RiverNorth Managed Duration Municipal Income Fund II (NYSEARCA:RMMZ) Trading Up 0.7% – Time to Buy?

RiverNorth Managed Duration Municipal Income Fund II, Inc. (NYSEARCA:RMMZ) shot up 0.7% during trading on Tuesday . The stock traded as high as $14.87 and last traded at $14.83. 67,111 shares changed hands during mid-day trading, an increase of 150% from the average session volume of 26,841 shares. The stock had previously closed at $14.72.

RiverNorth Managed Duration Municipal Income Fund II Stock Performance

The firm has a 50 day moving average price of $14.67 and a 200-day moving average price of $14.70.

RiverNorth Managed Duration Municipal Income Fund II Announces Dividend

The firm also recently announced a monthly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Monday, March 16th will be given a dividend of $0.0891 per share. The ex-dividend date is Monday, March 16th. This represents a c) dividend on an annualized basis and a yield of 7.2%.

Insider Activity

In other news, Portfolio Manager Robert A. Dimella sold 10,060 shares of RiverNorth Managed Duration Municipal Income Fund II stock in a transaction that occurred on Thursday, November 20th. The shares were sold at an average price of $14.98, for a total transaction of $150,698.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

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

Several institutional investors have recently modified their holdings of the stock. Harbour Investments Inc. raised its position in shares of RiverNorth Managed Duration Municipal Income Fund II by 450.0% in the 2nd quarter. Harbour Investments Inc. now owns 11,000 shares of the company’s stock valued at $155,000 after acquiring an additional 9,000 shares during the period. PFG Investments LLC grew its holdings in RiverNorth Managed Duration Municipal Income Fund II by 7.7% during the second quarter. PFG Investments LLC now owns 14,000 shares of the company’s stock valued at $197,000 after purchasing an additional 1,000 shares during the period. Bank of America Corp DE bought a new stake in RiverNorth Managed Duration Municipal Income Fund II in the third quarter valued at approximately $32,000. Raymond James Financial Inc. raised its holdings in RiverNorth Managed Duration Municipal Income Fund II by 49.8% in the third quarter. Raymond James Financial Inc. now owns 29,330 shares of the company’s stock worth $440,000 after purchasing an additional 9,749 shares during the period. Finally, UBS Group AG raised its holdings in RiverNorth Managed Duration Municipal Income Fund II by 3.5% in the third quarter. UBS Group AG now owns 201,748 shares of the company’s stock worth $3,026,000 after purchasing an additional 6,802 shares during the period.