Raymond James Financial Inc. Invests $2.72 Million in Putnam Managed Municipal Income Trust (NYSE:PMM)

Raymond James Financial Inc. purchased a new stake in shares of Putnam Managed Municipal Income Trust (NYSE:PMM) during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 455,685 shares of the company’s stock, valued at approximately $2,720,000. Raymond James Financial Inc. owned approximately 0.98% of Putnam Managed Municipal Income Trust at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Avior Wealth Management LLC boosted its stake in Putnam Managed Municipal Income Trust by 235.9% in the fourth quarter. Avior Wealth Management LLC now owns 4,142 shares of the company’s stock valued at $25,000 after acquiring an additional 2,909 shares during the last quarter. Sanctuary Advisors LLC purchased a new position in Putnam Managed Municipal Income Trust during the 3rd quarter valued at about $70,000. Noble Wealth Management PBC purchased a new stake in Putnam Managed Municipal Income Trust in the 4th quarter worth approximately $104,000. Oppenheimer & Co. Inc. purchased a new position in Putnam Managed Municipal Income Trust during the fourth quarter worth about $350,000. Finally, Van ECK Associates Corp raised its stake in Putnam Managed Municipal Income Trust by 3.6% in the fourth quarter. Van ECK Associates Corp now owns 341,484 shares of the company’s stock valued at $2,039,000 after purchasing an additional 11,828 shares in the last quarter. 13.54% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Putnam Managed Municipal Income Trust news, major shareholder Of America Corp /De/ Bank bought 16,585 shares of Putnam Managed Municipal Income Trust stock in a transaction dated Friday, January 10th. The shares were purchased at an average cost of $6.02 per share, with a total value of $99,841.70. Following the completion of the purchase, the insider now owns 16,585 shares of the company’s stock, valued at approximately $99,841.70. This represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.01% of the stock is currently owned by insiders.

Putnam Managed Municipal Income Trust Price Performance

PMM stock opened at $6.16 on Friday. The firm has a 50 day simple moving average of $6.23 and a two-hundred day simple moving average of $6.26. Putnam Managed Municipal Income Trust has a one year low of $5.83 and a one year high of $6.61.

Putnam Managed Municipal Income Trust Announces Dividend

The firm also recently declared a monthly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 17th will be paid a dividend of $0.0238 per share. This represents a $0.29 annualized dividend and a dividend yield of 4.64%. The ex-dividend date of this dividend is Monday, March 17th.

Putnam Managed Municipal Income Trust Profile

Putnam Managed Municipal Income Trust is a close-ended fixed income mutual fund launched and managed by Putnam Investment Management LLC. It is co-managed by Putnam Investments Limited. The fund invests in the fixed income markets of the United States. It primarily invests in a diversified portfolio of tax-exempt municipal securities, including high-yield securities that are rated below investment grade.