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

RiverNorth Flexible Municipal Income Fund, Inc. (NYSEARCA:RFM) shares dropped 0.2% on Wednesday . The stock traded as low as $14.02 and last traded at $14.09. Approximately 56,836 shares changed hands during mid-day trading, an increase of 123% from the average daily volume of 25,476 shares. The stock had previously closed at $14.12.

RiverNorth Flexible Municipal Income Fund Price Performance

The firm’s 50-day moving average price is $14.29 and its 200-day moving average price is $14.12.

RiverNorth Flexible Municipal Income Fund Dividend Announcement

The firm also recently announced a monthly dividend, which will be paid on Wednesday, December 31st. Shareholders of record on Monday, December 15th will be issued a dividend of $0.094 per share. The ex-dividend date of this dividend is Monday, December 15th. This represents a c) dividend on an annualized basis and a yield of 8.0%.

Insider Activity at RiverNorth Flexible Municipal Income Fund

In related news, insider Financial Holdings Rivernorth purchased 4,905 shares of RiverNorth Flexible Municipal Income Fund stock in a transaction dated Monday, November 24th. The stock was bought at an average cost of $14.06 per share, for a total transaction of $68,964.30. Following the completion of the transaction, the insider owned 37,772 shares in the company, valued at $531,074.32. This trade represents a 14.92% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders acquired 40,647 shares of company stock valued at $580,916 over the last three months.

Institutional Investors Weigh In On RiverNorth Flexible Municipal Income Fund

Institutional investors and hedge funds have recently made changes to their positions in the business. Capital Investment Advisors LLC increased its stake in RiverNorth Flexible Municipal Income Fund by 6.8% in the 2nd quarter. Capital Investment Advisors LLC now owns 15,750 shares of the company’s stock worth $220,000 after acquiring an additional 1,000 shares during the last quarter. Raymond James Financial Inc. grew its holdings in shares of RiverNorth Flexible Municipal Income Fund by 14.7% during the second quarter. Raymond James Financial Inc. now owns 16,915 shares of the company’s stock worth $236,000 after purchasing an additional 2,165 shares in the last quarter. River Street Advisors LLC bought a new position in shares of RiverNorth Flexible Municipal Income Fund in the second quarter worth approximately $263,000. NewEdge Advisors LLC increased its position in shares of RiverNorth Flexible Municipal Income Fund by 322.8% in the second quarter. NewEdge Advisors LLC now owns 23,005 shares of the company’s stock worth $321,000 after purchasing an additional 17,564 shares during the last quarter. Finally, SteelPeak Wealth LLC raised its stake in RiverNorth Flexible Municipal Income Fund by 6.4% in the second quarter. SteelPeak Wealth LLC now owns 29,800 shares of the company’s stock valued at $416,000 after purchasing an additional 1,800 shares in the last quarter.

RiverNorth Flexible Municipal Income Fund Company Profile

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.