RiverNorth Opportunistic Municipal Income Fund (NYSE:RMI) Shares Down 0.2% – Time to Sell?

by · The Markets Daily

RiverNorth Opportunistic Municipal Income Fund, Inc. (NYSE:RMI – Get Free Report)’s stock price fell 0.2% on Wednesday . The stock traded as low as $14.44 and last traded at $14.4650. 39,670 shares were traded during mid-day trading, an increase of 38% from the average session volume of 28,767 shares. The stock had previously closed at $14.49.

RiverNorth Opportunistic Municipal Income Fund Stock Performance

The firm’s 50 day simple moving average is $14.57 and its 200 day simple moving average is $14.35.

RiverNorth Opportunistic Municipal Income Fund Dividend Announcement

The firm also recently announced a monthly dividend, which will be paid on Wednesday, December 31st. Investors of record on Monday, December 15th will be given a dividend of $0.0945 per share. The ex-dividend date is Monday, December 15th. This represents a c) dividend on an annualized basis and a yield of 7.8%.

Insider Buying and Selling

In related news, insider Financial Holdings Rivernorth purchased 5,558 shares of the business’s stock in a transaction on Monday, November 24th. The shares were bought at an average cost of $14.48 per share, with a total value of $80,479.84. Following the transaction, the insider owned 75,455 shares of the company’s stock, valued at approximately $1,092,588.40. This trade represents a 7.95% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders have acquired 71,178 shares of company stock valued at $1,037,161 over the last 90 days.

Institutional Investors Weigh In On RiverNorth Opportunistic Municipal Income Fund

Several hedge funds have recently modified their holdings of RMI. Bank of America Corp DE increased its stake in shares of RiverNorth Opportunistic Municipal Income Fund by 35.6% in the 4th quarter. Bank of America Corp DE now owns 2,440 shares of the company’s stock valued at $37,000 after purchasing an additional 640 shares in the last quarter. Osaic Holdings Inc. grew its holdings in RiverNorth Opportunistic Municipal Income Fund by 17.0% in the second quarter. Osaic Holdings Inc. now owns 15,909 shares of the company’s stock valued at $227,000 after purchasing an additional 2,315 shares during the period. Arlington Capital Management Inc. purchased a new stake in shares of RiverNorth Opportunistic Municipal Income Fund in the third quarter valued at approximately $253,000. River Street Advisors LLC purchased a new stake in shares of RiverNorth Opportunistic Municipal Income Fund in the second quarter valued at approximately $294,000. Finally, Plancorp LLC acquired a new position in shares of RiverNorth Opportunistic Municipal Income Fund during the 3rd quarter worth approximately $308,000.

About RiverNorth Opportunistic Municipal Income Fund

(Get Free Report)

RiverNorth Opportunistic Municipal Income Fund (NYSE:RMI) is a closed-end management investment company that seeks to deliver tax-exempt income through diversified exposure to U.S. municipal securities. The fund is structured as a non-diversified, interval fund and primarily caters to investors pursuing high-quality, tax-advantaged income from state and local government obligations.

RMI employs an opportunistic, value-oriented investment process, focusing on both traditional investment-grade bonds and specialized niches within the municipal market.

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