Raymond James Financial Inc. Invests $900,000 in Rivernorth Managed Duration Municipal Income Fund Inc. (NYSEARCA:RMM)

Raymond James Financial Inc. bought a new position in shares of Rivernorth Managed Duration Municipal Income Fund Inc. (NYSEARCA:RMM) during the 4th quarter, according to its most recent 13F filing with the SEC. The fund bought 62,415 shares of the company’s stock, valued at approximately $900,000.

Other hedge funds also recently added to or reduced their stakes in the company. Stratos Wealth Partners LTD. grew its stake in shares of Rivernorth Managed Duration Municipal Income Fund by 1.0% during the fourth quarter. Stratos Wealth Partners LTD. now owns 432,452 shares of the company’s stock worth $6,234,000 after acquiring an additional 4,366 shares during the last quarter. Stifel Financial Corp grew its position in Rivernorth Managed Duration Municipal Income Fund by 37.5% during the 3rd quarter. Stifel Financial Corp now owns 329,524 shares of the company’s stock worth $5,295,000 after purchasing an additional 89,861 shares during the last quarter. U.S. Capital Wealth Advisors LLC increased its stake in Rivernorth Managed Duration Municipal Income Fund by 3.8% during the 4th quarter. U.S. Capital Wealth Advisors LLC now owns 98,325 shares of the company’s stock valued at $1,417,000 after purchasing an additional 3,630 shares in the last quarter. Truist Financial Corp raised its holdings in shares of Rivernorth Managed Duration Municipal Income Fund by 24.7% in the fourth quarter. Truist Financial Corp now owns 45,939 shares of the company’s stock worth $662,000 after buying an additional 9,111 shares during the last quarter. Finally, Apollon Wealth Management LLC acquired a new stake in shares of Rivernorth Managed Duration Municipal Income Fund during the fourth quarter worth $402,000.

Rivernorth Managed Duration Municipal Income Fund Price Performance

Shares of RMM opened at $13.89 on Friday. The company’s fifty day moving average price is $14.78 and its 200-day moving average price is $15.19. Rivernorth Managed Duration Municipal Income Fund Inc. has a 1-year low of $13.89 and a 1-year high of $16.37.

Rivernorth Managed Duration Municipal Income Fund Announces Dividend

The company also recently declared a monthly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 13th will be paid a dividend of $0.0905 per share. The ex-dividend date is Friday, June 13th. This represents a $1.09 annualized dividend and a yield of 7.82%.

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.