Short Interest in MainStay MacKay DefinedTerm Municipal Opportunities Fund (NYSE:MMD) Expands By 118.0%

MainStay MacKay DefinedTerm Municipal Opportunities Fund (NYSE:MMD) was the recipient of a significant increase in short interest during the month of August. As of August 31st, there was short interest totaling 9,231 shares, an increase of 118.0% from the August 15th total of 4,234 shares. Based on an average daily trading volume, of 47,463 shares, the days-to-cover ratio is presently 0.2 days.

Institutional Investors Weigh In On MainStay MacKay DefinedTerm Municipal Opportunities Fund

Hedge funds have recently modified their holdings of the stock. Mercer Global Advisors Inc. ADV raised its holdings in MainStay MacKay DefinedTerm Municipal Opportunities Fund by 24.5% during the 3rd quarter. Mercer Global Advisors Inc. ADV now owns 50,471 shares of the closed-end fund’s stock worth $764,000 after buying an additional 9,926 shares during the period. Balyasny Asset Management L.P. purchased a new stake in MainStay MacKay DefinedTerm Municipal Opportunities Fund during the fourth quarter valued at about $931,000. Thomas J. Herzfeld Advisors Inc. lifted its stake in MainStay MacKay DefinedTerm Municipal Opportunities Fund by 0.7% during the fourth quarter. Thomas J. Herzfeld Advisors Inc. now owns 97,226 shares of the closed-end fund’s stock valued at $1,446,000 after buying an additional 722 shares in the last quarter. Wells Fargo & Company MN boosted its holdings in shares of MainStay MacKay DefinedTerm Municipal Opportunities Fund by 9.2% in the fourth quarter. Wells Fargo & Company MN now owns 256,146 shares of the closed-end fund’s stock worth $3,809,000 after buying an additional 21,567 shares during the period. Finally, Bank of America Corp DE boosted its holdings in shares of MainStay MacKay DefinedTerm Municipal Opportunities Fund by 4.3% in the second quarter. Bank of America Corp DE now owns 326,646 shares of the closed-end fund’s stock worth $4,831,000 after buying an additional 13,581 shares during the period.

MainStay MacKay DefinedTerm Municipal Opportunities Fund Price Performance

Shares of NYSE MMD traded down $0.08 during trading on Monday, hitting $14.44. The company had a trading volume of 19,384 shares, compared to its average volume of 57,005. MainStay MacKay DefinedTerm Municipal Opportunities Fund has a 52 week low of $14.38 and a 52 week high of $15.82. The business’s 50-day moving average is $15.02 and its 200 day moving average is $15.14.

MainStay MacKay DefinedTerm Municipal Opportunities Fund Dividend Announcement

The business also recently announced a monthly dividend, which will be paid on Thursday, October 1st. Investors of record on Tuesday, September 15th will be issued a $0.0675 dividend. This represents a c) dividend on an annualized basis and a dividend yield of 5.6%. The ex-dividend date is Tuesday, September 15th.

About MainStay MacKay DefinedTerm Municipal Opportunities Fund

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.