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

MainStay MacKay DefinedTerm Municipal Opportunities Fund (NYSE:MMD) shares passed above its fifty day moving average during trading on Thursday . The stock has a fifty day moving average of $15.29 and traded as high as $15.36. MainStay MacKay DefinedTerm Municipal Opportunities Fund shares last traded at $15.3050, with a volume of 22,955 shares changing hands.

MainStay MacKay DefinedTerm Municipal Opportunities Fund Trading Down 0.3%

The firm’s fifty day moving average is $15.29 and its 200-day moving average is $15.24.

MainStay MacKay DefinedTerm Municipal Opportunities Fund Announces Dividend

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

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Royal Bank of Canada lifted its stake in shares of MainStay MacKay DefinedTerm Municipal Opportunities Fund by 12.0% in the 1st quarter. Royal Bank of Canada now owns 162,191 shares of the closed-end fund’s stock valued at $2,446,000 after acquiring an additional 17,390 shares during the last quarter. AQR Capital Management LLC bought a new stake in MainStay MacKay DefinedTerm Municipal Opportunities Fund during the 1st quarter worth $606,000. Raymond James Financial Inc. grew its position in MainStay MacKay DefinedTerm Municipal Opportunities Fund by 27.5% during the 2nd quarter. Raymond James Financial Inc. now owns 501,635 shares of the closed-end fund’s stock worth $7,419,000 after acquiring an additional 108,288 shares during the last quarter. Bank of America Corp DE grew its position in MainStay MacKay DefinedTerm Municipal Opportunities Fund by 4.3% during the 2nd quarter. Bank of America Corp DE now owns 326,646 shares of the closed-end fund’s stock worth $4,831,000 after acquiring an additional 13,581 shares during the last quarter. Finally, Equitable Holdings Inc. increased its holdings in MainStay MacKay DefinedTerm Municipal Opportunities Fund by 11.6% in the 3rd quarter. Equitable Holdings Inc. now owns 26,560 shares of the closed-end fund’s stock worth $402,000 after purchasing an additional 2,759 shares in 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.