Stratos Wealth Partners Cuts Stake in RiverNorth Fund by 8.4%

Stratos Wealth Partners LTD. has reduced its holdings in the RiverNorth Opportunistic Municipal Income Fund, Inc. (NYSE:RMI) by 8.4%, as reported in its latest filing with the Securities and Exchange Commission. The firm sold 39,891 shares during the second quarter, leaving it with a total of 432,355 shares. As of this filing, Stratos Wealth Partners’ stake in the fund was valued at approximately $6.16 million.

Other institutional investors are also adjusting their positions in RiverNorth. Notably, Bank of America Corp DE increased its stake by 35.6% during the fourth quarter, acquiring an additional 640 shares. The bank now owns a total of 2,440 shares worth around $37,000. In addition, Advisor Resource Council entered the fund with a new position valued at about $235,000 in the first quarter.

RiverNorth has also seen significant investments from other firms. River Street Advisors LLC acquired a new position worth approximately $294,000 in the second quarter, while Concurrent Investment Advisors LLC raised its holdings by 24.2%, bringing its total to 23,645 shares valued at $353,000 after purchasing an additional 4,600 shares. Furthermore, Apollon Wealth Management LLC boosted its stake significantly by 129.6%, now holding 24,535 shares worth $366,000.

Insider Activity and Upcoming Dividend

On October 15, insider Financial Holdings Rivernorth purchased 4,138 shares at an average price of $14.74 per share, totaling approximately $60,994. Following this transaction, the insider’s holdings increased by 193.09%, bringing their total ownership to 6,281 shares, valued at around $92,582. In the last quarter, insiders collectively acquired 9,322 shares valued at $137,099.

Additionally, the RiverNorth Opportunistic Municipal Income Fund has announced a monthly dividend of $0.0945 per share, which will be distributed to shareholders on December 31. The record date for this dividend is December 15, reflecting an annualized yield of 7.8%.

About RiverNorth Opportunistic Municipal Income Fund

The RiverNorth Opportunistic Municipal Income Fund, Inc. aims to provide current income that is exempt from regular U.S. federal income taxes, with a secondary goal of total return. For more insights into investment activities and updates, stakeholders can visit HoldingsChannel.com for the latest 13F filings and insider trades related to the fund.

As the fund continues to attract attention from various institutional investors, its performance and dividend announcements will likely remain crucial for both current and prospective shareholders.