RiverNorth Flexible Municipal Income Fund (NYSEARCA:RFM) Trading Up 0.3% – Should You Buy?

RiverNorth Flexible Municipal Income Fund, Inc. (NYSEARCA:RFM) shares rose 0.3% during trading on Wednesday . The company traded as high as $14.64 and last traded at $14.63. Approximately 7,601 shares were traded during mid-day trading, a decline of 62% from the average daily volume of 20,147 shares. The stock had previously closed at $14.59.

RiverNorth Flexible Municipal Income Fund Stock Up 0.3%

The business has a fifty day moving average of $14.33 and a 200 day moving average of $14.30.

RiverNorth Flexible Municipal Income Fund Dividend Announcement

The firm also recently declared a monthly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 15th will be issued a $0.0881 dividend. The ex-dividend date of this dividend is Monday, June 15th. This represents a c) dividend on an annualized basis and a yield of 7.2%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of RFM. Rivernorth Capital Management LLC boosted its holdings in RiverNorth Flexible Municipal Income Fund by 318.5% in the first quarter. Rivernorth Capital Management LLC now owns 47,654 shares of the company’s stock valued at $669,000 after purchasing an additional 36,267 shares during the last quarter. Royal Bank of Canada boosted its holdings in RiverNorth Flexible Municipal Income Fund by 35.7% in the first quarter. Royal Bank of Canada now owns 67,484 shares of the company’s stock valued at $947,000 after purchasing an additional 17,738 shares during the last quarter. NewEdge Advisors LLC boosted its holdings in RiverNorth Flexible Municipal Income Fund by 322.8% in the second quarter. NewEdge Advisors LLC now owns 23,005 shares of the company’s stock valued at $321,000 after purchasing an additional 17,564 shares during the last quarter. Closed End Fund Advisors Inc. purchased a new position in RiverNorth Flexible Municipal Income Fund in the fourth quarter valued at about $219,000. Finally, &PARTNERS purchased a new position in RiverNorth Flexible Municipal Income Fund in the fourth quarter valued at about $214,000.

About RiverNorth Flexible Municipal Income Fund

The RiverNorth Flexible Municipal Income Fund, Inc seeks to provide current income exempt from regular U.S. federal income taxes1 with a secondary objective of total return.