Short Interest in MainStay MacKay DefinedTerm Municipal Opportunities Fund (NYSE:MMD) Drops By 20.2%

MainStay MacKay DefinedTerm Municipal Opportunities Fund (NYSE:MMD) was the target of a large decrease in short interest in September. As of September 30th, there was short interest totalling 32,700 shares, a decrease of 20.2% from the September 15th total of 41,000 shares. Based on an average daily volume of 64,000 shares, the days-to-cover ratio is presently 0.5 days.

Institutional Trading of MainStay MacKay DefinedTerm Municipal Opportunities Fund

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Almitas Capital LLC lifted its holdings in MainStay MacKay DefinedTerm Municipal Opportunities Fund by 122.8% in the second quarter. Almitas Capital LLC now owns 500,407 shares of the closed-end fund’s stock valued at $8,297,000 after acquiring an additional 275,786 shares during the period. City of London Investment Management Co. Ltd. boosted its holdings in MainStay MacKay DefinedTerm Municipal Opportunities Fund by 30.3% during the second quarter. City of London Investment Management Co. Ltd. now owns 260,985 shares of the closed-end fund’s stock worth $4,327,000 after buying an additional 60,734 shares in the last quarter. Granite Bay Wealth Management LLC acquired a new stake in MainStay MacKay DefinedTerm Municipal Opportunities Fund during the second quarter valued at $953,000. NewEdge Advisors LLC grew its position in MainStay MacKay DefinedTerm Municipal Opportunities Fund by 153.2% during the second quarter. NewEdge Advisors LLC now owns 88,864 shares of the closed-end fund’s stock valued at $1,473,000 after buying an additional 53,767 shares during the period. Finally, ProVise Management Group LLC increased its holdings in MainStay MacKay DefinedTerm Municipal Opportunities Fund by 24.5% in the second quarter. ProVise Management Group LLC now owns 78,719 shares of the closed-end fund’s stock valued at $1,305,000 after buying an additional 15,489 shares in the last quarter.

MainStay MacKay DefinedTerm Municipal Opportunities Fund Price Performance

Shares of NYSE MMD traded up $0.06 during mid-day trading on Tuesday, hitting $16.73. The stock had a trading volume of 63,552 shares, compared to its average volume of 61,336. The company has a 50 day moving average of $16.79 and a two-hundred day moving average of $16.51. MainStay MacKay DefinedTerm Municipal Opportunities Fund has a twelve month low of $14.30 and a twelve month high of $17.00.

MainStay MacKay DefinedTerm Municipal Opportunities Fund Announces Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Tuesday, October 15th will be paid a dividend of $0.06 per share. This represents a $0.72 annualized dividend and a yield of 4.30%. The ex-dividend date is Tuesday, October 15th.

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.