MainStay MacKay DefinedTerm Municipal Opportunities Fund (NYSE:MMD) Plans Monthly Dividend of $0.07

MainStay MacKay DefinedTerm Municipal Opportunities Fund (NYSE:MMD) declared a monthly dividend on Wednesday, April 1st. Stockholders of record on Monday, June 15th will be paid a dividend of 0.0675 per share by the closed-end fund on Wednesday, July 1st. This represents a c) annualized dividend and a dividend yield of 5.3%. The ex-dividend date is Monday, June 15th.

MainStay MacKay DefinedTerm Municipal Opportunities Fund Stock Performance

Shares of NYSE MMD traded down $0.17 during midday trading on Friday, hitting $15.35. 74,810 shares of the company’s stock were exchanged, compared to its average volume of 60,838. The stock’s 50 day moving average price is $15.15 and its 200-day moving average price is $15.16. MainStay MacKay DefinedTerm Municipal Opportunities Fund has a twelve month low of $14.39 and a twelve month high of $15.82.

Institutional Investors Weigh In On MainStay MacKay DefinedTerm Municipal Opportunities Fund

A number of institutional investors have recently added to or reduced their stakes in MMD. Raymond James Financial Inc. lifted its position in MainStay MacKay DefinedTerm Municipal Opportunities Fund by 27.5% in the second quarter. Raymond James Financial Inc. now owns 501,635 shares of the closed-end fund’s stock worth $7,419,000 after purchasing an additional 108,288 shares during the period. Wolverine Asset Management LLC acquired a new stake in MainStay MacKay DefinedTerm Municipal Opportunities Fund in the fourth quarter worth approximately $1,311,000. Balyasny Asset Management L.P. acquired a new stake in MainStay MacKay DefinedTerm Municipal Opportunities Fund in the fourth quarter worth approximately $931,000. Worthington Financial Partners LLC acquired a new stake in MainStay MacKay DefinedTerm Municipal Opportunities Fund in the fourth quarter worth approximately $911,000. Finally, Rivernorth Capital Management LLC acquired a new stake in MainStay MacKay DefinedTerm Municipal Opportunities Fund in the fourth quarter worth approximately $598,000.

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.