Rivernorth Capital Management LLC Sells 167,027 Shares of Putnam Managed $PMM

Key Points

• Rivernorth Capital Management reduced its Putnam Managed position by 60.8%, selling 167,027 shares in the first quarter and retaining 107,693 shares worth approximately $662,000.
• Other institutional investors made smaller adjustments, while institutional ownership of Putnam Managed stood at 13.54%.
• Putnam Managed opened at $6.29, near its 200-day average, and announced a monthly dividend of $0.033 per share, representing an annualized yield of approximately 6.3%.

Rivernorth Capital Management LLC cut its holdings in shares of Putnam Managed (NYSE:PMM - Free Report) by 60.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 107,693 shares of the company's stock after selling 167,027 shares during the quarter. Rivernorth Capital Management LLC owned about 0.25% of Putnam Managed worth $662,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Royal Bank of Canada increased its position in Putnam Managed by 18.9% during the first quarter. Royal Bank of Canada now owns 109,662 shares of the company's stock worth $674,000 after acquiring an additional 17,468 shares during the period. NWF Advisory Services Inc. bought a new stake in Putnam Managed in the 1st quarter valued at $123,000. Simplicity Wealth LLC bought a new stake in Putnam Managed in the 1st quarter valued at $74,000. Kestra Advisory Services LLC grew its position in Putnam Managed by 13.3% in the 1st quarter. Kestra Advisory Services LLC now owns 39,476 shares of the company's stock worth $243,000 after purchasing an additional 4,624 shares during the last quarter. Finally, WealthBridge Capital Management LLC grew its position in Putnam Managed by 7.4% in the 1st quarter. WealthBridge Capital Management LLC now owns 36,500 shares of the company's stock worth $224,000 after purchasing an additional 2,500 shares during the last quarter. 13.54% of the stock is owned by institutional investors.

Putnam Managed Stock Performance

NYSE:PMM opened at $6.29 on Thursday. The firm's 50-day moving average is $6.37 and its 200-day moving average is $6.29. Putnam Managed has a 52-week low of $5.77 and a 52-week high of $6.60.

Putnam Managed Dividend Announcement

The business also recently disclosed a monthly dividend, which will be paid on Monday, August 31st. Stockholders of record on Monday, August 24th will be paid a $0.033 dividend. This represents a c) annualized dividend and a dividend yield of 6.3%. The ex-dividend date is Monday, August 24th.

Putnam Managed Company Profile

Putnam Managed Municipal Income Trust NYSE: PMM is a closed-end management investment company that seeks to provide current income exempt from federal income tax. The trust’s primary business activity is the active management of a diversified portfolio of investment-grade municipal securities, including general obligation and revenue bonds issued by U.S. states and municipalities. Using a flexible approach, PMM’s portfolio managers may also invest in below-investment-grade or unrated municipal securities, subject to quality restrictions, to enhance yield potential.

Established in September 1993, PMM has a long history of targeting tax-exempt income for its shareholders.

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