MainStay MacKay DefinedTerm Municipal Opportunities Fund Plans Monthly Dividend of $0.07 (NYSE:MMD)

MainStay MacKay DefinedTerm Municipal Opportunities Fund (NYSE:MMD) declared a monthly dividend on Wednesday, April 1st. Shareholders of record on Monday, June 15th will be paid a dividend of 0.0675 per share by the closed-end fund on Wednesday, July 1st. This represents a c) dividend on an annualized basis and a yield of 5.3%. The ex-dividend date of this dividend is Monday, June 15th.

MainStay MacKay DefinedTerm Municipal Opportunities Fund Stock Performance

MMD stock traded down $0.17 during midday trading on Friday, reaching $15.35. The company had a trading volume of 74,810 shares, compared to its average volume of 60,838. The stock has a 50 day moving average price of $15.15 and a 200 day moving average price of $15.16. MainStay MacKay DefinedTerm Municipal Opportunities Fund has a fifty-two week low of $14.39 and a fifty-two week high of $15.82.

Hedge Funds Weigh In On MainStay MacKay DefinedTerm Municipal Opportunities Fund

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Thomas J. Herzfeld Advisors Inc. boosted its stake in MainStay MacKay DefinedTerm Municipal Opportunities Fund by 0.7% in the fourth quarter. Thomas J. Herzfeld Advisors Inc. now owns 97,226 shares of the closed-end fund’s stock valued at $1,446,000 after acquiring an additional 722 shares during the period. Whipplewood Advisors LLC boosted its position in shares of MainStay MacKay DefinedTerm Municipal Opportunities Fund by 2.5% during the third quarter. Whipplewood Advisors LLC now owns 49,571 shares of the closed-end fund’s stock worth $750,000 after buying an additional 1,189 shares during the period. Royal Bank of Canada boosted its position in shares of MainStay MacKay DefinedTerm Municipal Opportunities Fund by 0.8% during the fourth quarter. Royal Bank of Canada now owns 152,597 shares of the closed-end fund’s stock worth $2,269,000 after buying an additional 1,204 shares during the period. NewEdge Advisors LLC boosted its position in shares of MainStay MacKay DefinedTerm Municipal Opportunities Fund by 1.3% during the first quarter. NewEdge Advisors LLC now owns 97,220 shares of the closed-end fund’s stock worth $1,444,000 after buying an additional 1,281 shares during the period. Finally, Arlington Capital Management Inc. boosted its position in shares of MainStay MacKay DefinedTerm Municipal Opportunities Fund by 8.4% during the fourth quarter. Arlington Capital Management Inc. now owns 17,359 shares of the closed-end fund’s stock worth $258,000 after buying an additional 1,339 shares during the period.

About MainStay MacKay DefinedTerm Municipal Opportunities Fund

The MainStay MacKay DefinedTerm Municipal Opportunities Fund (NYSE: MMD) is a closed-end, diversified management investment company that seeks to provide a high level of tax-exempt income. The fund primarily invests in investment-grade municipal securities, including general obligation bonds, revenue bonds and other state and local government obligations. By focusing on tax-exempt instruments, MMD aims to enhance after-tax yields for its shareholders, making it an option for investors in higher tax brackets who seek municipal bond exposure through a publicly traded vehicle.

As a defined-term fund, MMD was structured with a predetermined termination date at which point the portfolio is expected to be liquidated and proceeds returned to investors.