Rivernorth Managed Duration Municipal Income Fund (NYSEARCA:RMM) Shares Up 0.4% – Still a Buy?

Shares of Rivernorth Managed Duration Municipal Income Fund Inc. (NYSEARCA:RMM) rose 0.4% during mid-day trading on Tuesday . The company traded as high as $14.28 and last traded at $14.25. 31,297 shares traded hands during mid-day trading, a decline of 37% from the average daily volume of 49,298 shares. The stock had previously closed at $14.20.

Rivernorth Managed Duration Municipal Income Fund Stock Performance

The firm’s fifty day moving average price is $14.57 and its 200 day moving average price is $14.37.

Rivernorth Managed Duration Municipal Income Fund Announces Dividend

The company also recently announced a monthly dividend, which was paid on Friday, July 31st. Shareholders of record on Wednesday, July 15th were paid a $0.0847 dividend. The ex-dividend date was Wednesday, July 15th. This represents a c) dividend on an annualized basis and a yield of 7.2%.

Institutional Investors Weigh In On Rivernorth Managed Duration Municipal Income Fund

Several institutional investors have recently made changes to their positions in the company. Advocate Investing Services LLC acquired a new position in Rivernorth Managed Duration Municipal Income Fund in the fourth quarter worth approximately $34,000. Advisory Services Network LLC acquired a new position in shares of Rivernorth Managed Duration Municipal Income Fund during the 3rd quarter worth $62,000. Kestra Advisory Services LLC acquired a new position in shares of Rivernorth Managed Duration Municipal Income Fund during the 4th quarter worth $67,000. Fifth Third Bancorp bought a new position in shares of Rivernorth Managed Duration Municipal Income Fund during the 1st quarter valued at $82,000. Finally, EverSource Wealth Advisors LLC lifted its stake in shares of Rivernorth Managed Duration Municipal Income Fund by 20.0% in the 4th quarter. EverSource Wealth Advisors LLC now owns 6,000 shares of the company’s stock valued at $82,000 after purchasing an additional 1,000 shares during the last quarter.

Rivernorth Managed Duration Municipal Income Fund Company Profile

Rivernorth Managed Duration Municipal Income Fund Inc is a closed ended fixed income mutual fund launched and managed by RiverNorth Capital Management, LLC. The fund is co-managed by MacKay Shields LLC. It invests in the fixed income markets of the United States. The fund primarily invests in investment grade municipal debt securities. It seeks to invest in securities of any maturity. The fund employs a combination of fundamental and quantitative analysis. It benchmarks the performance of its portfolio against the Bloomberg Barclays Municipal Bond Index.