RiverNorth Opportunistic Municipal Income Fund (NYSE:RMI) Shares Down 0.1% – Should You Sell?

RiverNorth Opportunistic Municipal Income Fund, Inc. (NYSE:RMI) shares dropped 0.1% during trading on Monday . The company traded as low as $14.28 and last traded at $14.32. Approximately 35,604 shares traded hands during trading, an increase of 54% from the average daily volume of 23,072 shares. The stock had previously closed at $14.34.

RiverNorth Opportunistic Municipal Income Fund Stock Performance

The business has a 50-day moving average of $14.32 and a 200 day moving average of $15.03.

RiverNorth Opportunistic Municipal Income Fund Announces Dividend

The company also recently declared a monthly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 13th will be issued a dividend of $0.0945 per share. The ex-dividend date is Friday, June 13th. This represents a $1.13 dividend on an annualized basis and a dividend yield of 7.92%.

Hedge Funds Weigh In On RiverNorth Opportunistic Municipal Income Fund

Several institutional investors and hedge funds have recently modified their holdings of the company. Robinson Capital Management LLC raised its holdings in RiverNorth Opportunistic Municipal Income Fund by 22.3% in the 4th quarter. Robinson Capital Management LLC now owns 46,217 shares of the company’s stock valued at $696,000 after acquiring an additional 8,441 shares during the last quarter. Wolverine Asset Management LLC increased its stake in RiverNorth Opportunistic Municipal Income Fund by 133.4% in the fourth quarter. Wolverine Asset Management LLC now owns 87,801 shares of the company’s stock valued at $1,322,000 after purchasing an additional 50,176 shares during the last quarter. Noble Wealth Management PBC purchased a new position in RiverNorth Opportunistic Municipal Income Fund during the fourth quarter worth about $107,000. Raymond James Financial Inc. acquired a new stake in RiverNorth Opportunistic Municipal Income Fund in the 4th quarter worth about $337,000. Finally, Independent Advisor Alliance acquired a new stake in RiverNorth Opportunistic Municipal Income Fund in the 4th quarter worth about $629,000.

About RiverNorth Opportunistic Municipal Income Fund

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.