RiverNorth Flexible Municipal Income Fund (NYSEARCA:RFM) Trading Down 0.2% – Here’s Why

RiverNorth Flexible Municipal Income Fund, Inc. (NYSEARCA:RFM)’s stock price fell 0.2% during trading on Tuesday . The stock traded as low as $14.04 and last traded at $14.06. 34,828 shares traded hands during mid-day trading, an increase of 71% from the average session volume of 20,337 shares. The stock had previously closed at $14.09.

RiverNorth Flexible Municipal Income Fund Stock Down 0.2%

The firm’s fifty day moving average is $14.14 and its 200-day moving average is $14.96.

RiverNorth Flexible Municipal Income Fund Announces Dividend

The company also recently disclosed a monthly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 13th will be paid a dividend of $0.094 per share. This represents a $1.13 annualized dividend and a yield of 8.02%. The ex-dividend date of this dividend is Friday, June 13th.

Institutional Investors Weigh In On RiverNorth Flexible Municipal Income Fund

Several institutional investors and hedge funds have recently bought and sold shares of RFM. Noble Wealth Management PBC acquired a new stake in RiverNorth Flexible Municipal Income Fund in the fourth quarter worth $103,000. Raymond James Financial Inc. bought a new position in shares of RiverNorth Flexible Municipal Income Fund during the fourth quarter worth about $186,000. Apollon Wealth Management LLC acquired a new stake in shares of RiverNorth Flexible Municipal Income Fund in the 4th quarter worth about $208,000. Virtu Financial LLC bought a new stake in RiverNorth Flexible Municipal Income Fund in the 4th quarter valued at about $385,000. Finally, Logan Stone Capital LLC boosted its stake in RiverNorth Flexible Municipal Income Fund by 522.4% during the 4th quarter. Logan Stone Capital LLC now owns 76,483 shares of the company’s stock valued at $1,137,000 after purchasing an additional 64,195 shares during the period.

About RiverNorth Flexible Municipal Income Fund

The RiverNorth Flexible Municipal Income Fund, Inc seeks to provide current income exempt from regular U.S. federal income taxes1 with a secondary objective of total return.