RiverNorth Managed Duration Municipal Income Fund II (NYSEARCA:RMMZ) Trading Down 0.5% – Time to Sell?

RiverNorth Managed Duration Municipal Income Fund II, Inc. (NYSEARCA:RMMZ) dropped 0.5% during mid-day trading on Thursday . The company traded as low as $14.67 and last traded at $14.76. Approximately 6,838 shares were traded during mid-day trading, a decline of 64% from the average session volume of 18,746 shares. The stock had previously closed at $14.84.

RiverNorth Managed Duration Municipal Income Fund II Stock Down 0.5%

The firm has a 50 day moving average of $14.86 and a 200-day moving average of $14.80.

RiverNorth Managed Duration Municipal Income Fund II Announces Dividend

The company also recently declared a monthly dividend, which will be paid on Friday, July 31st. Stockholders of record on Wednesday, July 15th will be given a dividend of $0.0891 per share. The ex-dividend date of this dividend is Wednesday, July 15th. This represents a c) dividend on an annualized basis and a dividend yield of 7.2%.

Hedge Funds Weigh In On RiverNorth Managed Duration Municipal Income Fund II

Institutional investors have recently made changes to their positions in the company. Closed End Fund Advisors Inc. bought a new position in RiverNorth Managed Duration Municipal Income Fund II during the 4th quarter worth about $564,000. Harbour Investments Inc. increased its position in RiverNorth Managed Duration Municipal Income Fund II by 34.5% during the 4th quarter. Harbour Investments Inc. now owns 19,500 shares of the company’s stock valued at $283,000 after purchasing an additional 5,000 shares during the period. Royal Bank of Canada raised its holdings in shares of RiverNorth Managed Duration Municipal Income Fund II by 11.9% in the 4th quarter. Royal Bank of Canada now owns 192,533 shares of the company’s stock valued at $2,796,000 after purchasing an additional 20,473 shares in the last quarter. Wells Fargo & Company MN raised its holdings in shares of RiverNorth Managed Duration Municipal Income Fund II by 3.3% in the 4th quarter. Wells Fargo & Company MN now owns 198,203 shares of the company’s stock valued at $2,878,000 after purchasing an additional 6,400 shares in the last quarter. Finally, Gateway Wealth Partners LLC lifted its position in shares of RiverNorth Managed Duration Municipal Income Fund II by 8.3% in the 4th quarter. Gateway Wealth Partners LLC now owns 131,954 shares of the company’s stock worth $1,916,000 after purchasing an additional 10,131 shares during the period.