RiverNorth Flexible Municipal Income Fund (NYSE:RFM) Stock Price Down 1% – Should You Sell?

RiverNorth Flexible Municipal Income Fund, Inc. (NYSE:RFM)’s share price was down 1% on Friday. The company traded as low as $13.21 and last traded at $13.21. 49,202 shares were traded during mid-day trading, an increase of 167% from the average session volume of 18,431 shares. The stock had previously closed at $13.34.

RiverNorth Flexible Municipal Income Fund Stock Performance

The firm’s 50 day moving average price is $13.60 and its 200-day moving average price is $14.24.

RiverNorth Flexible Municipal Income Fund Announces Dividend

The firm also recently declared a monthly dividend, which will be paid on Thursday, December 31st. Investors of record on Tuesday, December 15th will be issued a $0.0881 dividend. The ex-dividend date of this dividend is Tuesday, December 15th. This represents a $1.06 dividend on an annualized basis and a yield of 8.0%.

Hedge Funds Weigh In On RiverNorth Flexible Municipal Income Fund

A number of hedge funds have recently bought and sold shares of RFM. Noble Wealth Management PBC grew its holdings in RiverNorth Flexible Municipal Income Fund by 11.2% in the second quarter. Noble Wealth Management PBC now owns 15,342 shares of the company’s stock valued at $227,000 after purchasing an additional 1,541 shares during the period. NewEdge Advisors LLC raised its stake in shares of RiverNorth Flexible Municipal Income Fund by 6.7% during the 1st quarter. NewEdge Advisors LLC now owns 34,271 shares of the company’s stock worth $481,000 after buying an additional 2,147 shares during the period. Global Retirement Partners LLC acquired a new position in shares of RiverNorth Flexible Municipal Income Fund during the 2nd quarter worth approximately $31,000. Compass Financial Management LLC acquired a new position in shares of RiverNorth Flexible Municipal Income Fund during the 2nd quarter worth approximately $82,000. Finally, Susquehanna International Group LLP purchased a new position in shares of RiverNorth Flexible Municipal Income Fund during the 2nd quarter valued at approximately $197,000.

RiverNorth Flexible Municipal Income Fund Company Profile

The RiverNorth Flexible Municipal Income Fund, Inc seeks to provide current income exempt from regular U.S. federal income taxes1 with a secondary objective of total return.