Mfs Muni Inc Tr (NYSE:MFM) Stock Price Breaks Below 50 Day Moving Average – Time to Sell?

Mfs Muni Inc Tr (NYSE:MFM)’s stock price crossed below its fifty day moving average during trading on Monday. The stock has a fifty day moving average of $5.24 and traded as low as $4.75. Mfs Muni Inc Tr shares last traded at $4.8210, with a volume of 689,479 shares changing hands.

Mfs Muni Inc Tr Trading Down 1.9%

The company’s 50-day moving average is $5.23 and its 200-day moving average is $5.36.

Mfs Muni Inc Tr Announces Dividend

The business also recently announced a monthly dividend, which was paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 22nd were given a dividend of $0.03 per share. This represents a $0.36 dividend on an annualized basis and a dividend yield of 7.4%. The ex-dividend date was Tuesday, September 22nd.

Institutional Trading of Mfs Muni Inc Tr

Hedge funds and other institutional investors have recently modified their holdings of the stock. Robinson Capital Management LLC lifted its holdings in Mfs Muni Inc Tr by 501.1% during the 2nd quarter. Robinson Capital Management LLC now owns 1,076,957 shares of the closed-end fund’s stock worth $6,052,000 after buying an additional 897,784 shares in the last quarter. Hennion & Walsh Asset Management Inc. increased its stake in shares of Mfs Muni Inc Tr by 28.1% in the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 1,024,569 shares of the closed-end fund’s stock valued at $5,758,000 after buying an additional 224,810 shares during the period. NewEdge Advisors LLC raised its position in shares of Mfs Muni Inc Tr by 103.0% during the second quarter. NewEdge Advisors LLC now owns 320,314 shares of the closed-end fund’s stock worth $1,800,000 after acquiring an additional 162,503 shares during the last quarter. Rivernorth Capital Management LLC raised its position in shares of Mfs Muni Inc Tr by 12.0% during the first quarter. Rivernorth Capital Management LLC now owns 908,050 shares of the closed-end fund’s stock worth $4,894,000 after acquiring an additional 97,052 shares during the last quarter. Finally, Readystate Asset Management LP acquired a new position in shares of Mfs Muni Inc Tr during the second quarter valued at $178,000.

About Mfs Muni Inc Tr

MFS Muni Inc Tr, also known as MFS Municipal Income Trust, is a closed-end investment company listed on the New York Stock Exchange under the symbol MFM. The trust seeks to provide current income that is exempt from federal income tax by investing primarily in municipal bonds and other municipal securities.

The portfolio may include obligations issued by states, municipalities, and other public entities across the United States. These securities generally finance public infrastructure and essential services, such as schools, transportation systems, utilities, hospitals, and other community projects.