Envestnet Asset Management Inc. Has $3.39 Million Stock Position in MFS MUNI INC TR (NYSE:MFM)

Key Points

• Envestnet Asset Management Inc. increased its stake in Mfs Muni Inc Tr by 19.3%, purchasing an additional 103,401 shares during the first quarter, bringing its total ownership to approximately 1.30%.
• Mfs Muni Inc Tr declared an increase in its monthly dividend to $0.024 per share, up from $0.02, with an annualized yield of 5.68%.
• The current stock price of Mfs Muni Inc Tr is $5.07, with a one-year range between $4.94 and $5.78.

Envestnet Asset Management Inc. lifted its stake in shares of MFS MUNI INC TR (NYSE:MFM - Free Report) by 19.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 639,204 shares of the closed-end fund's stock after acquiring an additional 103,401 shares during the period. Envestnet Asset Management Inc. owned approximately 1.30% of MFS MUNI INC TR worth $3,388,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Farther Finance Advisors LLC bought a new position in MFS MUNI INC TR during the 1st quarter worth about $45,000. Waverly Advisors LLC bought a new position in shares of MFS MUNI INC TR during the fourth quarter worth about $54,000. Landscape Capital Management L.L.C. acquired a new stake in MFS MUNI INC TR in the 4th quarter valued at approximately $70,000. Jane Street Group LLC bought a new stake in MFS MUNI INC TR in the 4th quarter valued at approximately $79,000. Finally, Citadel Advisors LLC acquired a new position in MFS MUNI INC TR during the 4th quarter worth approximately $106,000.

MFS MUNI INC TR Price Performance

Shares of NYSE MFM traded up $0.01 during midday trading on Wednesday, reaching $5.10. The company's stock had a trading volume of 111,128 shares, compared to its average volume of 184,154. The stock has a 50 day simple moving average of $5.12 and a 200-day simple moving average of $5.25. MFS MUNI INC TR has a fifty-two week low of $4.94 and a fifty-two week high of $5.78.

MFS MUNI INC TR Increases Dividend

The firm also recently declared a monthly dividend, which will be paid on Thursday, July 31st. Shareholders of record on Tuesday, July 15th will be given a dividend of $0.024 per share. The ex-dividend date of this dividend is Tuesday, July 15th. This is a boost from MFS MUNI INC TR's previous monthly dividend of $0.02. This represents a $0.29 annualized dividend and a yield of 5.65%.

About MFS MUNI INC TR

MFS Municipal Income Trust is a close ended fixed income mutual fund launched and managed by Massachusetts Financial Services Company. The fund invests in fixed income markets of the United States. It primarily invests in tax-exempt bonds and tax-exempt notes. The fund benchmarks the performance of its portfolio against Barclays Municipal Bond Index.