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

MainStay MacKay DefinedTerm Municipal Opportunities Fund (NYSE:MMD) declared a monthly dividend on Friday, January 2nd. Stockholders of record on Thursday, January 15th will be paid a dividend of 0.065 per share by the closed-end fund on Monday, February 2nd. This represents a c) annualized dividend and a dividend yield of 5.2%. The ex-dividend date is Thursday, January 15th. This is a 8.3% increase from MainStay MacKay DefinedTerm Municipal Opportunities Fund’s previous monthly dividend of $0.06.

MainStay MacKay DefinedTerm Municipal Opportunities Fund Trading Up 0.4%

NYSE MMD traded up $0.07 during trading on Friday, reaching $14.94. 106,058 shares of the company’s stock traded hands, compared to its average volume of 76,272. MainStay MacKay DefinedTerm Municipal Opportunities Fund has a 12-month low of $14.00 and a 12-month high of $15.86. The company’s 50 day simple moving average is $14.96 and its two-hundred day simple moving average is $14.88.

Insiders Place Their Bets

In other MainStay MacKay DefinedTerm Municipal Opportunities Fund news, Portfolio Manager Robert A. Dimella sold 11,965 shares of the stock in a transaction on Thursday, November 20th. The stock was sold at an average price of $14.84, for a total transaction of $177,560.60. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in MMD. Rockefeller Capital Management L.P. acquired a new position in shares of MainStay MacKay DefinedTerm Municipal Opportunities Fund during the second quarter worth $354,000. Intellus Advisors LLC boosted its holdings in MainStay MacKay DefinedTerm Municipal Opportunities Fund by 2.5% in the second quarter. Intellus Advisors LLC now owns 90,806 shares of the closed-end fund’s stock worth $1,343,000 after acquiring an additional 2,248 shares in the last quarter. Envestnet Asset Management Inc. increased its holdings in shares of MainStay MacKay DefinedTerm Municipal Opportunities Fund by 19.5% during the second quarter. Envestnet Asset Management Inc. now owns 114,635 shares of the closed-end fund’s stock valued at $1,695,000 after acquiring an additional 18,687 shares in the last quarter. Calamos Advisors LLC increased its holdings in shares of MainStay MacKay DefinedTerm Municipal Opportunities Fund by 48.7% during the second quarter. Calamos Advisors LLC now owns 29,436 shares of the closed-end fund’s stock valued at $435,000 after acquiring an additional 9,636 shares in the last quarter. Finally, Wolverine Asset Management LLC raised its position in shares of MainStay MacKay DefinedTerm Municipal Opportunities Fund by 193.4% in the 2nd quarter. Wolverine Asset Management LLC now owns 36,880 shares of the closed-end fund’s stock valued at $545,000 after purchasing an additional 24,308 shares during the last quarter.

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.