MainStay MacKay DefinedTerm Municipal Opportunities Fund (NYSE:MMD) Stock Price Crosses Above Fifty Day Moving Average – Here’s What Happened

MainStay MacKay DefinedTerm Municipal Opportunities Fund (NYSE:MMD) shares crossed above its fifty day moving average during trading on Friday . The stock has a fifty day moving average of $14.96 and traded as high as $15.26. MainStay MacKay DefinedTerm Municipal Opportunities Fund shares last traded at $15.2150, with a volume of 31,808 shares traded.

MainStay MacKay DefinedTerm Municipal Opportunities Fund Price Performance

The firm has a 50 day moving average price of $14.96 and a two-hundred day moving average price of $14.90.

MainStay MacKay DefinedTerm Municipal Opportunities Fund Announces Dividend

The company also recently declared a monthly dividend, which will be paid on Wednesday, April 1st. Shareholders of record on Monday, March 16th will be issued a dividend of $0.065 per share. The ex-dividend date is Monday, March 16th. This represents a c) annualized dividend and a yield of 5.1%.

Insider Activity

In other news, Portfolio Manager Robert A. Dimella sold 11,965 shares of the company’s stock in a transaction on Thursday, November 20th. The shares were sold at an average price of $14.84, for a total value of $177,560.60. The transaction was disclosed in a document filed with the SEC, which is available through this link.

Hedge Funds Weigh In On MainStay MacKay DefinedTerm Municipal Opportunities Fund

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Hennion & Walsh Asset Management Inc. grew its holdings in MainStay MacKay DefinedTerm Municipal Opportunities Fund by 45.4% during the 3rd quarter. Hennion & Walsh Asset Management Inc. now owns 700,522 shares of the closed-end fund’s stock worth $10,599,000 after acquiring an additional 218,799 shares during the period. Raymond James Financial Inc. boosted its position in shares of MainStay MacKay DefinedTerm Municipal Opportunities Fund by 13.2% during the 3rd quarter. Raymond James Financial Inc. now owns 567,803 shares of the closed-end fund’s stock valued at $8,591,000 after purchasing an additional 66,168 shares in the last quarter. Bank of America Corp DE grew its stake in MainStay MacKay DefinedTerm Municipal Opportunities Fund by 4.3% during the second quarter. Bank of America Corp DE now owns 326,646 shares of the closed-end fund’s stock worth $4,831,000 after purchasing an additional 13,581 shares during the period. Guggenheim Capital LLC increased its holdings in MainStay MacKay DefinedTerm Municipal Opportunities Fund by 128.0% in the second quarter. Guggenheim Capital LLC now owns 291,477 shares of the closed-end fund’s stock worth $4,311,000 after purchasing an additional 163,614 shares in the last quarter. Finally, Royal Bank of Canada lifted its stake in MainStay MacKay DefinedTerm Municipal Opportunities Fund by 12.0% in the first quarter. Royal Bank of Canada now owns 162,191 shares of the closed-end fund’s stock valued at $2,446,000 after buying an additional 17,390 shares during the period.

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.