RiverNorth Flexible Municipal Income Fund (NYSEARCA:RFM) Trading Down 1.1% – Here’s What Happened

RiverNorth Flexible Municipal Income Fund, Inc. (NYSEARCA:RFM)’s stock price dropped 1.1% during mid-day trading on Thursday . The company traded as low as $14.46 and last traded at $14.49. 13,249 shares traded hands during trading, a decline of 21% from the average daily volume of 16,858 shares. The stock had previously closed at $14.65.

RiverNorth Flexible Municipal Income Fund Stock Performance

The stock has a 50 day simple moving average of $14.74 and a 200 day simple moving average of $14.52.

RiverNorth Flexible Municipal Income Fund Announces Dividend

The business also recently announced a monthly dividend, which was paid on Friday, July 31st. Stockholders of record on Wednesday, July 15th were issued a dividend of $0.0881 per share. This represents a c) annualized dividend and a dividend yield of 7.3%. The ex-dividend date of this dividend was Wednesday, July 15th.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Royal Bank of Canada grew its stake in RiverNorth Flexible Municipal Income Fund by 35.7% during the first quarter. Royal Bank of Canada now owns 67,484 shares of the company’s stock worth $947,000 after buying an additional 17,738 shares in the last quarter. Rivernorth Capital Management LLC lifted its holdings in shares of RiverNorth Flexible Municipal Income Fund by 34.3% during the 2nd quarter. Rivernorth Capital Management LLC now owns 63,987 shares of the company’s stock worth $946,000 after acquiring an additional 16,333 shares during the period. NewEdge Advisors LLC boosted its position in shares of RiverNorth Flexible Municipal Income Fund by 52.7% during the 3rd quarter. NewEdge Advisors LLC now owns 35,118 shares of the company’s stock worth $508,000 after acquiring an additional 12,113 shares in the last quarter. Raymond James Financial Inc. boosted its position in shares of RiverNorth Flexible Municipal Income Fund by 30.7% during the 3rd quarter. Raymond James Financial Inc. now owns 22,112 shares of the company’s stock worth $320,000 after acquiring an additional 5,197 shares in the last quarter. Finally, Beacon Pointe Advisors LLC bought a new position in RiverNorth Flexible Municipal Income Fund in the second quarter valued at approximately $235,000.

RiverNorth Flexible Municipal Income Fund Company Profile

The RiverNorth Flexible Municipal Income Fund, Inc seeks to provide current income exempt from regular U.S. federal income taxes1 with a secondary objective of total return.