Putnam Mun Oppo (NYSE:PMO) Shares Shorted: Short Interest Up 589.8% in October

Key Points

• Short interest surged 589.8% in October to 71,405 shares, although only 0.3% of PMO’s shares are sold short and the days-to-cover ratio remains low at 0.4.
• PMO shares traded at $9.88, with the stock below its 200-day moving average and ranging between a 12-month low of $8.87 and high of $10.87.
• The fund declared a monthly dividend of $0.052 per share, equivalent to approximately $0.62 annually and a 6.3% yield; institutional investors own 20.4% of the shares.

Putnam Mun Oppo (NYSE:PMO - Get Free Report) was the recipient of a large increase in short interest during the month of October. As of October 15th, there was short interest totaling 71,405 shares, an increase of 589.8% from the September 30th total of 10,351 shares. Currently, 0.3% of the company's shares are sold short. Based on an average daily trading volume, of 168,230 shares, the days-to-cover ratio is presently 0.4 days.

Putnam Mun Oppo Price Performance

Shares of Putnam Mun Oppo stock traded up $0.04 during midday trading on Tuesday, reaching $9.88. 44,043 shares of the company's stock traded hands, compared to its average volume of 78,360. The stock has a 50 day moving average of $9.75 and a 200-day moving average of $10.32. Putnam Mun Oppo has a 12 month low of $8.87 and a 12 month high of $10.87.

Putnam Mun Oppo Dividend Announcement

The business also recently declared a monthly dividend, which will be paid on Monday, November 30th. Investors of record on Friday, November 20th will be issued a $0.0520 dividend. The ex-dividend date is Friday, November 20th. This represents a $0.62 annualized dividend and a yield of 6.3%.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Rivernorth Capital Management LLC lifted its position in shares of Putnam Mun Oppo by 60.4% in the 1st quarter. Rivernorth Capital Management LLC now owns 685,823 shares of the financial services provider's stock worth $7,064,000 after purchasing an additional 258,198 shares during the period. Robinson Capital Management LLC raised its stake in Putnam Mun Oppo by 11.6% in the second quarter. Robinson Capital Management LLC now owns 645,263 shares of the financial services provider's stock worth $6,801,000 after buying an additional 66,992 shares in the last quarter. Bank of New York Mellon Corp bought a new position in Putnam Mun Oppo in the first quarter worth about $500,000. Noble Wealth Management PBC lifted its holdings in Putnam Mun Oppo by 92.9% in the second quarter. Noble Wealth Management PBC now owns 82,471 shares of the financial services provider's stock worth $869,000 after buying an additional 39,721 shares during the period. Finally, Folger Nolan Fleming Douglas Capital Management Inc. purchased a new stake in Putnam Mun Oppo in the first quarter worth about $126,000. 20.40% of the stock is currently owned by institutional investors.

Putnam Mun Oppo Company Profile

Putnam Municipal Opportunities Trust NYSE: PMO is a closed-end management investment company that seeks to provide current income that is exempt from federal income tax. The fund invests primarily in municipal securities issued by states, municipalities and other governmental entities in the United States.

The portfolio may include a range of tax-exempt bonds and other municipal debt obligations. These securities generally finance public projects and services such as infrastructure, schools, transportation systems, utilities and healthcare facilities.

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