Hennion & Walsh Asset Management Inc. purchased a new position in shares of Putnam Managed Municipal Income Trust (NYSE:PMM - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 258,949 shares of the company's stock, valued at approximately $1,587,000. Hennion & Walsh Asset Management Inc. owned 0.56% of Putnam Managed Municipal Income Trust at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Raymond James Financial Inc. bought a new stake in shares of Putnam Managed Municipal Income Trust in the 4th quarter worth about $2,720,000. Advisors Asset Management Inc. increased its position in shares of Putnam Managed Municipal Income Trust by 22.9% in the 4th quarter. Advisors Asset Management Inc. now owns 797,465 shares of the company's stock worth $4,761,000 after purchasing an additional 148,493 shares during the last quarter. Guggenheim Capital LLC increased its position in shares of Putnam Managed Municipal Income Trust by 20.4% in the 4th quarter. Guggenheim Capital LLC now owns 712,551 shares of the company's stock worth $4,254,000 after purchasing an additional 120,948 shares during the last quarter. Oppenheimer & Co. Inc. bought a new stake in shares of Putnam Managed Municipal Income Trust in the 4th quarter worth about $350,000. Finally, Invesco Ltd. increased its position in shares of Putnam Managed Municipal Income Trust by 132.0% in the 4th quarter. Invesco Ltd. now owns 98,495 shares of the company's stock worth $588,000 after purchasing an additional 56,041 shares during the last quarter. Hedge funds and other institutional investors own 13.54% of the company's stock.
Putnam Managed Municipal Income Trust Price Performance
Shares of PMM traded down $0.02 during midday trading on Friday, hitting $5.84. The company had a trading volume of 83,425 shares, compared to its average volume of 116,096. The company's 50 day moving average price is $5.91 and its 200 day moving average price is $6.10. Putnam Managed Municipal Income Trust has a 52 week low of $5.66 and a 52 week high of $6.61.
Putnam Managed Municipal Income Trust Increases Dividend
The firm also recently disclosed a dividend, which was paid on Friday, May 30th. Investors of record on Tuesday, May 20th were given a dividend of $0.0265 per share. This represents a dividend yield of 5.27%. The ex-dividend date was Monday, May 19th. This is an increase from Putnam Managed Municipal Income Trust's previous dividend of $0.02.
About Putnam Managed Municipal Income Trust
(
Free Report)
Putnam Managed Municipal Income Trust is a close-ended fixed income mutual fund launched and managed by Putnam Investment Management LLC. It is co-managed by Putnam Investments Limited. The fund invests in the fixed income markets of the United States. It primarily invests in a diversified portfolio of tax-exempt municipal securities, including high-yield securities that are rated below investment grade.
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