Steward Partners Investment Advisory LLC Trims Holdings in Rivernorth Managed Duration Municipal Income Fund Inc. (NYSEARCA:RMM)

Steward Partners Investment Advisory LLC lowered its stake in shares of Rivernorth Managed Duration Municipal Income Fund Inc. (NYSEARCA:RMM) by 11.5% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,315 shares of the company’s stock after selling 1,345 shares during the quarter. Steward Partners Investment Advisory LLC’s holdings in Rivernorth Managed Duration Municipal Income Fund were worth $149,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in RMM. Noble Wealth Management PBC bought a new stake in shares of Rivernorth Managed Duration Municipal Income Fund in the 4th quarter worth about $94,000. Oppenheimer & Co. Inc. grew its stake in Rivernorth Managed Duration Municipal Income Fund by 14.5% in the fourth quarter. Oppenheimer & Co. Inc. now owns 25,200 shares of the company’s stock worth $363,000 after purchasing an additional 3,200 shares in the last quarter. Wolverine Asset Management LLC bought a new stake in Rivernorth Managed Duration Municipal Income Fund in the fourth quarter valued at about $122,000. Truist Financial Corp raised its stake in Rivernorth Managed Duration Municipal Income Fund by 24.7% during the fourth quarter. Truist Financial Corp now owns 45,939 shares of the company’s stock valued at $662,000 after buying an additional 9,111 shares in the last quarter. Finally, Apollon Wealth Management LLC acquired a new stake in Rivernorth Managed Duration Municipal Income Fund during the fourth quarter valued at approximately $402,000.

Rivernorth Managed Duration Municipal Income Fund Trading Down 1.2 %

Shares of RMM opened at $14.38 on Monday. Rivernorth Managed Duration Municipal Income Fund Inc. has a 52 week low of $14.35 and a 52 week high of $16.37. The stock has a 50 day moving average of $14.93 and a 200-day moving average of $15.33.

Rivernorth Managed Duration Municipal Income Fund Cuts Dividend

The firm also recently announced a dividend, which was paid on Friday, January 31st. Shareholders of record on Thursday, January 16th were paid a dividend of $0.0905 per share. The ex-dividend date of this dividend was Wednesday, January 15th. This represents a yield of 7.32%.

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.