MainStay MacKay DefinedTerm Municipal Opportunities Fund (NYSE:MMD) Share Price Crosses Below 50 Day Moving Average – Here’s Why

MainStay MacKay DefinedTerm Municipal Opportunities Fund (NYSE:MMD)’s stock price crossed below its 50-day moving average during trading on Wednesday . The stock has a 50-day moving average of $15.26 and traded as low as $15.16. MainStay MacKay DefinedTerm Municipal Opportunities Fund shares last traded at $15.26, with a volume of 54,883 shares trading hands.

MainStay MacKay DefinedTerm Municipal Opportunities Fund Price Performance

The firm’s fifty day moving average price is $15.27 and its two-hundred day moving average price is $15.23.

MainStay MacKay DefinedTerm Municipal Opportunities Fund Announces Dividend

The business also recently announced a monthly dividend, which will be paid on Thursday, October 1st. Investors of record on Tuesday, September 15th will be paid a $0.0675 dividend. This represents a c) dividend on an annualized basis and a yield of 5.3%. The ex-dividend date of this dividend is Tuesday, September 15th.

Institutional Trading of MainStay MacKay DefinedTerm Municipal Opportunities Fund

A number of hedge funds have recently made changes to their positions in the stock. Thomas J. Herzfeld Advisors Inc. increased its stake in MainStay MacKay DefinedTerm Municipal Opportunities Fund by 0.7% in the fourth quarter. Thomas J. Herzfeld Advisors Inc. now owns 97,226 shares of the closed-end fund’s stock valued at $1,446,000 after acquiring an additional 722 shares during the last quarter. Royal Bank of Canada boosted its stake in MainStay MacKay DefinedTerm Municipal Opportunities Fund by 0.8% in the fourth quarter. Royal Bank of Canada now owns 152,597 shares of the closed-end fund’s stock worth $2,269,000 after buying an additional 1,204 shares in the last quarter. NewEdge Advisors LLC lifted its holdings in shares of MainStay MacKay DefinedTerm Municipal Opportunities Fund by 1.3% in the 1st 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 last quarter. Arlington Capital Management Inc. boosted its stake in shares of MainStay MacKay DefinedTerm Municipal Opportunities Fund by 8.4% in the 4th quarter. Arlington Capital Management Inc. now owns 17,359 shares of the closed-end fund’s stock valued at $258,000 after purchasing an additional 1,339 shares in the last quarter. Finally, Jane Street Group LLC grew its holdings in shares of MainStay MacKay DefinedTerm Municipal Opportunities Fund by 6.7% during the 4th quarter. Jane Street Group LLC now owns 22,064 shares of the closed-end fund’s stock valued at $328,000 after purchasing an additional 1,389 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.