Rivernorth Managed Duration Municipal Income Fund (NYSEARCA:RMM) Shares Down 0.1% – Time to Sell?

Rivernorth Managed Duration Municipal Income Fund Inc. (NYSEARCA:RMM)’s share price was down 0.1% during mid-day trading on Thursday . The stock traded as low as $14.35 and last traded at $14.42. Approximately 39,802 shares changed hands during mid-day trading, a decline of 22% from the average daily volume of 51,064 shares. The stock had previously closed at $14.44.

Rivernorth Managed Duration Municipal Income Fund Trading Down 0.1%

The company has a fifty day simple moving average of $14.58 and a two-hundred day simple moving average of $14.31.

Rivernorth Managed Duration Municipal Income Fund Announces Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Friday, July 31st. Shareholders of record on Wednesday, July 15th will be paid a $0.0847 dividend. The ex-dividend date of this dividend is Wednesday, July 15th. This represents a c) dividend on an annualized basis and a yield of 7.0%.

Institutional Trading of Rivernorth Managed Duration Municipal Income Fund

Several institutional investors and hedge funds have recently made changes to their positions in RMM. NewEdge Advisors LLC boosted its position in shares of Rivernorth Managed Duration Municipal Income Fund by 10.5% in the 1st quarter. NewEdge Advisors LLC now owns 17,850 shares of the company’s stock worth $243,000 after purchasing an additional 1,700 shares during the last quarter. Arkadios Wealth Advisors bought a new stake in Rivernorth Managed Duration Municipal Income Fund in the first quarter valued at about $1,472,000. Rivernorth Capital Management LLC bought a new stake in Rivernorth Managed Duration Municipal Income Fund in the first quarter valued at about $182,000. Gateway Wealth Partners LLC lifted 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 buying an additional 73,345 shares during the period. Finally, Fifth Third Bancorp acquired a new position in Rivernorth Managed Duration Municipal Income Fund in the first quarter valued at about $82,000.

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.