RiverNorth Opportunities Fund (NYSE:RIV) Stock Price Down 1.3% – Here’s Why

RiverNorth Opportunities Fund, Inc. (NYSE:RIV) shares were down 1.3% during mid-day trading on Thursday . The stock traded as low as $11.25 and last traded at $11.2710. 54,822 shares were traded during mid-day trading, a decline of 33% from the average session volume of 82,383 shares. The stock had previously closed at $11.42.

RiverNorth Opportunities Fund Stock Down 1.3%

The stock’s fifty day moving average price is $11.54 and its two-hundred day moving average price is $11.65.

RiverNorth Opportunities Fund Dividend Announcement

The firm also recently declared a monthly dividend, which will be paid on Friday, July 31st. Shareholders of record on Wednesday, July 15th will be paid a $0.1306 dividend. The ex-dividend date of this dividend is Wednesday, July 15th. This represents a c) annualized dividend and a yield of 13.9%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Gateway Wealth Partners LLC purchased a new position in shares of RiverNorth Opportunities Fund in the fourth quarter worth about $119,000. Alterna Wealth Management Inc. purchased a new stake in RiverNorth Opportunities Fund during the 2nd quarter valued at about $128,000. CIBC Bancorp USA Inc. bought a new position in RiverNorth Opportunities Fund during the 3rd quarter worth approximately $136,000. WealthTrust Asset Management LLC grew its position in RiverNorth Opportunities Fund by 13.7% during the 1st quarter. WealthTrust Asset Management LLC now owns 15,123 shares of the company’s stock worth $168,000 after acquiring an additional 1,821 shares during the last quarter. Finally, NewEdge Advisors LLC increased its stake in RiverNorth Opportunities Fund by 5.9% in the 3rd quarter. NewEdge Advisors LLC now owns 19,700 shares of the company’s stock worth $236,000 after purchasing an additional 1,100 shares during the period.

About RiverNorth Opportunities Fund

RiverNorth Opportunities Fund (NYSE:RIV) is a closed-end management investment company that seeks to deliver total return through a combination of current income and capital appreciation. Listed on the New York Stock Exchange, the fund employs an unconstrained, actively managed approach to investing across a broad array of convertible and derivative securities.

The fund’s primary investments include convertible bonds, convertible preferred stocks, synthetic convertible instruments (such as caps, floors and spreads), and related derivative instruments.