Putnam Mun Oppo (NYSE:PMO) Stock Crosses Above 50-Day Moving Average – What’s Next?

Putnam Mun Oppo (NYSE:PMO) shares crossed above its 50-day moving average during trading on Thursday . The stock has a 50-day moving average of $10.43 and traded as high as $10.67. Putnam Mun Oppo shares last traded at $10.67, with a volume of 26,378 shares.

Putnam Mun Oppo Stock Up 1.0%

The company’s 50 day moving average price is $10.43 and its 200-day moving average price is $10.50.

Putnam Mun Oppo Announces Dividend

The company also recently declared a monthly dividend, which will be paid on Monday, August 31st. Investors of record on Monday, August 24th will be issued a dividend of $0.033 per share. The ex-dividend date is Monday, August 24th. This represents a c) annualized dividend and a yield of 3.7%.

Institutional Investors Weigh In On Putnam Mun Oppo

Several institutional investors and hedge funds have recently added to or reduced their stakes in PMO. Rivernorth Capital Management LLC lifted its position in shares of Putnam Mun Oppo by 60.4% during the 1st quarter. Rivernorth Capital Management LLC now owns 685,823 shares of the financial services provider’s stock worth $7,064,000 after buying an additional 258,198 shares in the last quarter. Bank of New York Mellon Corp bought a new position in shares of Putnam Mun Oppo in the first quarter valued at approximately $500,000. Fifth Third Bancorp increased its position in shares of Putnam Mun Oppo by 269.4% during the first quarter. Fifth Third Bancorp now owns 9,379 shares of the financial services provider’s stock valued at $97,000 after acquiring an additional 6,840 shares during the last quarter. Folger Nolan Fleming Douglas Capital Management Inc. purchased a new stake in shares of Putnam Mun Oppo during the first quarter valued at approximately $126,000. Finally, Worthington Financial Partners LLC bought a new stake in Putnam Mun Oppo during the fourth quarter worth $1,627,000. Hedge funds and other institutional investors own 20.40% of the company’s stock.

About Putnam Mun Oppo

Putnam Municipal Opportunities Trust (NYSE: PMO) is a diversified closed-end management investment company that seeks to provide current income exempt from federal income tax with a secondary objective of capital preservation. Established in 1982 and advised by Putnam Investment Management, the Trust invests primarily in municipal securities issued by U.S. states, municipalities and their instrumentalities. Its strategy combines high-quality bonds with selectively chosen sectors in the municipal market to generate tax-advantaged income for shareholders.

The Trust’s portfolio generally comprises general obligation bonds, revenue bonds and insured municipal securities, as well as unrated issues judged by its adviser to possess equivalent credit quality.