RiverNorth Flexible Municipal Income Fund (NYSEARCA:RFM) Shares Up 0.3% – Time to Buy?

RiverNorth Flexible Municipal Income Fund, Inc. (NYSEARCA:RFM) shares shot up 0.3% on Wednesday . The stock traded as high as $14.64 and last traded at $14.63. 7,601 shares changed hands during mid-day trading, a decline of 62% from the average session volume of 20,147 shares. The stock had previously closed at $14.59.

RiverNorth Flexible Municipal Income Fund Stock Performance

The business’s 50-day simple moving average is $14.34 and its two-hundred day simple moving average is $14.30.

RiverNorth Flexible Municipal Income Fund Announces Dividend

The company also recently disclosed a monthly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th will be given a $0.0881 dividend. The ex-dividend date of this dividend is Monday, June 15th. This represents a c) annualized dividend and a yield of 7.3%.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. Wolverine Asset Management LLC acquired a new position in RiverNorth Flexible Municipal Income Fund during the 4th quarter worth $72,000. Raymond James Financial Inc. raised 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 in the last quarter. NewEdge Advisors LLC raised its stake 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 valued at $321,000 after purchasing an additional 17,564 shares in the last quarter. Osaic Holdings Inc. lifted its position in shares of RiverNorth Flexible Municipal Income Fund by 17.9% during the fourth quarter. Osaic Holdings Inc. now owns 15,993 shares of the company’s stock worth $223,000 after purchasing an additional 2,430 shares during the last quarter. Finally, &PARTNERS bought a new position in shares of RiverNorth Flexible Municipal Income Fund during the fourth quarter worth about $214,000.

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.