ProVise Management Group LLC Acquires 19,149 Shares of Rivernorth Managed Duration Municipal Income Fund Inc. (NYSEARCA:RMM)

ProVise Management Group LLC boosted its stake in shares of Rivernorth Managed Duration Municipal Income Fund Inc. (NYSEARCA:RMM) by 13.6% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 159,630 shares of the company’s stock after acquiring an additional 19,149 shares during the quarter. ProVise Management Group LLC’s holdings in Rivernorth Managed Duration Municipal Income Fund were worth $2,436,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in RMM. Robinson Capital Management LLC bought a new position in shares of Rivernorth Managed Duration Municipal Income Fund during the 1st quarter valued at approximately $1,265,000. Oppenheimer & Co. Inc. purchased a new stake in shares of Rivernorth Managed Duration Municipal Income Fund in the first quarter valued at $353,000. Fairhaven Wealth Management LLC bought a new stake in shares of Rivernorth Managed Duration Municipal Income Fund in the 1st quarter worth about $295,000. Avantax Advisory Services Inc. purchased a new position in shares of Rivernorth Managed Duration Municipal Income Fund during the 1st quarter worth about $150,000. Finally, U.S. Capital Wealth Advisors LLC boosted its stake in shares of Rivernorth Managed Duration Municipal Income Fund by 8.0% during the 2nd quarter. U.S. Capital Wealth Advisors LLC now owns 94,695 shares of the company’s stock worth $1,445,000 after purchasing an additional 7,040 shares during the period.

Rivernorth Managed Duration Municipal Income Fund Price Performance

Rivernorth Managed Duration Municipal Income Fund stock opened at $15.75 on Friday. Rivernorth Managed Duration Municipal Income Fund Inc. has a 1-year low of $12.32 and a 1-year high of $16.15. The company’s 50-day moving average is $15.51 and its 200 day moving average is $15.14.

Rivernorth Managed Duration Municipal Income Fund Announces Dividend

The firm also recently declared a monthly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, September 13th will be issued a $0.0916 dividend. The ex-dividend date is Friday, September 13th. This represents a $1.10 annualized dividend and a dividend yield of 6.98%.

Rivernorth Managed Duration Municipal Income Fund Company 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.