RiverNorth Opportunistic Municipal Income Fund, Inc. (NYSE:RMI) Sees Significant Drop in Short Interest

RiverNorth Opportunistic Municipal Income Fund, Inc. (NYSE:RMI) saw a large decline in short interest during the month of February. As of February 15th, there was short interest totalling 14,600 shares, a decline of 34.8% from the January 31st total of 22,400 shares. Based on an average daily trading volume, of 27,500 shares, the short-interest ratio is presently 0.5 days.

RiverNorth Opportunistic Municipal Income Fund Trading Down 0.8 %

RMI stock traded down $0.13 during trading on Tuesday, hitting $15.61. The stock had a trading volume of 11,568 shares, compared to its average volume of 14,219. RiverNorth Opportunistic Municipal Income Fund has a twelve month low of $14.79 and a twelve month high of $16.74. The company’s 50-day moving average price is $15.49 and its two-hundred day moving average price is $15.82.

RiverNorth Opportunistic Municipal Income Fund Announces Dividend

The company also recently disclosed a monthly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be issued a $0.0945 dividend. The ex-dividend date of this dividend is Friday, March 14th. This represents a $1.13 dividend on an annualized basis and a yield of 7.27%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Bank of America Corp DE raised its holdings in RiverNorth Opportunistic Municipal Income Fund by 35.6% in the 4th quarter. Bank of America Corp DE now owns 2,440 shares of the company’s stock valued at $37,000 after acquiring an additional 640 shares during the last quarter. Atala Financial Inc acquired a new stake in RiverNorth Opportunistic Municipal Income Fund in the 4th quarter valued at about $28,000. Noble Wealth Management PBC acquired a new stake in RiverNorth Opportunistic Municipal Income Fund in the 4th quarter valued at about $107,000. Robinson Capital Management LLC grew its holdings in RiverNorth Opportunistic Municipal Income Fund by 22.3% in the 4th quarter. Robinson Capital Management LLC now owns 46,217 shares of the company’s stock valued at $696,000 after buying an additional 8,441 shares in the last quarter. Finally, Stratos Wealth Partners LTD. grew its holdings in RiverNorth Opportunistic Municipal Income Fund by 1.9% in the 4th quarter. Stratos Wealth Partners LTD. now owns 483,316 shares of the company’s stock valued at $7,279,000 after buying an additional 8,865 shares in the last quarter.

About RiverNorth Opportunistic Municipal Income Fund

The RiverNorth Opportunistic Municipal Income Fund, Inc (the “Fund”) seeks to provide current income exempt from regular U.S. federal income taxes1 with a secondary objective of total return.