RiverNorth Flexible Municipal Income Fund (NYSE:RFM) Trading Down 0.9% – Should You Sell?

RiverNorth Flexible Municipal Income Fund, Inc. (NYSE:RFM) shares traded down 0.9% on Thursday . The stock traded as low as $13.86 and last traded at $13.8950. Approximately 30,964 shares were traded during trading, an increase of 87% from the average session volume of 16,595 shares. The stock had previously closed at $14.02.

RiverNorth Flexible Municipal Income Fund Stock Down 0.9%

The stock’s fifty day simple moving average is $14.62 and its 200-day simple moving average is $14.49.

RiverNorth Flexible Municipal Income Fund Announces Dividend

The business also recently declared a monthly dividend, which was paid on Friday, July 31st. Stockholders of record on Wednesday, July 15th were given a dividend of $0.0881 per share. This represents a c) dividend on an annualized basis and a dividend yield of 7.6%. The ex-dividend date was Wednesday, July 15th.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the stock. Rivernorth Capital Management LLC boosted its holdings in shares of RiverNorth Flexible Municipal Income Fund by 318.5% during the first quarter. Rivernorth Capital Management LLC now owns 47,654 shares of the company’s stock valued at $669,000 after acquiring an additional 36,267 shares during the period. Closed End Fund Advisors Inc. acquired a new stake in shares of RiverNorth Flexible Municipal Income Fund in the 4th quarter worth about $219,000. Concurrent Investment Advisors LLC increased its holdings 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 worth $876,000 after acquiring an additional 19,800 shares during the period. Susquehanna International Group LLP bought a new stake in RiverNorth Flexible Municipal Income Fund in the 2nd quarter valued at about $197,000. Finally, Beacon Pointe Advisors LLC bought a new stake in RiverNorth Flexible Municipal Income Fund in the 2nd quarter valued at about $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.