Oppenheimer & Co. Inc. Purchases Shares of 58,707 Putnam Managed Municipal Income Trust (NYSE:PMM)

Oppenheimer & Co. Inc. bought a new position in shares of Putnam Managed Municipal Income Trust (NYSE:PMM - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 58,707 shares of the company's stock, valued at approximately $350,000. Oppenheimer & Co. Inc. owned about 0.13% of Putnam Managed Municipal Income Trust at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Ashton Thomas Securities LLC bought a new position in Putnam Managed Municipal Income Trust during the 3rd quarter worth approximately $25,000. Avior Wealth Management LLC raised its holdings in Putnam Managed Municipal Income Trust by 235.9% in the fourth quarter. Avior Wealth Management LLC now owns 4,142 shares of the company's stock worth $25,000 after purchasing an additional 2,909 shares during the period. Sanctuary Advisors LLC bought a new position in shares of Putnam Managed Municipal Income Trust during the third quarter worth $70,000. Concurrent Investment Advisors LLC grew its holdings in shares of Putnam Managed Municipal Income Trust by 6.4% in the 3rd quarter. Concurrent Investment Advisors LLC now owns 28,647 shares of the company's stock valued at $186,000 after buying an additional 1,728 shares during the period. Finally, Wolverine Asset Management LLC increased its position in shares of Putnam Managed Municipal Income Trust by 92.3% in the 3rd quarter. Wolverine Asset Management LLC now owns 127,613 shares of the company's stock valued at $831,000 after buying an additional 61,240 shares in the last quarter. 13.54% of the stock is currently owned by institutional investors and hedge funds.

Remove Ads

Putnam Managed Municipal Income Trust Stock Performance

PMM stock traded up $0.01 during midday trading on Tuesday, hitting $6.21. 97,573 shares of the company's stock were exchanged, compared to its average volume of 140,412. Putnam Managed Municipal Income Trust has a one year low of $5.82 and a one year high of $6.61. The stock's fifty day moving average price is $6.19 and its 200-day moving average price is $6.28.

Putnam Managed Municipal Income Trust Dividend Announcement

The firm also recently disclosed a monthly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 17th will be given a $0.0238 dividend. The ex-dividend date is Monday, March 17th. This represents a $0.29 annualized dividend and a dividend yield of 4.60%.

Insider Buying and Selling

In other news, major shareholder Of America Corp /De/ Bank acquired 16,585 shares of Putnam Managed Municipal Income Trust stock in a transaction dated Friday, January 10th. The stock was bought at an average cost of $6.02 per share, with a total value of $99,841.70. Following the completion of the transaction, the insider now directly owns 16,585 shares of the company's stock, valued at approximately $99,841.70. This represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.01% of the stock is owned by company insiders.

About Putnam Managed Municipal Income Trust

Putnam Managed Municipal Income Trust is a close-ended fixed income mutual fund launched and managed by Putnam Investment Management LLC. It is co-managed by Putnam Investments Limited. The fund invests in the fixed income markets of the United States. It primarily invests in a diversified portfolio of tax-exempt municipal securities, including high-yield securities that are rated below investment grade.