Rivernorth Managed Duration Municipal Income Fund Inc. (NYSEARCA:RMM) Plans $0.08 Monthly Dividend

Rivernorth Managed Duration Municipal Income Fund Inc. (NYSEARCA:RMM) declared a monthly dividend on Wednesday, July 1st. Shareholders of record on Friday, October 16th will be given a dividend of 0.0847 per share on Friday, October 30th. This represents a c) annualized dividend and a yield of 6.9%. The ex-dividend date is Friday, October 16th.

Rivernorth Managed Duration Municipal Income Fund Stock Performance

Shares of RMM opened at $14.81 on Thursday. Rivernorth Managed Duration Municipal Income Fund has a 12 month low of $13.35 and a 12 month high of $14.88. The stock’s 50-day moving average is $14.44 and its two-hundred day moving average is $14.19.

Hedge Funds Weigh In On Rivernorth Managed Duration Municipal Income Fund

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Wagner Wealth Management LLC grew its position in shares of Rivernorth Managed Duration Municipal Income Fund by 53.2% during the 4th quarter. Wagner Wealth Management LLC now owns 109,754 shares of the company’s stock valued at $1,494,000 after buying an additional 38,116 shares during the last quarter. Oppenheimer & Co. Inc. acquired a new position in shares of Rivernorth Managed Duration Municipal Income Fund during the fourth quarter valued at $658,000. Rockefeller Capital Management L.P. raised its position in shares of Rivernorth Managed Duration Municipal Income Fund by 98.2% during the 4th quarter. Rockefeller Capital Management L.P. now owns 95,605 shares of the company’s stock worth $1,301,000 after buying an additional 47,358 shares in the last quarter. Rivernorth Capital Management LLC bought a new stake in Rivernorth Managed Duration Municipal Income Fund during the first quarter worth approximately $182,000. Finally, Gateway Wealth Partners LLC raised its position in Rivernorth Managed Duration Municipal Income Fund by 174.5% in the first quarter. Gateway Wealth Partners LLC now owns 115,380 shares of the company’s stock worth $1,573,000 after acquiring an additional 73,345 shares in the last quarter.

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.