MainStay MacKay DefinedTerm Municipal Opportunities Fund (NYSE:MMD) to Issue Monthly Dividend of $0.06

MainStay MacKay DefinedTerm Municipal Opportunities Fund (NYSE:MMD) announced a monthly dividend on Monday, February 3rd,Wall Street Journal reports. Stockholders of record on Friday, February 14th will be given a dividend of 0.06 per share by the closed-end fund on Friday, February 28th. This represents a $0.72 annualized dividend and a dividend yield of 4.66%. The ex-dividend date of this dividend is Friday, February 14th.

MainStay MacKay DefinedTerm Municipal Opportunities Fund Price Performance

MMD opened at $15.46 on Wednesday. The company’s 50 day moving average is $15.23 and its 200 day moving average is $16.15. MainStay MacKay DefinedTerm Municipal Opportunities Fund has a 12-month low of $14.53 and a 12-month high of $17.00.

Insiders Place Their Bets

In other news, Portfolio Manager David Dowden acquired 3,300 shares of the firm’s stock in a transaction dated Friday, January 17th. The shares were purchased at an average cost of $14.92 per share, for a total transaction of $49,236.00. Following the transaction, the portfolio manager now directly owns 3,300 shares of the company’s stock, valued at approximately $49,236. This trade represents a ? increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Portfolio Manager John J. Lawlor bought 2,500 shares of the stock in a transaction that occurred on Wednesday, November 20th. The shares were purchased at an average price of $15.79 per share, for a total transaction of $39,475.00. Following the purchase, the portfolio manager now owns 2,500 shares in the company, valued at $39,475. This represents a ? increase in their position. The disclosure for this purchase can be found here. Insiders purchased a total of 7,800 shares of company stock worth $118,191 over the last quarter.

About MainStay MacKay DefinedTerm Municipal Opportunities Fund

MainStay DefinedTerm Municipal Opportunities Fund is a closed-ended fixed income mutual fund launched and managed by New York Life Investment 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 bonds which are exempt from regular U.S.