RiverNorth Flexible Municipal Income Fund (NYSE:RFM) Stock Price Breaks Above Fifty Day Moving Average – What’s Next?

RiverNorth Flexible Municipal Income Fund, Inc. (NYSE:RFM)’s stock price passed above its 50 day moving average during trading on Friday. The stock has a 50 day moving average of $13.39 and traded as high as $13.61. RiverNorth Flexible Municipal Income Fund shares last traded at $13.5550, with a volume of 18,006 shares.

RiverNorth Flexible Municipal Income Fund Stock Up 1.5%

The business has a 50 day moving average of $13.39 and a 200-day moving average of $14.23.

RiverNorth Flexible Municipal Income Fund Announces Dividend

The company also recently announced a monthly dividend, which will be paid on Thursday, December 31st. Investors of record on Tuesday, December 15th will be given a $0.0881 dividend. This represents a $1.06 dividend on an annualized basis and a yield of 7.8%. The ex-dividend date of this dividend is Tuesday, December 15th.

Hedge Funds Weigh In On RiverNorth Flexible Municipal Income Fund

Several institutional investors have recently made changes to their positions in the stock. Rivernorth Capital Management LLC boosted its position in shares of RiverNorth Flexible Municipal Income Fund by 318.5% in the 1st quarter. Rivernorth Capital Management LLC now owns 47,654 shares of the company’s stock worth $669,000 after purchasing an additional 36,267 shares in the last quarter. Wedbush Securities Inc. purchased a new position in shares of RiverNorth Flexible Municipal Income Fund during the third quarter worth $268,000. Concurrent Investment Advisors LLC grew its position in shares of RiverNorth Flexible Municipal Income Fund by 44.5% in the 2nd quarter. Concurrent Investment Advisors LLC now owns 64,275 shares of the company’s stock valued at $876,000 after buying an additional 19,800 shares during the last quarter. Royal Bank of Canada lifted its position 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 during the period. Finally, Beacon Pointe Advisors LLC bought a new stake in shares of RiverNorth Flexible Municipal Income Fund in the 2nd quarter worth approximately $235,000.

About RiverNorth Flexible Municipal Income Fund

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.