Rivernorth Capital Management LLC Trims Stock Holdings in Inv Vk Mun Tr $VKQ

Key Points

• Rivernorth Capital Management cut its VKQ stake by 24% in the first quarter, selling 1.38 million shares and retaining 4.39 million shares worth approximately $41.8 million. The position represented 2.1% of Rivernorth’s portfolio and about 7.93% of VKQ’s outstanding shares.
• Other institutional investors, including LPL Financial, Van ECK Associates and Wells Fargo, increased their VKQ holdings; institutions collectively own approximately 32% of the trust.
• VKQ opened at $9.78, near its 200-day average, while the trust declared a monthly dividend of $0.0628 per share, implying an annualized yield of approximately 7.7%.

Rivernorth Capital Management LLC lessened its position in Inv Vk Mun Tr (NYSE:VKQ - Free Report) by 24.0% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,387,056 shares of the investment management company's stock after selling 1,381,782 shares during the period. Inv Vk Mun Tr accounts for about 2.1% of Rivernorth Capital Management LLC's portfolio, making the stock its 5th biggest holding. Rivernorth Capital Management LLC owned about 7.93% of Inv Vk Mun Tr worth $41,765,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of the company. Guggenheim Capital LLC grew its holdings in shares of Inv Vk Mun Tr by 0.7% during the fourth quarter. Guggenheim Capital LLC now owns 1,199,525 shares of the investment management company's stock worth $11,575,000 after purchasing an additional 8,278 shares during the last quarter. LPL Financial LLC boosted its position in Inv Vk Mun Tr by 15.7% during the 4th quarter. LPL Financial LLC now owns 960,745 shares of the investment management company's stock worth $9,271,000 after buying an additional 130,288 shares during the period. Wells Fargo & Company MN grew its holdings in Inv Vk Mun Tr by 3.2% during the 4th quarter. Wells Fargo & Company MN now owns 443,647 shares of the investment management company's stock worth $4,281,000 after acquiring an additional 13,561 shares during the last quarter. Van ECK Associates Corp grew its holdings in Inv Vk Mun Tr by 12.3% during the 4th quarter. Van ECK Associates Corp now owns 401,375 shares of the investment management company's stock worth $3,873,000 after acquiring an additional 43,972 shares during the last quarter. Finally, Rareview Capital LLC increased its position in Inv Vk Mun Tr by 4.1% in the 4th quarter. Rareview Capital LLC now owns 288,744 shares of the investment management company's stock valued at $2,642,000 after acquiring an additional 11,357 shares during the period. 32.00% of the stock is currently owned by institutional investors.

Inv Vk Mun Tr Stock Up 0.3%

VKQ stock opened at $9.78 on Wednesday. The company has a fifty day moving average price of $9.85 and a 200-day moving average price of $9.77. Inv Vk Mun Tr has a 52-week low of $8.95 and a 52-week high of $10.11.

Inv Vk Mun Tr Dividend Announcement

The business also recently declared a monthly dividend, which will be paid on Friday, July 31st. Stockholders of record on Tuesday, July 14th will be paid a $0.0628 dividend. The ex-dividend date of this dividend is Tuesday, July 14th. This represents a c) annualized dividend and a dividend yield of 7.7%.

Inv Vk Mun Tr Profile

Invesco Municipal Income Trust NYSE: VKQ is a closed-end management investment company that seeks to provide shareholders with a high level of current income exempt from federal income tax. The fund pursues its objective by investing primarily in municipal securities, including general obligation and revenue bonds issued by U.S. states, municipalities, counties and territories. As a tax-advantaged vehicle, the trust offers investors access to the municipal bond market through a diversified portfolio managed by seasoned fixed income professionals.

The trust generally allocates at least 80% of its assets to investment-grade municipal securities, although it may invest in lower-rated obligations when deemed appropriate by its management team.

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