MainStay MacKay DefinedTerm Municipal Opportunities Fund (NYSE:MMD – Get Free Report) declared a monthly dividend on Wednesday, April 1st. Shareholders of record on Friday, May 15th will be given a dividend of 0.0675 per share by the closed-end fund on Monday, June 1st. This represents a c) dividend on an annualized basis and a yield of 5.3%. The ex-dividend date of this dividend is Friday, May 15th.
MainStay MacKay DefinedTerm Municipal Opportunities Fund Price Performance
MMD stock traded up $0.01 during trading on Wednesday, reaching $15.24. 11,026 shares of the company were exchanged, compared to its average volume of 61,895. The company has a 50-day moving average of $15.10 and a two-hundred day moving average of $15.14. MainStay MacKay DefinedTerm Municipal Opportunities Fund has a twelve month low of $14.36 and a twelve month high of $15.82.
Institutional Inflows and Outflows
Several large investors have recently bought and sold shares of the stock. Readystate Asset Management LP bought a new stake in MainStay MacKay DefinedTerm Municipal Opportunities Fund in the fourth quarter valued at approximately $269,000. Main Street Financial Solutions LLC lifted its stake in shares of MainStay MacKay DefinedTerm Municipal Opportunities Fund by 34.4% in the fourth quarter. Main Street Financial Solutions LLC now owns 13,603 shares of the closed-end fund’s stock valued at $202,000 after buying an additional 3,482 shares in the last quarter. Elevation Point Wealth Partners LLC bought a new stake in MainStay MacKay DefinedTerm Municipal Opportunities Fund during the 3rd quarter worth approximately $184,000. Kestra Advisory Services LLC purchased a new stake in shares of MainStay MacKay DefinedTerm Municipal Opportunities Fund in the fourth quarter worth approximately $96,000. Finally, Bank of New York Mellon Corp lifted its holdings in shares of MainStay MacKay DefinedTerm Municipal Opportunities Fund by 56.6% in the first quarter. Bank of New York Mellon Corp now owns 37,249 shares of the closed-end fund’s stock valued at $553,000 after purchasing an additional 13,468 shares in the last quarter.
About MainStay MacKay DefinedTerm Municipal Opportunities Fund
The MainStay MacKay DefinedTerm Municipal Opportunities Fund (NYSE: MMD) is a closed-end, diversified management investment company that seeks to provide a high level of tax-exempt income. The fund primarily invests in investment-grade municipal securities, including general obligation bonds, revenue bonds and other state and local government obligations. By focusing on tax-exempt instruments, MMD aims to enhance after-tax yields for its shareholders, making it an option for investors in higher tax brackets who seek municipal bond exposure through a publicly traded vehicle.
As a defined-term fund, MMD was structured with a predetermined termination date at which point the portfolio is expected to be liquidated and proceeds returned to investors.
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