Insider Buying: Mainstay Definedterm Municipal Opptys Fd (NYSE:MMD) Director Buys $507,500.00 in Stock

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Mainstay Definedterm Municipal Opptys Fd (NYSE:MMD) Director Richard H. Nolan, Jr. purchased 25,000 shares of the stock in a transaction that occurred on Thursday, March 7th. The shares were acquired at an average cost of $20.30 per share, for a total transaction of $507,500.00. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

NYSE:MMD opened at $20.62 on Friday. Mainstay Definedterm Municipal Opptys Fd has a 52 week low of $19.02 and a 52 week high of $21.25. The firm’s 50-day simple moving average is $20.74 and its 200 day simple moving average is $20.40.

The firm also recently declared a monthly dividend, which will be paid on Friday, August 30th. Investors of record on Thursday, August 15th will be given a dividend of $0.085 per share. This represents a $1.02 dividend on an annualized basis and a yield of 4.95%. The ex-dividend date is Wednesday, August 14th.

A number of institutional investors have recently made changes to their positions in MMD. Mercer Global Advisors Inc. ADV acquired a new stake in Mainstay Definedterm Municipal Opptys Fd during the first quarter worth about $195,000. Pennsylvania Trust Co acquired a new stake in Mainstay Definedterm Municipal Opptys Fd during the first quarter worth about $499,000. Summit Financial Wealth Advisors LLC raised its stake in Mainstay Definedterm Municipal Opptys Fd by 9.4% during the first quarter. Summit Financial Wealth Advisors LLC now owns 40,750 shares of the closed-end fund’s stock worth $830,000 after acquiring an additional 3,500 shares during the period. Raymond James Financial Services Advisors Inc. raised its stake in Mainstay Definedterm Municipal Opptys Fd by 4.7% during the first quarter. Raymond James Financial Services Advisors Inc. now owns 194,326 shares of the closed-end fund’s stock worth $3,949,000 after acquiring an additional 8,723 shares during the period. Finally, Raymond James & Associates raised its stake in Mainstay Definedterm Municipal Opptys Fd by 0.7% during the first quarter. Raymond James & Associates now owns 518,464 shares of the closed-end fund’s stock worth $10,535,000 after acquiring an additional 3,713 shares during the period.

Mainstay Definedterm Municipal Opptys Fd Company Profile

MainStay DefinedTerm Municipal Opportunities Fund is a closed-ended fixed income mutual fund launched and managed by New York Life Investment Management LLC. The fund is co-managed by MacKay Shields LLC. It invests in the fixed income markets of the United States. The fund primarily invests in investment grade municipal bonds which are exempt from regular U.S.

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