Bank of America Corp DE Makes New $6.78 Million Investment in DWS Municipal Income Trust $KTF

Key Points

• Bank of America acquired 737,018 shares of DWS Municipal Income Trust, valued at approximately $6.78 million, representing about 1.88% of the fund.
• Institutional investors own 57.71% of KTF, with several firms—including Royal Bank of Canada, NewEdge Advisors, and Kestra Advisory Services—recently increasing their holdings.
• KTF was trading near its one-year low at $8.26 and recently declared a monthly dividend of $0.061 per share, equivalent to an annualized yield of approximately 8.9%.

Bank of America Corp DE bought a new stake in shares of DWS Municipal Income Trust (NYSE:KTF - Free Report) in the 2nd quarter, according to its most recent filing with the SEC. The institutional investor bought 737,018 shares of the investment management company's stock, valued at approximately $6,781,000. Bank of America Corp DE owned about 1.88% of DWS Municipal Income Trust at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of KTF. Northwestern Mutual Wealth Management Co. bought a new stake in shares of DWS Municipal Income Trust in the 2nd quarter worth approximately $66,000. Royal Bank of Canada grew its holdings in shares of DWS Municipal Income Trust by 16.3% during the 1st quarter. Royal Bank of Canada now owns 70,959 shares of the investment management company's stock worth $646,000 after purchasing an additional 9,965 shares in the last quarter. NewEdge Advisors LLC increased its position in shares of DWS Municipal Income Trust by 43.1% during the first quarter. NewEdge Advisors LLC now owns 97,961 shares of the investment management company's stock valued at $891,000 after purchasing an additional 29,488 shares during the period. Worth Asset Management LLC bought a new stake in shares of DWS Municipal Income Trust during the second quarter valued at approximately $101,000. Finally, Kestra Advisory Services LLC increased its position in shares of DWS Municipal Income Trust by 1,020.0% during the first quarter. Kestra Advisory Services LLC now owns 31,079 shares of the investment management company's stock valued at $283,000 after purchasing an additional 28,304 shares during the period. 57.71% of the stock is owned by institutional investors.

DWS Municipal Income Trust Stock Performance

Shares of NYSE KTF opened at $8.26 on Monday. DWS Municipal Income Trust has a one year low of $8.22 and a one year high of $9.37. The business has a fifty day simple moving average of $8.74 and a 200 day simple moving average of $8.98.

DWS Municipal Income Trust Announces Dividend

The firm also recently declared a monthly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Wednesday, September 23rd will be issued a $0.0610 dividend. This represents a $0.73 annualized dividend and a yield of 8.9%. The ex-dividend date of this dividend is Wednesday, September 23rd.

DWS Municipal Income Trust Profile

DWS Municipal Income Trust is a closed-end management investment company listed on the New York Stock Exchange under the ticker symbol KTF. The trust invests primarily in municipal debt securities issued by states, cities, counties, and other governmental entities in the United States.

The fund's objective is to provide current income that is generally exempt from regular federal income tax. Its portfolio may include investment-grade and below-investment-grade municipal obligations, including general obligation bonds, revenue bonds, and other securities used to finance public infrastructure and services.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.