RiverNorth Flexible Municipal Income Fund (NYSE:RFM) Stock Price Crosses Above 50-Day Moving Average – Here’s What Happened

RiverNorth Flexible Municipal Income Fund, Inc. (NYSE:RFM) passed above its fifty day moving average during trading on Friday. The stock has a fifty day moving average of $13.39 and traded as high as $13.61. RiverNorth Flexible Municipal Income Fund shares last traded at $13.5550, with a volume of 18,006 shares trading hands.

RiverNorth Flexible Municipal Income Fund Stock Performance

The stock has a 50-day simple moving average of $13.39 and a 200 day simple moving average of $14.23.

RiverNorth Flexible Municipal Income Fund Announces Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Thursday, December 31st. Stockholders of record on Tuesday, December 15th will be paid 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 dividend yield of 7.8%.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Wedbush Securities Inc. bought a new position in RiverNorth Flexible Municipal Income Fund during the 3rd quarter worth approximately $268,000. Compass Financial Management LLC acquired a new position in RiverNorth Flexible Municipal Income Fund during the 2nd quarter valued at about $82,000. Concurrent Investment Advisors LLC boosted its holdings in shares of RiverNorth Flexible Municipal Income Fund by 44.5% in the 2nd quarter. Concurrent Investment Advisors LLC now owns 64,275 shares of the company’s stock worth $876,000 after purchasing an additional 19,800 shares in the last quarter. Susquehanna International Group LLP purchased a new stake in RiverNorth Flexible Municipal Income Fund during the 2nd quarter valued at about $197,000. Finally, Rivernorth Capital Management LLC lifted its position in shares of RiverNorth Flexible Municipal Income Fund by 34.3% in the second quarter. Rivernorth Capital Management LLC now owns 63,987 shares of the company’s stock worth $946,000 after buying an additional 16,333 shares in the last quarter.

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.