RiverNorth Opportunistic Municipal Income Fund, Inc. (NYSE:RMI) Sees Large Increase in Short Interest

RiverNorth Opportunistic Municipal Income Fund, Inc. (NYSE:RMI) was the recipient of a significant growth in short interest during the month of August. As of August 31st, there was short interest totalling 6,400 shares, a growth of 276.5% from the August 15th total of 1,700 shares. Based on an average trading volume of 10,900 shares, the days-to-cover ratio is presently 0.6 days.

Shares of NYSE:RMI traded down $0.17 during trading on Friday, reaching $23.34. 8,187 shares of the stock were exchanged, compared to its average volume of 11,939. The firm’s 50-day moving average price is $23.66 and its 200 day moving average price is $22.92. RiverNorth Opportunistic Municipal Income Fund has a 12-month low of $19.99 and a 12-month high of $24.24.

The firm also recently declared a monthly dividend, which will be paid on Thursday, September 30th. Shareholders of record on Thursday, September 16th will be given a dividend of $0.0917 per share. The ex-dividend date of this dividend is Wednesday, September 15th. This represents a $1.10 dividend on an annualized basis and a yield of 4.71%.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. US Bancorp DE purchased a new stake in shares of RiverNorth Opportunistic Municipal Income Fund during the 1st quarter valued at about $26,000. UBS Group AG boosted its stake in shares of RiverNorth Opportunistic Municipal Income Fund by 8.8% in the first quarter. UBS Group AG now owns 112,194 shares of the company’s stock valued at $2,465,000 after purchasing an additional 9,033 shares during the period. Thomas J. Herzfeld Advisors Inc. increased its stake in RiverNorth Opportunistic Municipal Income Fund by 8.1% during the 1st quarter. Thomas J. Herzfeld Advisors Inc. now owns 38,571 shares of the company’s stock worth $847,000 after buying an additional 2,878 shares during the period. Morgan Stanley lifted its holdings in RiverNorth Opportunistic Municipal Income Fund by 9.0% in the 1st quarter. Morgan Stanley now owns 133,025 shares of the company’s stock worth $2,923,000 after buying an additional 10,933 shares in the last quarter. Finally, Advisors Asset Management Inc. purchased a new position in RiverNorth Opportunistic Municipal Income Fund in the 2nd quarter valued at about $353,000.

About RiverNorth Opportunistic Municipal Income Fund

The RiverNorth Opportunistic Municipal Income Fund, Inc (the “Fund”) seeks to provide current income exempt from regular U.S. federal income taxes1 with a secondary objective of total return.

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