RiverNorth Opportunistic Municipal Income Fund (NYSE:RMI) Stock Price Down 0.3% – Here’s Why

RiverNorth Opportunistic Municipal Income Fund, Inc. (NYSE:RMI)’s share price fell 0.3% on Monday . The stock traded as low as $14.86 and last traded at $14.92. 3,108 shares traded hands during trading, a decline of 90% from the average session volume of 31,222 shares. The stock had previously closed at $14.97.

RiverNorth Opportunistic Municipal Income Fund Stock Up 6.4%

The firm has a 50 day moving average of $15.29 and a 200-day moving average of $14.81.

RiverNorth Opportunistic Municipal Income Fund Dividend Announcement

The company also recently disclosed a monthly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 15th will be issued a $0.0889 dividend. This represents a c) annualized dividend and a dividend yield of 6.7%. The ex-dividend date is Monday, June 15th.

Institutional Investors Weigh In On RiverNorth Opportunistic Municipal Income Fund

Several large investors have recently modified their holdings of RMI. Bank of America Corp DE lifted its position in shares of RiverNorth Opportunistic Municipal Income Fund by 35.6% in the 4th quarter. Bank of America Corp DE now owns 2,440 shares of the company’s stock worth $37,000 after purchasing an additional 640 shares during the period. Janney Montgomery Scott LLC bought a new position in RiverNorth Opportunistic Municipal Income Fund in the fourth quarter worth approximately $161,000. Noble Wealth Management PBC raised its stake in RiverNorth Opportunistic Municipal Income Fund by 6.8% in the fourth quarter. Noble Wealth Management PBC now owns 15,492 shares of the company’s stock worth $222,000 after buying an additional 992 shares in the last quarter. Osaic Holdings Inc. lifted its holdings in RiverNorth Opportunistic Municipal Income Fund by 17.0% during the second quarter. Osaic Holdings Inc. now owns 15,909 shares of the company’s stock worth $227,000 after buying an additional 2,315 shares during the period. Finally, Arlington Capital Management Inc. purchased a new stake in RiverNorth Opportunistic Municipal Income Fund during the third quarter worth $253,000.

About RiverNorth Opportunistic Municipal Income Fund

RiverNorth Opportunistic Municipal Income Fund (NYSE:RMI) is a closed-end management investment company that seeks to deliver tax-exempt income through diversified exposure to U.S. municipal securities. The fund is structured as a non-diversified, interval fund and primarily caters to investors pursuing high-quality, tax-advantaged income from state and local government obligations.

RMI employs an opportunistic, value-oriented investment process, focusing on both traditional investment-grade bonds and specialized niches within the municipal market.