Rivernorth Managed Duration Municipal Income Fund Inc. to Issue Monthly Dividend of $0.09 (NYSEARCA:RMM)
Rivernorth Managed Duration Municipal Income Fund Inc. (NYSEARCA:RMM) announced a monthly dividend on Tuesday, April 6th, Wall Street Journal reports. Shareholders 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 is Thursday, May 13th.
Shares of NYSEARCA RMM opened at $18.98 on Thursday. The business’s 50 day moving average is $18.46 and its 200-day moving average is $17.82. Rivernorth Managed Duration Municipal Income Fund has a 1-year low of $16.02 and a 1-year high of $19.33.
In other Rivernorth Managed Duration Municipal Income Fund news, insider Brian H. Schmucker sold 25,000 shares of the firm’s stock in a transaction on 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 owns 4,000 shares of the company’s stock, valued at approximately $74,560. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director John Wayne Hutchens purchased 1,500 shares of the stock in a transaction dated Friday, February 26th. The shares were acquired at an average cost of $17.90 per share, with a total value of $26,850.00. Following the acquisition, the director now directly owns 4,000 shares in the company, valued at approximately $71,600. The disclosure for this purchase 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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