Independent Advisor Alliance Invests $427,000 in Rivernorth Managed Duration Municipal Income Fund Inc. (NYSEARCA:RMM)

Independent Advisor Alliance bought a new position in Rivernorth Managed Duration Municipal Income Fund Inc. (NYSEARCA:RMM) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 29,605 shares of the company’s stock, valued at approximately $427,000.

Other hedge funds have also recently modified their holdings of the company. Truist Financial Corp boosted its stake 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. Oppenheimer & Co. Inc. boosted its position in Rivernorth Managed Duration Municipal Income Fund by 14.5% during 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. Apollon Wealth Management LLC purchased a new position in Rivernorth Managed Duration Municipal Income Fund during the fourth quarter worth approximately $402,000. Stifel Financial Corp boosted its position in Rivernorth Managed Duration Municipal Income Fund by 37.5% during the third 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 in the last quarter. Finally, Advisors Asset Management Inc. boosted its position in Rivernorth Managed Duration Municipal Income Fund by 65.3% during the third quarter. Advisors Asset Management Inc. now owns 113,914 shares of the company’s stock worth $1,831,000 after purchasing an additional 45,002 shares in the last quarter.

Rivernorth Managed Duration Municipal Income Fund Trading Up 0.1 %

Shares of RMM stock opened at $14.39 on Tuesday. The business’s 50 day moving average is $14.92 and its two-hundred day moving average is $15.32. Rivernorth Managed Duration Municipal Income Fund Inc. has a 12-month low of $14.35 and a 12-month high of $16.37.

Rivernorth Managed Duration Municipal Income Fund Cuts Dividend

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

Rivernorth Managed Duration Municipal Income Fund Profile

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.