PUTNAM MANAGED (NYSE:PMM) Declares $0.03 Monthly Dividend

Key Points

• Putnam Managed (NYSE:PMM) has declared a monthly dividend of $0.03, with stockholders of record on November 17th set to receive payment on November 28th.
• The declared dividend yields an annualized rate of 5.4%, reflecting the fund's focus on tax-exempt municipal securities.
• As of Monday, PMM shares opened at $5.85, with a recent 1-year range of $5.66 to $6.61, indicating a stable performance in the fixed income market.

PUTNAM MANAGED (NYSE:PMM - Get Free Report) declared a monthly dividend on Monday, August 11th, Wall Street Journal reports. Shareholders of record on Monday, November 17th will be paid a dividend of 0.0265 per share on Friday, November 28th. This represents a c) dividend on an annualized basis and a yield of 5.4%. The ex-dividend date is Monday, November 17th.

PUTNAM MANAGED Price Performance

NYSE PMM traded up $0.03 during trading on Wednesday, reaching $5.90. The company's stock had a trading volume of 101,332 shares, compared to its average volume of 82,447. The firm has a fifty day moving average of $5.89 and a 200 day moving average of $6.01. PUTNAM MANAGED has a one year low of $5.66 and a one year high of $6.61.

Hedge Funds Weigh In On PUTNAM MANAGED

Institutional investors have recently added to or reduced their stakes in the business. Duncker Streett & Co. Inc. bought a new position in shares of PUTNAM MANAGED during the 2nd quarter valued at about $42,000. Smallwood Wealth Investment Management LLC bought a new position in shares of PUTNAM MANAGED during the 1st quarter valued at about $55,000. Wealthcare Advisory Partners LLC bought a new position in shares of PUTNAM MANAGED during the 2nd quarter valued at about $72,000. Meridian Wealth Management LLC bought a new position in shares of PUTNAM MANAGED during the 2nd quarter valued at about $85,000. Finally, Wedbush Securities Inc. increased its position in shares of PUTNAM MANAGED by 23.8% during the 2nd quarter. Wedbush Securities Inc. now owns 15,372 shares of the company's stock valued at $92,000 after purchasing an additional 2,960 shares during the last quarter. 13.54% of the stock is currently owned by institutional investors.

About PUTNAM MANAGED

Putnam Managed Municipal Income Trust is a close-ended fixed income mutual fund launched and managed by Putnam Investment Management LLC. It is co-managed by Putnam Investments Limited. The fund invests in the fixed income markets of the United States. It primarily invests in a diversified portfolio of tax-exempt municipal securities, including high-yield securities that are rated below investment grade.