RiverNorth Managed Duration Municipal Income Fund II (NYSE:RMMZ) Shares Cross Below 50 Day Moving Average – Here’s Why

Shares of RiverNorth Managed Duration Municipal Income Fund II, Inc. (NYSE:RMMZ) passed below its fifty day moving average during trading on Wednesday. The stock has a fifty day moving average of $13.68 and traded as low as $13.57. RiverNorth Managed Duration Municipal Income Fund II shares last traded at $13.5850, with a volume of 29,266 shares changing hands.

RiverNorth Managed Duration Municipal Income Fund II Stock Performance

The company has a 50 day moving average of $13.68 and a 200-day moving average of $14.53.

RiverNorth Managed Duration Municipal Income Fund II Dividend Announcement

The firm also recently announced a monthly dividend, which will be paid on Thursday, December 31st. Shareholders of record on Tuesday, December 15th will be issued a dividend of $0.0891 per share. This represents a $1.07 dividend on an annualized basis and a dividend yield of 7.9%. The ex-dividend date of this dividend is Tuesday, December 15th.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of RMMZ. Gateway Wealth Partners LLC raised its stake in RiverNorth Managed Duration Municipal Income Fund II by 120.8% during the first quarter. Gateway Wealth Partners LLC now owns 291,298 shares of the company’s stock worth $4,279,000 after acquiring an additional 159,344 shares during the period. Royal Bank of Canada boosted its stake in RiverNorth Managed Duration Municipal Income Fund II by 3.9% in the first quarter. Royal Bank of Canada now owns 200,131 shares of the company’s stock valued at $2,940,000 after acquiring an additional 7,598 shares during the period. Wedbush Securities Inc. grew its holdings in shares of RiverNorth Managed Duration Municipal Income Fund II by 397.2% during the second quarter. Wedbush Securities Inc. now owns 73,819 shares of the company’s stock valued at $1,095,000 after purchasing an additional 58,972 shares during the last quarter. Oppenheimer & Co. Inc. bought a new position in shares of RiverNorth Managed Duration Municipal Income Fund II during the third quarter valued at approximately $709,000. Finally, Rivernorth Capital Management LLC raised its position in shares of RiverNorth Managed Duration Municipal Income Fund II by 62.3% during the 2nd quarter. Rivernorth Capital Management LLC now owns 40,249 shares of the company’s stock worth $605,000 after purchasing an additional 15,447 shares during the period.