Janney Montgomery Scott LLC Has $219,000 Position in Rivernorth Managed Duration Municipal Income Fund Inc. (NYSEARCA:RMM)

Janney Montgomery Scott LLC raised its stake in shares of Rivernorth Managed Duration Municipal Income Fund Inc. (NYSEARCA:RMM) by 7.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 15,304 shares of the company’s stock after purchasing an additional 1,000 shares during the period. Janney Montgomery Scott LLC’s holdings in Rivernorth Managed Duration Municipal Income Fund were worth $219,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Logan Stone Capital LLC bought a new position in Rivernorth Managed Duration Municipal Income Fund in the fourth quarter worth $1,193,000. Raymond James Financial Inc. acquired a new stake in shares of Rivernorth Managed Duration Municipal Income Fund in the fourth quarter valued at $900,000. Independent Advisor Alliance bought a new position in Rivernorth Managed Duration Municipal Income Fund in the fourth quarter valued at about $427,000. Nomura Holdings Inc. bought a new position in Rivernorth Managed Duration Municipal Income Fund in the fourth quarter valued at about $280,000. Finally, Landscape Capital Management L.L.C. bought a new position in Rivernorth Managed Duration Municipal Income Fund during the fourth quarter worth about $152,000.

Rivernorth Managed Duration Municipal Income Fund Stock Performance

Shares of RMM opened at $13.55 on Monday. Rivernorth Managed Duration Municipal Income Fund Inc. has a 1 year low of $12.55 and a 1 year high of $16.37. The stock’s 50-day moving average price is $13.65 and its two-hundred day moving average price is $14.19.

Rivernorth Managed Duration Municipal Income Fund Announces Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th will be issued a dividend of $0.0905 per share. This represents a $1.09 annualized dividend and a dividend yield of 8.01%. The ex-dividend date is Monday, September 15th.

Insider Transactions at Rivernorth Managed Duration Municipal Income Fund

In other news, President Patrick W. Galley bought 4,000 shares of the company’s stock in a transaction that occurred on Wednesday, April 9th. The shares were acquired at an average price of $13.14 per share, with a total value of $52,560.00. Following the transaction, the president owned 15,000 shares in the company, valued at $197,100. This represents a 36.36% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Rivernorth Managed Duration Municipal Income Fund Profile

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.