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

MainStay MacKay DefinedTerm Municipal Opportunities Fund (NYSE:MMD) was the target of a large decline in short interest in July. As of July 15th, there was short interest totaling 7,055 shares, a decline of 75.9% from the June 30th total of 29,270 shares. Based on an average daily volume of 52,389 shares, the short-interest ratio is presently 0.1 days.

Institutional Investors Weigh In On MainStay MacKay DefinedTerm Municipal Opportunities Fund

Large investors have recently made changes to their positions in the business. Thomas J. Herzfeld Advisors Inc. raised its stake in shares of MainStay MacKay DefinedTerm Municipal Opportunities Fund by 0.7% in the 4th quarter. Thomas J. Herzfeld Advisors Inc. now owns 97,226 shares of the closed-end fund’s stock valued at $1,446,000 after acquiring an additional 722 shares during the period. Royal Bank of Canada boosted its position in MainStay MacKay DefinedTerm Municipal Opportunities Fund by 0.8% during the 4th quarter. Royal Bank of Canada now owns 152,597 shares of the closed-end fund’s stock worth $2,269,000 after purchasing an additional 1,204 shares during the period. NewEdge Advisors LLC increased its holdings in MainStay MacKay DefinedTerm Municipal Opportunities Fund by 1.3% in the 1st quarter. NewEdge Advisors LLC now owns 97,220 shares of the closed-end fund’s stock valued at $1,444,000 after purchasing an additional 1,281 shares in the last quarter. Jane Street Group LLC raised its position in MainStay MacKay DefinedTerm Municipal Opportunities Fund by 6.7% in the fourth quarter. Jane Street Group LLC now owns 22,064 shares of the closed-end fund’s stock valued at $328,000 after purchasing an additional 1,389 shares during the period. Finally, Equitable Holdings Inc. lifted its stake in shares of MainStay MacKay DefinedTerm Municipal Opportunities Fund by 11.6% during the third 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.

MainStay MacKay DefinedTerm Municipal Opportunities Fund Trading Down 0.2%

Shares of NYSE:MMD opened at $15.02 on Tuesday. The stock has a 50-day simple moving average of $15.28 and a 200-day simple moving average of $15.25. MainStay MacKay DefinedTerm Municipal Opportunities Fund has a 1 year low of $14.40 and a 1 year high of $15.82.

MainStay MacKay DefinedTerm Municipal Opportunities Fund Dividend Announcement

The firm also recently declared a monthly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Tuesday, September 15th will be given a dividend of $0.0675 per share. This represents a c) dividend on an annualized basis and a yield of 5.4%. The ex-dividend date of this dividend is Tuesday, September 15th.

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.