Short Interest in MainStay MacKay DefinedTerm Municipal Opportunities Fund (NYSE:MMD) Increases By 386.1%

MainStay MacKay DefinedTerm Municipal Opportunities Fund (NYSE:MMD) was the target of a significant increase in short interest in the month of May. As of May 29th, there was short interest totaling 35,487 shares, an increase of 386.1% from the May 14th total of 7,300 shares. Based on an average daily volume of 58,086 shares, the short-interest ratio is presently 0.6 days.

MainStay MacKay DefinedTerm Municipal Opportunities Fund Price Performance

Shares of NYSE MMD opened at $15.42 on Thursday. The stock has a fifty day simple moving average of $15.13 and a two-hundred day simple moving average of $15.15. MainStay MacKay DefinedTerm Municipal Opportunities Fund has a 1-year low of $14.39 and a 1-year 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 Wednesday, July 1st. Stockholders of record on Monday, June 15th will be issued a $0.0675 dividend. This represents a c) dividend on an annualized basis and a dividend yield of 5.3%. The ex-dividend date of this dividend is Monday, June 15th.

Hedge Funds Weigh In On MainStay MacKay DefinedTerm Municipal Opportunities Fund

A number of large investors have recently made changes to their positions in the stock. NewEdge Advisors LLC boosted its holdings in shares of MainStay MacKay DefinedTerm Municipal Opportunities Fund by 1.3% in the first quarter. NewEdge Advisors LLC now owns 97,220 shares of the closed-end fund’s stock worth $1,444,000 after acquiring an additional 1,281 shares during the period. Rivernorth Capital Management LLC boosted its holdings in shares of MainStay MacKay DefinedTerm Municipal Opportunities Fund by 70.4% in the first quarter. Rivernorth Capital Management LLC now owns 68,560 shares of the closed-end fund’s stock worth $1,018,000 after acquiring an additional 28,321 shares during the period. Bank of New York Mellon Corp boosted its holdings in shares of MainStay MacKay DefinedTerm Municipal Opportunities Fund by 56.6% in the first quarter. Bank of New York Mellon Corp now owns 37,249 shares of the closed-end fund’s stock worth $553,000 after acquiring an additional 13,468 shares during the period. Fifth Third Bancorp bought a new position in shares of MainStay MacKay DefinedTerm Municipal Opportunities Fund in the first quarter worth $54,000. Finally, Kestra Advisory Services LLC boosted its holdings in shares of MainStay MacKay DefinedTerm Municipal Opportunities Fund by 138.0% in the first quarter. Kestra Advisory Services LLC now owns 15,422 shares of the closed-end fund’s stock worth $229,000 after acquiring an additional 8,941 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.