RiverNorth Flexible Municipal Income Fund (NYSEARCA:RFM) Shares Up 0.2% – Still a Buy?

Posted by Lars Charter on Dec 5th, 2024

Shares of RiverNorth Flexible Municipal Income Fund, Inc. (NYSEARCA:RFM – Get Free Report) rose 0.2% during trading on Wednesday . The company traded as high as $16.15 and last traded at $16.11. Approximately 28,068 shares changed hands during trading, an increase of 74% from the average daily volume of 16,139 shares. The stock had previously closed at $16.07.

RiverNorth Flexible Municipal Income Fund Stock Performance

The stock’s 50 day simple moving average is $15.99 and its 200 day simple moving average is $16.01.

RiverNorth Flexible Municipal Income Fund Dividend Announcement

The company also recently announced a monthly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th will be paid a $0.0954 dividend. The ex-dividend date is Friday, December 13th. This represents a $1.14 annualized dividend and a dividend yield of 7.11%.

Hedge Funds Weigh In On RiverNorth Flexible Municipal Income Fund

Institutional investors have recently added to or reduced their stakes in the stock. B. Riley Wealth Advisors Inc. purchased a new stake in RiverNorth Flexible Municipal Income Fund during the first quarter valued at about $204,000. &PARTNERS lifted its holdings in shares of RiverNorth Flexible Municipal Income Fund by 17.8% in the second quarter. &PARTNERS now owns 16,564 shares of the company’s stock worth $268,000 after buying an additional 2,500 shares in the last quarter. SteelPeak Wealth LLC bought a new position in shares of RiverNorth Flexible Municipal Income Fund in the third quarter worth approximately $313,000. Finally, Wolverine Asset Management LLC bought a new position in shares of RiverNorth Flexible Municipal Income Fund in the third quarter worth approximately $770,000.

About RiverNorth Flexible Municipal Income Fund

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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.