Stratos Wealth Partners LTD. has reduced its investment in the RiverNorth Opportunistic Municipal Income Fund, Inc. (NYSE:RMI) by 8.4% during the second quarter of 2023. According to a recent filing with the Securities and Exchange Commission (SEC), the firm sold 39,891 shares, leaving it with a total of 432,355 shares valued at approximately $6,163,000.
Several other institutional investors have also adjusted their holdings in RiverNorth. Notably, Bank of America Corp DE increased its stake in the fund by 35.6% in the fourth quarter, acquiring an additional 640 shares, bringing its total to 2,440 shares worth around $37,000. Meanwhile, Advisor Resource Council entered a new position in the fund during the first quarter, investing about $235,000.
Additionally, River Street Advisors LLC and Concurrent Investment Advisors LLC have recently expanded their positions. River Street Advisors invested approximately $294,000 in the second quarter, while Concurrent Investment Advisors boosted its holdings by 24.2%, now owning 23,645 shares valued at $353,000 after acquiring 4,600 additional shares.
The investment landscape for RiverNorth has seen significant activity, including insider transactions. On October 15, 2023, Financial Holdings Rivernorth purchased 4,138 shares at an average price of $14.74 per share, totaling around $60,994. Following this acquisition, the insider’s position increased by 193.09%, bringing their total holdings to 6,281 shares valued at about $92,581.94. In the last quarter alone, insiders acquired 9,322 shares worth $137,099.
Dividend Announcement and Stock Performance
In addition to recent trading activities, the RiverNorth Opportunistic Municipal Income Fund announced a monthly dividend. Shareholders on record as of December 15, 2023, will receive a dividend of $0.0945 per share, with the payment scheduled for December 31, 2023. This represents an annualized yield of 7.8%, indicating a commitment to providing returns to investors.
The RiverNorth Opportunistic Municipal Income Fund aims to deliver current income that is exempt from regular U.S. federal income taxes, while also focusing on total return. The active trading and adjustments in holdings among various institutional investors reflect a dynamic interest in the fund’s performance and future potential.
For those interested in the latest investment trends, HoldingsChannel.com offers insights into hedge fund activities and insider trades related to RiverNorth and similar investment opportunities.
