Rivernorth Managed Duration Municipal Income Fund Inc. (NYSEARCA:RMM) declared a monthly dividend on Tuesday, April 6th, Wall Street Journal reports. Investors of record on Friday, May 14th will be paid a dividend of 0.0917 per share on Friday, May 28th. This represents a $1.10 annualized dividend and a yield of 5.80%. The ex-dividend date of this dividend is Thursday, May 13th.
RMM opened at $18.98 on Thursday. Rivernorth Managed Duration Municipal Income Fund has a 1-year low of $16.02 and a 1-year high of $19.33. The firm has a 50-day moving average price of $18.46 and a two-hundred day moving average price of $17.82.
In other news, Director John Wayne Hutchens acquired 1,500 shares of the stock in a transaction that occurred on Friday, February 26th. The stock was purchased at an average cost of $17.90 per share, for a total transaction of $26,850.00. Following the completion of the transaction, the director now directly owns 4,000 shares in the company, valued at $71,600. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Brian H. Schmucker sold 25,000 shares of the business’s stock in a transaction dated Wednesday, March 31st. The stock was sold at an average price of $18.64, for a total value of $466,000.00. Following the sale, the insider now directly owns 4,000 shares of the company’s stock, valued at $74,560. The disclosure for this sale can be found here.
Rivernorth Managed Duration Municipal Income Fund Inc is a closed ended fixed income mutual fund launched and managed by RiverNorth Capital Management, LLC. The fund is co-managed by MacKay Shields LLC. It invests in the fixed income markets of the United States. The fund primarily invests in investment grade municipal debt securities.
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