Putnam Managed (NYSE:PMM) to Issue Dividend Increase – $0.03 Per Share

Putnam Managed (NYSE:PMM) declared a monthly dividend on Thursday, May 14th. Stockholders of record on Tuesday, June 23rd will be given a dividend of 0.033 per share on Tuesday, June 30th. This represents a c) annualized dividend and a dividend yield of 6.3%. The ex-dividend date of this dividend is Tuesday, June 23rd. This is a 24.5% increase from Putnam Managed’s previous monthly dividend of $0.03.

Putnam Managed Trading Up 0.2%

Shares of NYSE:PMM traded up $0.01 on Thursday, hitting $6.29. The company’s stock had a trading volume of 160,452 shares, compared to its average volume of 106,249. Putnam Managed has a 12 month low of $5.77 and a 12 month high of $6.52. The stock’s 50-day moving average is $6.21 and its two-hundred day moving average is $6.21.

Hedge Funds Weigh In On Putnam Managed

Several hedge funds have recently modified their holdings of the company. Northwestern Mutual Wealth Management Co. increased its position in shares of Putnam Managed by 18.7% during the 3rd quarter. Northwestern Mutual Wealth Management Co. now owns 11,873 shares of the company’s stock valued at $72,000 after purchasing an additional 1,873 shares during the period. WealthBridge Capital Management LLC increased its position in shares of Putnam Managed by 7.4% during the 1st quarter. WealthBridge Capital Management LLC now owns 36,500 shares of the company’s stock valued at $224,000 after purchasing an additional 2,500 shares during the period. Van ECK Associates Corp increased its position in shares of Putnam Managed by 1.6% during the 3rd quarter. Van ECK Associates Corp now owns 280,580 shares of the company’s stock valued at $1,695,000 after purchasing an additional 4,283 shares during the period. Kestra Advisory Services LLC increased its position in shares of Putnam Managed by 13.3% during the 1st quarter. Kestra Advisory Services LLC now owns 39,476 shares of the company’s stock valued at $243,000 after purchasing an additional 4,624 shares during the period. Finally, International Assets Investment Management LLC acquired a new position in shares of Putnam Managed during the 4th quarter valued at $36,000. 13.54% of the stock is currently owned by institutional investors and hedge funds.

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.