MainStay MacKay DefinedTerm Municipal Opportunities Fund (NYSE:MMD) Sees Large Decline in Short Interest

MainStay MacKay DefinedTerm Municipal Opportunities Fund (NYSE:MMD) saw a significant drop in short interest in the month of July. As of July 15th, there was short interest totaling 7,055 shares, a drop of 75.9% from the June 30th total of 29,270 shares. Based on an average daily volume of 52,389 shares, the short-interest ratio is presently 0.1 days.

MainStay MacKay DefinedTerm Municipal Opportunities Fund Stock Performance

MMD stock traded down $0.04 during trading on Monday, hitting $15.02. The company had a trading volume of 36,002 shares, compared to its average volume of 57,581. The business has a 50 day moving average of $15.28 and a 200 day moving average of $15.25. MainStay MacKay DefinedTerm Municipal Opportunities Fund has a fifty-two week low of $14.40 and a fifty-two week high of $15.82.

MainStay MacKay DefinedTerm Municipal Opportunities Fund Dividend Announcement

The business also recently declared a monthly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Tuesday, September 15th will be given a dividend of $0.0675 per share. This represents a c) dividend on an annualized basis and a dividend yield of 5.4%. The ex-dividend date is Tuesday, September 15th.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in MMD. Fifth Third Bancorp bought a new stake in MainStay MacKay DefinedTerm Municipal Opportunities Fund during the first quarter worth approximately $54,000. Kestra Advisory Services LLC bought a new position in MainStay MacKay DefinedTerm Municipal Opportunities Fund during the 4th quarter valued at $96,000. Pasadena Private Wealth LLC bought a new position in MainStay MacKay DefinedTerm Municipal Opportunities Fund during the 4th quarter valued at $149,000. Financially in Tune LLC acquired a new position in shares of MainStay MacKay DefinedTerm Municipal Opportunities Fund during the 4th quarter valued at $155,000. Finally, Rareview Capital LLC bought a new stake in shares of MainStay MacKay DefinedTerm Municipal Opportunities Fund in the 1st quarter worth $159,000.

MainStay MacKay DefinedTerm Municipal Opportunities Fund Company Profile

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.