MainStay MacKay DefinedTerm Municipal Opportunities Fund (NYSE:MMD) Shares Pass Above 50 Day Moving Average – Should You Sell?

MainStay MacKay DefinedTerm Municipal Opportunities Fund (NYSE:MMD)’s stock price crossed above its 50 day moving average during trading on Tuesday . The stock has a 50 day moving average of $15.20 and traded as high as $15.41. MainStay MacKay DefinedTerm Municipal Opportunities Fund shares last traded at $15.35, with a volume of 51,545 shares trading hands.

MainStay MacKay DefinedTerm Municipal Opportunities Fund Trading Up 0.3%

The business has a 50-day moving average price of $15.21 and a two-hundred day moving average price of $15.19.

MainStay MacKay DefinedTerm Municipal Opportunities Fund Dividend Announcement

The business also recently announced a monthly dividend, which will be paid on Wednesday, July 1st. Shareholders of record on Monday, June 15th will be paid a $0.0675 dividend. This represents a c) dividend on an annualized basis and a yield of 5.2%. The ex-dividend date is Monday, June 15th.

Hedge Funds Weigh In On MainStay MacKay DefinedTerm Municipal Opportunities Fund

Several hedge funds and other institutional investors have recently modified their holdings of the company. NewEdge Advisors LLC increased its holdings in shares of MainStay MacKay DefinedTerm Municipal Opportunities Fund by 1.3% in the 1st quarter. NewEdge Advisors LLC now owns 97,220 shares of the closed-end fund’s stock worth $1,444,000 after acquiring an additional 1,281 shares during the period. Rivernorth Capital Management LLC lifted its position in MainStay MacKay DefinedTerm Municipal Opportunities Fund by 70.4% in the 1st quarter. Rivernorth Capital Management LLC now owns 68,560 shares of the closed-end fund’s stock valued at $1,018,000 after purchasing an additional 28,321 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in MainStay MacKay DefinedTerm Municipal Opportunities Fund by 56.6% during the 1st quarter. Bank of New York Mellon Corp now owns 37,249 shares of the closed-end fund’s stock valued at $553,000 after purchasing an additional 13,468 shares during the period. Fifth Third Bancorp acquired a new position in MainStay MacKay DefinedTerm Municipal Opportunities Fund during the 1st quarter valued at about $54,000. Finally, Kestra Advisory Services LLC grew its position in MainStay MacKay DefinedTerm Municipal Opportunities Fund by 138.0% in the 1st quarter. Kestra Advisory Services LLC now owns 15,422 shares of the closed-end fund’s stock worth $229,000 after purchasing an additional 8,941 shares during the last quarter.

MainStay MacKay DefinedTerm Municipal Opportunities Fund Company Profile

The MainStay MacKay DefinedTerm Municipal Opportunities Fund (NYSE: MMD) is a closed-end, diversified management investment company that seeks to provide a high level of tax-exempt income. The fund primarily invests in investment-grade municipal securities, including general obligation bonds, revenue bonds and other state and local government obligations. By focusing on tax-exempt instruments, MMD aims to enhance after-tax yields for its shareholders, making it an option for investors in higher tax brackets who seek municipal bond exposure through a publicly traded vehicle.

As a defined-term fund, MMD was structured with a predetermined termination date at which point the portfolio is expected to be liquidated and proceeds returned to investors.