Putnam Managed Municipal Income Trust (NYSE:PMM) Stock Position Lowered by Raymond James Financial Services Advisors Inc.

Raymond James Financial Services Advisors Inc. lessened its position in Putnam Managed Municipal Income Trust (NYSE:PMM) by 48.7% in the 4th quarter, Holdings Channel reports. The fund owned 85,915 shares of the company’s stock after selling 81,496 shares during the period. Raymond James Financial Services Advisors Inc.’s holdings in Putnam Managed Municipal Income Trust were worth $522,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in PMM. HighTower Advisors LLC purchased a new stake in Putnam Managed Municipal Income Trust in the 1st quarter worth approximately $78,000. Doyle Wealth Management purchased a new stake in Putnam Managed Municipal Income Trust in the 1st quarter worth approximately $85,000. Rivernorth Capital Management LLC purchased a new stake in Putnam Managed Municipal Income Trust in the 1st quarter worth approximately $1,287,000. Royal Bank of Canada lifted its position in Putnam Managed Municipal Income Trust by 7.0% in the 1st quarter. Royal Bank of Canada now owns 87,344 shares of the company’s stock worth $617,000 after buying an additional 5,683 shares in the last quarter. Finally, Bank of America Corp DE lifted its position in Putnam Managed Municipal Income Trust by 36.7% in the 1st quarter. Bank of America Corp DE now owns 313,888 shares of the company’s stock worth $2,219,000 after buying an additional 84,327 shares in the last quarter. Hedge funds and other institutional investors own 13.54% of the company’s stock.

Putnam Managed Municipal Income Trust Trading Down 0.2 %

PMM stock opened at $5.89 on Friday. Putnam Managed Municipal Income Trust has a 12-month low of $5.00 and a 12-month high of $6.42. The company has a 50 day moving average of $6.07 and a two-hundred day moving average of $5.88.

Putnam Managed Municipal Income Trust Announces Dividend

The firm also recently declared a monthly dividend, which will be paid on Wednesday, May 1st. Stockholders of record on Wednesday, April 24th will be issued a dividend of $0.0238 per share. The ex-dividend date of this dividend is Tuesday, April 23rd. This represents a $0.29 dividend on an annualized basis and a dividend yield of 4.85%.

Putnam Managed Municipal Income Trust Company Profile

Putnam Managed Municipal Income Trust is a close-ended fixed income mutual fund launched and managed by Putnam Investment Management LLC. It is co-managed by Putnam Investments Limited. The fund invests in the fixed income markets of the United States. It primarily invests in a diversified portfolio of tax-exempt municipal securities, including high-yield securities that are rated below investment grade.