Short Interest in MainStay MacKay DefinedTerm Municipal Opportunities Fund (NYSE:MMD) Drops By 17.3%

MainStay MacKay DefinedTerm Municipal Opportunities Fund (NYSE:MMD) was the target of a large drop in short interest during the month of August. As of August 15th, there was short interest totalling 50,600 shares, a drop of 17.3% from the July 31st total of 61,200 shares. Based on an average trading volume of 51,600 shares, the days-to-cover ratio is currently 1.0 days.

Institutional Trading of MainStay MacKay DefinedTerm Municipal Opportunities Fund

Hedge funds and other institutional investors have recently made changes to their positions in the company. NBC Securities Inc. raised its position in shares of MainStay MacKay DefinedTerm Municipal Opportunities Fund by 100.0% during the 4th quarter. NBC Securities Inc. now owns 2,000 shares of the closed-end fund’s stock valued at $32,000 after buying an additional 1,000 shares during the period. Future Financial Wealth Managment LLC acquired a new stake in MainStay MacKay DefinedTerm Municipal Opportunities Fund during the first quarter worth $82,000. Comerica Bank increased its stake in MainStay MacKay DefinedTerm Municipal Opportunities Fund by 16.7% during the first quarter. Comerica Bank now owns 7,000 shares of the closed-end fund’s stock worth $114,000 after acquiring an additional 1,000 shares during the last quarter. Parallel Advisors LLC purchased a new stake in MainStay MacKay DefinedTerm Municipal Opportunities Fund in the fourth quarter valued at $134,000. Finally, Robinson Capital Management LLC acquired a new position in shares of MainStay MacKay DefinedTerm Municipal Opportunities Fund in the 4th quarter valued at $178,000.

MainStay MacKay DefinedTerm Municipal Opportunities Fund Price Performance

Shares of MMD opened at $16.75 on Friday. MainStay MacKay DefinedTerm Municipal Opportunities Fund has a 12-month low of $14.30 and a 12-month high of $17.10. The firm has a 50-day moving average price of $16.63 and a 200 day moving average price of $16.42.

MainStay MacKay DefinedTerm Municipal Opportunities Fund Announces Dividend

The company also recently announced a monthly dividend, which will be paid on Monday, September 30th. Shareholders of record on Monday, September 16th will be issued a $0.06 dividend. The ex-dividend date is Monday, September 16th. This represents a $0.72 annualized dividend and a yield of 4.30%.

MainStay MacKay DefinedTerm Municipal Opportunities Fund Company Profile

MainStay DefinedTerm Municipal Opportunities Fund is a closed-ended fixed income mutual fund launched and managed by New York Life Investment Management LLC. The fund is co-managed by MacKay Shields LLC. It invests in the fixed income markets of the United States. The fund primarily invests in investment grade municipal bonds which are exempt from regular U.S.