Rivernorth Managed Duration Municipal Income Fund Inc. (RMM) to Issue Monthly Dividend of $0.09 on April 29th

Rivernorth Managed Duration Municipal Income Fund Inc. (NYSEARCA:RMM – Get Rating) declared a monthly dividend on Tuesday, April 5th, Wall Street Journal reports. Shareholders of record on Thursday, April 14th will be given a dividend of 0.0929 per share on Friday, April 29th. This represents a $1.11 annualized dividend and a yield of 6.50%. The ex-dividend date is Wednesday, April 13th.

Rivernorth Managed Duration Municipal Income Fund stock opened at $17.15 on Monday. The stock has a fifty day moving average price of $17.55 and a two-hundred day moving average price of $18.87. Rivernorth Managed Duration Municipal Income Fund has a 52-week low of $16.75 and a 52-week high of $21.97.

In other Rivernorth Managed Duration Municipal Income Fund news, President Patrick W. Galley bought 5,000 shares of the stock in a transaction dated Friday, February 11th. The stock was bought at an average cost of $18.75 per share, for a total transaction of $93,750.00. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

A number of institutional investors have recently bought and sold shares of the stock. Wells Fargo & Company MN boosted its holdings in Rivernorth Managed Duration Municipal Income Fund by 7.3% during the fourth quarter. Wells Fargo & Company MN now owns 240,499 shares of the company’s stock worth $4,846,000 after buying an additional 16,330 shares during the last quarter. Stifel Financial Corp boosted its holdings in Rivernorth Managed Duration Municipal Income Fund by 2.6% during the fourth quarter. Stifel Financial Corp now owns 119,894 shares of the company’s stock worth $2,416,000 after buying an additional 3,017 shares during the last quarter. Belpointe Asset Management LLC bought a new position in Rivernorth Managed Duration Municipal Income Fund during the fourth quarter worth about $124,000. Finally, Bank of America Corp DE boosted its holdings in Rivernorth Managed Duration Municipal Income Fund by 70.3% during the fourth quarter. Bank of America Corp DE now owns 4,845 shares of the company’s stock worth $98,000 after buying an additional 2,000 shares during the last quarter.

About Rivernorth Managed Duration Municipal Income Fund (Get Rating)

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.

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