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

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

MainStay MacKay DefinedTerm Municipal Opportunities Fund Trading Up 1.1%

Shares of MMD stock opened at $15.42 on Thursday. MainStay MacKay DefinedTerm Municipal Opportunities Fund has a 52-week low of $14.39 and a 52-week high of $15.82. The business’s fifty day moving average is $15.13 and its 200 day moving average is $15.15.

MainStay MacKay DefinedTerm Municipal Opportunities Fund Dividend Announcement

The firm also recently disclosed a monthly dividend, which will be paid on Wednesday, July 1st. Investors of record on Monday, June 15th will be given a $0.0675 dividend. This represents a c) dividend on an annualized basis and a dividend yield of 5.3%. The ex-dividend date is Monday, June 15th.

Institutional Investors Weigh In On MainStay MacKay DefinedTerm Municipal Opportunities Fund

A number of institutional investors and hedge funds have recently made changes to their positions in the business. NewEdge Advisors LLC raised its position 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 buying an additional 1,281 shares in the last quarter. Rivernorth Capital Management LLC raised its position in MainStay MacKay DefinedTerm Municipal Opportunities Fund by 70.4% during the first quarter. Rivernorth Capital Management LLC now owns 68,560 shares of the closed-end fund’s stock valued at $1,018,000 after purchasing an additional 28,321 shares in the last quarter. Bank of New York Mellon Corp raised its position in MainStay MacKay DefinedTerm Municipal Opportunities Fund by 56.6% during the first quarter. Bank of New York Mellon Corp now owns 37,249 shares of the closed-end fund’s stock valued at $553,000 after purchasing an additional 13,468 shares in the last quarter. Fifth Third Bancorp purchased a new stake in MainStay MacKay DefinedTerm Municipal Opportunities Fund during the first quarter valued at about $54,000. Finally, Kestra Advisory Services LLC raised its position in MainStay MacKay DefinedTerm Municipal Opportunities Fund by 138.0% during the first quarter. Kestra Advisory Services LLC now owns 15,422 shares of the closed-end fund’s stock valued at $229,000 after purchasing an additional 8,941 shares in the last quarter.

MainStay MacKay DefinedTerm Municipal Opportunities Fund Company Profile

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.