Rivernorth Managed Duration Municipal Income Fund Inc. (NYSE:RMM) Shareholders to Collect $0.08 Monthly Dividend

Rivernorth Managed Duration Municipal Income Fund Inc. (NYSE:RMM) announced a monthly dividend on Thursday, October 1st. Investors of record on Tuesday, December 15th will be paid a dividend of $0.0847 per share on Thursday, December 31st. This represents a $1.02 dividend on an annualized basis and a yield of 8.0%. The ex-dividend date of this dividend is Tuesday, December 15th.

Rivernorth Managed Duration Municipal Income Fund Price Performance

NYSE RMM traded up $0.11 during trading on Friday, hitting $12.70. 5,819 shares of the company traded hands, compared to its average volume of 53,012. Rivernorth Managed Duration Municipal Income Fund has a 12 month low of $12.15 and a 12 month high of $15.00. The business has a fifty day simple moving average of $13.95 and a 200 day simple moving average of $14.22.

Institutional Investors Weigh In On Rivernorth Managed Duration Municipal Income Fund

Several institutional investors and hedge funds have recently added to or reduced their stakes in RMM. NewEdge Advisors LLC lifted its position in Rivernorth Managed Duration Municipal Income Fund by 10.5% during the 1st quarter. NewEdge Advisors LLC now owns 17,850 shares of the company’s stock worth $243,000 after acquiring an additional 1,700 shares during the last quarter. Arkadios Wealth Advisors acquired a new stake in shares of Rivernorth Managed Duration Municipal Income Fund in the first quarter valued at about $1,472,000. Rivernorth Capital Management LLC acquired a new stake in shares of Rivernorth Managed Duration Municipal Income Fund in the first quarter valued at about $182,000. Gateway Wealth Partners LLC increased its stake in shares of Rivernorth Managed Duration Municipal Income Fund by 174.5% in the first quarter. Gateway Wealth Partners LLC now owns 115,380 shares of the company’s stock worth $1,573,000 after purchasing an additional 73,345 shares during the period. Finally, Fifth Third Bancorp bought a new position in shares of Rivernorth Managed Duration Municipal Income Fund in the first quarter worth about $82,000.

About Rivernorth Managed Duration Municipal Income Fund

Rivernorth Managed Duration Municipal Income Fund Inc is a closed ended fixed income mutual fund launched and managed by RiverNorth Capital Management, LLC. The fund is co-managed by MacKay Shields LLC. It invests in the fixed income markets of the United States. The fund primarily invests in investment grade municipal debt securities. It seeks to invest in securities of any maturity. The fund employs a combination of fundamental and quantitative analysis. It benchmarks the performance of its portfolio against the Bloomberg Barclays Municipal Bond Index.