MainStay MacKay DefinedTerm Municipal Opportunities Fund (NYSE:MMD) Stock Breaks Below 50 Day Moving Average – Here’s Why

MainStay MacKay DefinedTerm Municipal Opportunities Fund (NYSE:MMD) shares passed below its 50-day moving average during trading on Tuesday. The stock has a 50-day moving average of $14.06 and traded as low as $13.99. MainStay MacKay DefinedTerm Municipal Opportunities Fund shares last traded at $14.05, with a volume of 142,374 shares trading hands.

MainStay MacKay DefinedTerm Municipal Opportunities Fund Stock Performance

The business’s fifty day moving average price is $14.06 and its 200-day moving average price is $14.92.

MainStay MacKay DefinedTerm Municipal Opportunities Fund Announces Dividend

The business also recently disclosed a monthly dividend, which will be paid on Monday, January 4th. Investors of record on Tuesday, December 15th will be given a dividend of $0.0675 per share. The ex-dividend date is Tuesday, December 15th. This represents a $0.81 dividend on an annualized basis and a yield of 5.8%.

Institutional Investors Weigh In On MainStay MacKay DefinedTerm Municipal Opportunities Fund

A number of large investors have recently added to or reduced their stakes in the stock. Kelleher Financial Advisors raised its stake in MainStay MacKay DefinedTerm Municipal Opportunities Fund by 100.0% during the 2nd quarter. Kelleher Financial Advisors now owns 1,840 shares of the closed-end fund’s stock valued at $29,000 after buying an additional 920 shares during the last quarter. Fifth Third Bancorp bought a new stake in shares of MainStay MacKay DefinedTerm Municipal Opportunities Fund in the first quarter worth $54,000. Oppenheimer & Co. Inc. increased its position in MainStay MacKay DefinedTerm Municipal Opportunities Fund by 10.1% during the second quarter. Oppenheimer & Co. Inc. now owns 11,242 shares of the closed-end fund’s stock valued at $174,000 after acquiring an additional 1,034 shares during the last quarter. Main Street Financial Solutions LLC purchased a new stake in MainStay MacKay DefinedTerm Municipal Opportunities Fund during the second quarter valued at $191,000. Finally, Kestra Advisory Services LLC increased 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 acquiring an additional 8,941 shares during the last quarter.

About MainStay MacKay DefinedTerm Municipal Opportunities Fund

MainStay MacKay DefinedTerm Municipal Opportunities Fund is a closed-end investment fund listed on the New York Stock Exchange under the symbol MMD. The fund is designed to provide current income that is generally exempt from federal income tax by investing primarily in municipal securities issued by states, cities, counties and other governmental entities. The fund’s portfolio may include investment-grade and below-investment-grade municipal bonds, as well as other tax-exempt securities. Its investments can support a range of public projects and services, including education, transportation, health care, utilities and housing.