RiverNorth Opportunistic Municipal Income Fund (NYSE:RMI) Stock Price Down 0.2% – Here’s Why

RiverNorth Opportunistic Municipal Income Fund, Inc. (NYSE:RMI)’s stock price dropped 0.2% on Monday . The stock traded as low as $15.42 and last traded at $15.5110. Approximately 15,311 shares traded hands during trading, a decline of 59% from the average daily volume of 36,920 shares. The stock had previously closed at $15.54.

RiverNorth Opportunistic Municipal Income Fund Price Performance

The business has a 50-day moving average of $15.02 and a 200-day moving average of $14.66.

RiverNorth Opportunistic Municipal Income Fund Dividend Announcement

The company also recently announced a monthly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Monday, March 16th will be paid a $0.0889 dividend. The ex-dividend date of this dividend is Monday, March 16th. This represents a c) annualized dividend and a dividend yield of 6.8%.

Insider Activity

In other news, insider Financial Holdings Rivernorth purchased 3,941 shares of the company’s stock in a transaction that occurred on Monday, December 22nd. The stock was purchased at an average cost of $14.47 per share, with a total value of $57,026.27. Following the purchase, the insider owned 84,454 shares in the company, valued at approximately $1,222,049.38. This trade represents a 4.89% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Institutional Trading of RiverNorth Opportunistic Municipal Income Fund

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in RMI. Osaic Holdings Inc. boosted its position in shares of RiverNorth Opportunistic Municipal Income Fund by 20.5% during the fourth quarter. Osaic Holdings Inc. now owns 34,764 shares of the company’s stock valued at $497,000 after buying an additional 5,917 shares during the period. Royal Bank of Canada raised its holdings in shares of RiverNorth Opportunistic Municipal Income Fund by 1.2% in the fourth quarter. Royal Bank of Canada now owns 96,874 shares of the company’s stock worth $1,386,000 after buying an additional 1,141 shares during the period. Janney Montgomery Scott LLC bought a new stake in shares of RiverNorth Opportunistic Municipal Income Fund during the 4th quarter worth approximately $161,000. Arlington Capital Management Inc. boosted its holdings in RiverNorth Opportunistic Municipal Income Fund by 6.6% during the 4th quarter. Arlington Capital Management Inc. now owns 18,442 shares of the company’s stock valued at $264,000 after acquiring an additional 1,141 shares during the period. Finally, Noble Wealth Management PBC boosted its holdings in RiverNorth Opportunistic Municipal Income Fund by 6.8% during the 4th quarter. Noble Wealth Management PBC now owns 15,492 shares of the company’s stock valued at $222,000 after acquiring an additional 992 shares during the period.

About RiverNorth Opportunistic Municipal Income Fund

RiverNorth Opportunistic Municipal Income Fund (NYSE:RMI) is a closed-end management investment company that seeks to deliver tax-exempt income through diversified exposure to U.S. municipal securities. The fund is structured as a non-diversified, interval fund and primarily caters to investors pursuing high-quality, tax-advantaged income from state and local government obligations.

RMI employs an opportunistic, value-oriented investment process, focusing on both traditional investment-grade bonds and specialized niches within the municipal market.