RiverNorth Opportunistic Municipal Income Fund, Inc. (NYSE:RMI) Sees Large Increase in Short Interest

RiverNorth Opportunistic Municipal Income Fund, Inc. (NYSE:RMI – Get Rating) was the target of a large increase in short interest in the month of March. As of March 31st, there was short interest totalling 2,100 shares, an increase of 162.5% from the March 15th total of 800 shares. Based on an average daily volume of 20,300 shares, the days-to-cover ratio is presently 0.1 days.

Shares of NYSE RMI opened at $18.36 on Thursday. The stock has a fifty day moving average of $19.32. RiverNorth Opportunistic Municipal Income Fund has a 12 month low of $18.16 and a 12 month high of $24.24.

The business also recently declared a monthly dividend, which will be paid on Thursday, June 30th. Investors of record on Thursday, June 16th will be given a dividend of $0.104 per share. This represents a $1.25 annualized dividend and a dividend yield of 6.80%. The ex-dividend date is Wednesday, June 15th.

Hedge funds have recently added to or reduced their stakes in the stock. Moors & Cabot Inc. bought a new stake in RiverNorth Opportunistic Municipal Income Fund during the 3rd quarter valued at approximately $51,000. Morgan Stanley lifted its stake in shares of RiverNorth Opportunistic Municipal Income Fund by 7.6% in the 3rd quarter. Morgan Stanley now owns 138,920 shares of the company’s stock valued at $3,212,000 after purchasing an additional 9,765 shares during the period. UBS Group AG boosted its position in shares of RiverNorth Opportunistic Municipal Income Fund by 14.9% during the third quarter. UBS Group AG now owns 140,431 shares of the company’s stock valued at $3,247,000 after purchasing an additional 18,171 shares in the last quarter. Cypress Wealth Services LLC grew its stake in RiverNorth Opportunistic Municipal Income Fund by 8.3% in the fourth quarter. Cypress Wealth Services LLC now owns 32,500 shares of the company’s stock worth $725,000 after purchasing an additional 2,500 shares during the period. Finally, XML Financial LLC bought a new position in RiverNorth Opportunistic Municipal Income Fund in the fourth quarter worth $201,000.

About RiverNorth Opportunistic Municipal Income Fund (Get Rating)

The RiverNorth Opportunistic Municipal Income Fund, Inc (the “Fund”) seeks to provide current income exempt from regular U.S. federal income taxes1 with a secondary objective of total return.

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