Putnam Managed (NYSE:PMM) Stock Price Up 1.1% – Here’s What Happened

Putnam Managed (NYSE:PMM) rose 1.1% on Wednesday . The company traded as high as $6.28 and last traded at $6.25. Approximately 82,360 shares traded hands during mid-day trading, a decline of 31% from the average daily volume of 118,821 shares. The stock had previously closed at $6.18.

Putnam Managed Stock Up 1.1%

The business has a 50 day moving average price of $6.23 and a two-hundred day moving average price of $6.20.

Putnam Managed Dividend Announcement

The firm also recently declared a monthly dividend, which will be paid on Friday, May 29th. Investors of record on Thursday, May 21st will be issued a dividend of $0.0265 per share. This represents a c) dividend on an annualized basis and a yield of 5.1%. The ex-dividend date is Thursday, May 21st.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of PMM. NewEdge Advisors LLC increased its holdings in Putnam Managed by 41.1% during the 1st quarter. NewEdge Advisors LLC now owns 34,381 shares of the company’s stock valued at $211,000 after purchasing an additional 10,014 shares during the period. Invesco Ltd. increased its holdings in Putnam Managed by 55.0% during the 2nd quarter. Invesco Ltd. now owns 261,413 shares of the company’s stock valued at $1,563,000 after purchasing an additional 92,727 shares during the period. Raymond James Financial Inc. increased its holdings in Putnam Managed by 11.8% during the 2nd quarter. Raymond James Financial Inc. now owns 526,601 shares of the company’s stock valued at $3,149,000 after purchasing an additional 55,674 shares during the period. Bank of America Corp DE increased its holdings in Putnam Managed by 48.1% during the 2nd quarter. Bank of America Corp DE now owns 125,252 shares of the company’s stock valued at $749,000 after purchasing an additional 40,699 shares during the period. Finally, Nomura Holdings Inc. purchased a new position in Putnam Managed during the 2nd quarter valued at about $60,000. Hedge funds and other institutional investors own 13.54% of the company’s stock.

About Putnam Managed

Putnam Managed Municipal Income Trust (NYSE: PMM) is a closed-end management investment company that seeks to provide current income exempt from federal income tax. The trust’s primary business activity is the active management of a diversified portfolio of investment-grade municipal securities, including general obligation and revenue bonds issued by U.S. states and municipalities. Using a flexible approach, PMM’s portfolio managers may also invest in below-investment-grade or unrated municipal securities, subject to quality restrictions, to enhance yield potential.

Established in September 1993, PMM has a long history of targeting tax-exempt income for its shareholders.