Rivernorth Managed Duration Municipal Income Fund Inc. (NYSEARCA:RMM) Portfolio Manager Buys $10,432.00 in Stock

Rivernorth Managed Duration Municipal Income Fund Inc. (NYSEARCA:RMM) Portfolio Manager Jonathan Paul Browne bought 800 shares of the company’s stock in a transaction dated Thursday, April 10th. The stock was acquired at an average price of $13.04 per share, for a total transaction of $10,432.00. Following the acquisition, the portfolio manager now directly owns 800 shares in the company, valued at $10,432. This trade represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

Rivernorth Managed Duration Municipal Income Fund Stock Performance

Shares of RMM stock traded down $0.06 during trading on Friday, hitting $13.08. 156,828 shares of the company were exchanged, compared to its average volume of 58,600. The business’s 50-day simple moving average is $14.57 and its 200 day simple moving average is $15.08. Rivernorth Managed Duration Municipal Income Fund Inc. has a twelve month low of $12.55 and a twelve month high of $16.37.

Rivernorth Managed Duration Municipal Income Fund Announces Dividend

The business also recently announced a dividend, which will be paid on Wednesday, April 30th. Shareholders of record on Wednesday, April 16th will be paid a dividend of $0.0905 per share. This represents a dividend yield of 8.32%. The ex-dividend date of this dividend is Tuesday, April 15th.

Hedge Funds Weigh In On Rivernorth Managed Duration Municipal Income Fund

Several institutional investors and hedge funds have recently modified their holdings of the stock. Stifel Financial Corp grew its stake in shares of Rivernorth Managed Duration Municipal Income Fund by 37.5% in the 3rd quarter. Stifel Financial Corp now owns 329,524 shares of the company’s stock valued at $5,295,000 after buying an additional 89,861 shares in the last quarter. Logan Stone Capital LLC acquired a new stake in Rivernorth Managed Duration Municipal Income Fund in the fourth quarter valued at approximately $1,193,000. Raymond James Financial Inc. acquired a new stake in Rivernorth Managed Duration Municipal Income Fund in the fourth quarter valued at approximately $900,000. Independent Advisor Alliance bought a new stake in Rivernorth Managed Duration Municipal Income Fund in the fourth quarter worth approximately $427,000. Finally, Apollon Wealth Management LLC acquired a new position in shares of Rivernorth Managed Duration Municipal Income Fund during the 4th quarter worth $402,000.

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.