Rivernorth Managed Duration Municipal Income Fund Inc. (NYSE:RMM) Announces Monthly Dividend of $0.08

Rivernorth Managed Duration Municipal Income Fund Inc. (NYSE:RMM) declared a monthly dividend on Thursday, October 1st. Shareholders of record on Monday, November 16th will be paid a dividend of $0.0847 per share on Monday, November 30th. This represents a $1.02 annualized dividend and a dividend yield of 8.0%. The ex-dividend date is Monday, November 16th.

Rivernorth Managed Duration Municipal Income Fund Stock Performance

Shares of Rivernorth Managed Duration Municipal Income Fund stock traded up $0.10 during trading on Friday, hitting $12.69. The stock had a trading volume of 5,961 shares, compared to its average volume of 53,040. The stock has a 50 day simple moving average of $13.95 and a 200 day simple moving average of $14.22. Rivernorth Managed Duration Municipal Income Fund has a 1 year low of $12.15 and a 1 year high of $15.00.

Hedge Funds Weigh In On Rivernorth Managed Duration Municipal Income Fund

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in RMM. Arkadios Wealth Advisors purchased a new stake in shares of Rivernorth Managed Duration Municipal Income Fund during the first quarter worth $1,472,000. Gateway Wealth Partners LLC grew its stake 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 valued at $1,573,000 after purchasing an additional 73,345 shares in the last quarter. Rockefeller Capital Management L.P. grew its stake in Rivernorth Managed Duration Municipal Income Fund by 98.2% in the fourth quarter. Rockefeller Capital Management L.P. now owns 95,605 shares of the company’s stock valued at $1,301,000 after purchasing an additional 47,358 shares in the last quarter. Rivernorth Capital Management LLC acquired a new position in Rivernorth Managed Duration Municipal Income Fund in the 1st quarter worth about $182,000. Finally, Closed End Fund Advisors Inc. acquired a new position in Rivernorth Managed Duration Municipal Income Fund in the 4th quarter worth about $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.