shares during the period. Raymond James Financial Inc. boosted its position in 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 buying an additional 2,165 shares during the period. Wolverine Asset Management LLC purchased a new position in RiverNorth Flexible Municipal Income Fund in the 4th quarter valued at approximately $72,000. Closed End Fund Advisors Inc. purchased a new position in RiverNorth Flexible Municipal Income Fund in the 4th quarter valued at approximately $219,000. Finally, LPL Financial LLC purchased a new position in RiverNorth Flexible Municipal Income Fund in the fourth quarter valued at $162,000.

About RiverNorth Flexible Municipal Income Fund

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.