Putnam Managed (NYSE:PMM) to Issue Monthly Dividend of $0.03

Key Points

• Putnam Managed declared a monthly dividend of $0.0265 per share, set for distribution on November 28th, representing a yield of 5.4%.
• The company's stock recently traded at $5.85, experiencing a slight decline of 0.2% in value during trading.
• Significant institutional investment activity occurred, with Wells Fargo increasing its stake by 6.5% and other firms also raising their positions in Putnam Managed shares.

Putnam Managed (NYSE:PMM - Get Free Report) announced a monthly dividend on Friday, August 8th, 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 of this dividend is Monday, November 17th.

Putnam Managed Stock Performance

Shares of Putnam Managed stock traded up $0.02 on Wednesday, reaching $5.89. 37,449 shares of the company were exchanged, compared to its average volume of 110,657. Putnam Managed has a 1-year low of $5.66 and a 1-year high of $6.61. The stock's 50 day moving average price is $5.89 and its 200-day moving average price is $6.01.

Hedge Funds Weigh In On Putnam Managed

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Duncker Streett & Co. Inc. acquired a new position in Putnam Managed in the second quarter valued at approximately $42,000. Smallwood Wealth Investment Management LLC acquired a new stake in shares of Putnam Managed in the first quarter valued at approximately $55,000. Wealthcare Advisory Partners LLC acquired a new stake in shares of Putnam Managed in the second quarter valued at approximately $72,000. Meridian Wealth Management LLC acquired a new stake in shares of Putnam Managed in the second quarter valued at approximately $85,000. Finally, Wedbush Securities Inc. boosted its holdings in shares of Putnam Managed by 23.8% in the second quarter. Wedbush Securities Inc. now owns 15,372 shares of the company's stock valued at $92,000 after acquiring an additional 2,960 shares during the period. 13.54% of the stock is owned by institutional investors and hedge funds.

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.