Stratos Wealth Partners Reduces Stake in RiverNorth Fund by 8.4%

Stratos Wealth Partners LTD. has reduced its investment in the RiverNorth Opportunistic Municipal Income Fund, Inc. (NYSE:RMI) by 8.4% during the second quarter of 2023. According to a recent filing with the Securities and Exchange Commission (SEC), the firm sold 39,891 shares, leaving it with a total of 432,355 shares. The remaining shares are valued at approximately $6,163,000 based on the latest market data.

Several other institutional investors have also adjusted their holdings of RiverNorth. Notably, Bank of America Corp DE increased its stake by 35.6% during the fourth quarter, acquiring an additional 640 shares to reach a total of 2,440 shares, valued at $37,000. Meanwhile, Advisor Resource Council entered the fund with a new position worth around $235,000 in the first quarter.

In the second quarter, River Street Advisors LLC purchased a new position in the fund valued at approximately $294,000. Concurrent Investment Advisors LLC also expanded its holdings by 24.2%, now owning 23,645 shares worth $353,000. Apollon Wealth Management LLC significantly increased its investment by 129.6%, owning 24,535 shares valued at $366,000 after acquiring an additional 13,850 shares.

Insider Activity and Dividend Announcement

In related news, insider Financial Holdings Rivernorth purchased 4,138 shares on October 15, 2023, at an average price of $14.74 per share, totaling $60,994.12. This acquisition increased their stake by 193.09%, bringing their total ownership to 6,281 shares, valued at approximately $92,581.94. In the previous quarter, insiders collectively bought 9,322 shares worth $137,099.

The RiverNorth Opportunistic Municipal Income Fund also announced a monthly dividend, set to be paid on December 31, 2023. Shareholders of record on December 15, 2023, will receive a dividend of $0.0945 per share, translating to an annualized yield of 7.8%. The ex-dividend date is scheduled for December 15, 2023.

RiverNorth Opportunistic Municipal Income Fund, Inc. seeks to provide current income exempt from regular U.S. federal income taxes, while also aiming for total return. For further detailed insights and updates on holdings, visit HoldingsChannel.com for the latest filings and insider trades related to RiverNorth.