Rivernorth Managed Duration Municipal Income Fund Inc. Announces Dividend of $0.09 (NYSEARCA:RMM)

Rivernorth Managed Duration Municipal Income Fund Inc. (NYSEARCA:RMM) declared a dividend on Tuesday, May 13th, investing.com reports. Shareholders of record on Friday, May 16th will be paid a dividend of 0.0905 per share on Friday, May 30th. This represents a yield of 7.74%. The ex-dividend date is Thursday, May 15th.

Rivernorth Managed Duration Municipal Income Fund Stock Up 0.0%

Shares of RMM traded up $0.01 during mid-day trading on Tuesday, hitting $14.04. The company’s stock had a trading volume of 2,504 shares, compared to its average volume of 58,907. Rivernorth Managed Duration Municipal Income Fund has a one year low of $12.55 and a one year high of $16.37. The stock’s 50-day moving average is $13.88 and its two-hundred day moving average is $14.70.

Insider Buying and Selling at Rivernorth Managed Duration Municipal Income Fund

In related news, President Patrick W. Galley purchased 4,000 shares of the firm’s stock in a transaction dated Wednesday, April 9th. The shares were acquired at an average cost of $13.14 per share, with a total value of $52,560.00. Following the completion of the purchase, the president now directly owns 15,000 shares of the company’s stock, valued at $197,100. This trade represents a 36.36% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.

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.