MainStay MacKay DefinedTerm Municipal Opportunities Fund (NYSE:MMD) Sees Significant Increase in Short Interest

MainStay MacKay DefinedTerm Municipal Opportunities Fund (NYSE:MMD) was the target of a large increase in short interest in October. As of October 31st, there was short interest totalling 49,100 shares, an increase of 137.2% from the October 15th total of 20,700 shares. Based on an average trading volume of 87,500 shares, the days-to-cover ratio is currently 0.6 days.

MainStay MacKay DefinedTerm Municipal Opportunities Fund Stock Down 0.1 %

Shares of NYSE:MMD traded down $0.02 during trading on Wednesday, hitting $16.67. The stock had a trading volume of 173,012 shares, compared to its average volume of 69,405. The firm’s fifty day moving average is $16.77 and its 200 day moving average is $16.58. MainStay MacKay DefinedTerm Municipal Opportunities Fund has a 12 month low of $15.47 and a 12 month high of $17.00.

MainStay MacKay DefinedTerm Municipal Opportunities Fund Dividend Announcement

The firm also recently announced a monthly dividend, which will be paid on Friday, November 29th. Stockholders of record on Thursday, November 21st will be issued a dividend of $0.06 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 4.32%. The ex-dividend date of this dividend is Thursday, November 21st.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the business. Almitas Capital LLC lifted its holdings in shares of MainStay MacKay DefinedTerm Municipal Opportunities Fund by 122.8% during the second quarter. Almitas Capital LLC now owns 500,407 shares of the closed-end fund’s stock valued at $8,297,000 after purchasing an additional 275,786 shares during the last quarter. City of London Investment Management Co. Ltd. boosted its holdings in MainStay MacKay DefinedTerm Municipal Opportunities Fund by 30.3% in 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 acquiring an additional 60,734 shares in the last quarter. Granite Bay Wealth Management LLC bought a new position in shares of 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% in the 2nd quarter. NewEdge Advisors LLC now owns 88,864 shares of the closed-end fund’s stock worth $1,473,000 after purchasing an additional 53,767 shares during the period. Finally, Cyndeo Wealth Partners LLC purchased a new position in MainStay MacKay DefinedTerm Municipal Opportunities Fund in the 3rd quarter worth about $283,000.

About MainStay MacKay DefinedTerm Municipal Opportunities Fund

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.