RiverNorth Opportunistic Municipal Income Fund (NYSE:RMI) Trading Down 0.2% – Here’s What Happened

RiverNorth Opportunistic Municipal Income Fund, Inc. (NYSE:RMI) traded down 0.2% on Monday . The stock traded as low as $15.42 and last traded at $15.5110. 15,311 shares traded hands during mid-day trading, a decline of 59% from the average session volume of 36,920 shares. The stock had previously closed at $15.54.

RiverNorth Opportunistic Municipal Income Fund Stock Performance

The company has a 50 day moving average price of $14.99 and a 200-day moving average price of $14.65.

RiverNorth Opportunistic Municipal Income Fund Dividend Announcement

The business also recently announced a monthly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Monday, March 16th will be given a $0.0889 dividend. This represents a c) annualized dividend and a dividend yield of 6.9%. The ex-dividend date of this dividend is Monday, March 16th.

Insider Buying and Selling at RiverNorth Opportunistic Municipal Income Fund

In related news, insider Financial Holdings Rivernorth bought 3,941 shares of the business’s stock in a transaction dated Monday, December 22nd. The shares were purchased at an average price of $14.47 per share, with a total value of $57,026.27. Following the purchase, the insider owned 84,454 shares of the company’s stock, valued at approximately $1,222,049.38. This trade represents a 4.89% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Envestnet Asset Management Inc. bought a new position in shares of RiverNorth Opportunistic Municipal Income Fund in the 3rd quarter worth approximately $494,000. Bank of America Corp DE boosted its position in shares of RiverNorth Opportunistic Municipal Income Fund by 176.7% during the third quarter. Bank of America Corp DE now owns 45,533 shares of the company’s stock valued at $666,000 after purchasing an additional 29,076 shares in the last quarter. Plancorp LLC purchased a new stake in RiverNorth Opportunistic Municipal Income Fund in the third quarter worth $308,000. Arlington Capital Management Inc. purchased a new stake in RiverNorth Opportunistic Municipal Income Fund in the third quarter worth $253,000. Finally, Janney Montgomery Scott LLC bought a new position in RiverNorth Opportunistic Municipal Income Fund in the fourth quarter worth $161,000.

About RiverNorth Opportunistic Municipal Income Fund

RiverNorth Opportunistic Municipal Income Fund (NYSE:RMI) is a closed-end management investment company that seeks to deliver tax-exempt income through diversified exposure to U.S. municipal securities. The fund is structured as a non-diversified, interval fund and primarily caters to investors pursuing high-quality, tax-advantaged income from state and local government obligations.

RMI employs an opportunistic, value-oriented investment process, focusing on both traditional investment-grade bonds and specialized niches within the municipal market.