MainStay MacKay DefinedTerm Municipal Opportunities Fund Announces Monthly Dividend of $0.06 (NYSE:MMD)

MainStay MacKay DefinedTerm Municipal Opportunities Fund (NYSE:MMD) announced a monthly dividend on Tuesday, February 4th,Wall Street Journal reports. Stockholders of record on Friday, February 14th will be paid a dividend of 0.06 per share by the closed-end fund on Friday, February 28th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 4.64%. The ex-dividend date is Friday, February 14th.

MainStay MacKay DefinedTerm Municipal Opportunities Fund Stock Performance

Shares of MMD stock traded down $0.02 during mid-day trading on Tuesday, reaching $15.51. 78,716 shares of the stock traded hands, compared to its average volume of 114,705. The stock’s fifty day simple moving average is $15.27 and its two-hundred day simple moving average is $16.19. MainStay MacKay DefinedTerm Municipal Opportunities Fund has a 1-year low of $14.53 and a 1-year high of $17.00.

Insider Activity

In related news, Portfolio Manager David Dowden acquired 3,300 shares of the business’s stock in a transaction that occurred on Friday, January 17th. The shares were bought at an average cost of $14.92 per share, with a total value of $49,236.00. Following the completion of the purchase, the portfolio manager now directly owns 3,300 shares in the company, valued at $49,236. The trade was a ∞ increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this link. Also, Portfolio Manager John J. Lawlor acquired 2,000 shares of the business’s stock in a transaction that occurred on Tuesday, January 14th. The stock was bought at an average cost of $14.74 per share, for a total transaction of $29,480.00. Following the completion of the purchase, the portfolio manager now owns 4,500 shares of the company’s stock, valued at $66,330. This trade represents a 80.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders have bought 7,800 shares of company stock valued at $118,191.

About MainStay MacKay DefinedTerm Municipal Opportunities Fund

MainStay DefinedTerm Municipal Opportunities Fund is a closed-ended fixed income mutual fund launched and managed by New York Life Investment 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 bonds which are exempt from regular U.S.