MainStay MacKay DefinedTerm Municipal Opportunities Fund (NYSE:MMD) Sees Large Decline in Short Interest

MainStay MacKay DefinedTerm Municipal Opportunities Fund (NYSE:MMD) was the recipient of a significant decrease in short interest in the month of April. As of April 30th, there was short interest totaling 4,926 shares, a decrease of 62.2% from the April 15th total of 13,049 shares. Based on an average daily trading volume, of 54,706 shares, the short-interest ratio is currently 0.1 days.

MainStay MacKay DefinedTerm Municipal Opportunities Fund Trading Down 1.2%

Shares of MMD traded down $0.19 during midday trading on Friday, hitting $15.07. 75,947 shares of the company traded hands, compared to its average volume of 62,055. The stock has a 50-day moving average of $15.07 and a 200-day moving average of $15.14. MainStay MacKay DefinedTerm Municipal Opportunities Fund has a one year low of $14.36 and a one year high of $15.82.

MainStay MacKay DefinedTerm Municipal Opportunities Fund Announces Dividend

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 given a dividend of $0.0675 per share. The ex-dividend date is Monday, June 15th. This represents a c) annualized dividend and a dividend yield of 5.4%.

Institutional Investors Weigh In On MainStay MacKay DefinedTerm Municipal Opportunities Fund

Hedge funds and other institutional investors have recently modified their holdings of the stock. Hennion & Walsh Asset Management Inc. increased its position in shares of MainStay MacKay DefinedTerm Municipal Opportunities Fund by 5.6% in the fourth quarter. Hennion & Walsh Asset Management Inc. now owns 739,494 shares of the closed-end fund’s stock worth $10,996,000 after purchasing an additional 38,972 shares during the last quarter. Raymond James Financial Inc. increased its position in shares of MainStay MacKay DefinedTerm Municipal Opportunities Fund by 13.2% in the third quarter. Raymond James Financial Inc. now owns 567,803 shares of the closed-end fund’s stock worth $8,591,000 after purchasing an additional 66,168 shares during the last quarter. Guggenheim Capital LLC increased its position in shares of MainStay MacKay DefinedTerm Municipal Opportunities Fund by 7.1% in the fourth quarter. Guggenheim Capital LLC now owns 449,927 shares of the closed-end fund’s stock worth $6,690,000 after purchasing an additional 29,643 shares during the last quarter. Bank of America Corp DE increased its position in shares of MainStay MacKay DefinedTerm Municipal Opportunities Fund by 4.3% in the second quarter. Bank of America Corp DE now owns 326,646 shares of the closed-end fund’s stock worth $4,831,000 after purchasing an additional 13,581 shares during the last quarter. Finally, Wells Fargo & Company MN increased its position in shares of MainStay MacKay DefinedTerm Municipal Opportunities Fund by 9.2% in the fourth quarter. Wells Fargo & Company MN now owns 256,146 shares of the closed-end fund’s stock worth $3,809,000 after purchasing an additional 21,567 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.