Raymond James Financial Inc. Takes $2.72 Million Position in Putnam Managed Municipal Income Trust (NYSE:PMM)

Raymond James Financial Inc. acquired a new position in shares of Putnam Managed Municipal Income Trust (NYSE:PMM - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 455,685 shares of the company's stock, valued at approximately $2,720,000. Raymond James Financial Inc. owned approximately 0.98% of Putnam Managed Municipal Income Trust at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Noble Wealth Management PBC acquired a new position in shares of Putnam Managed Municipal Income Trust during the fourth quarter worth $104,000. Oppenheimer & Co. Inc. bought a new stake in Putnam Managed Municipal Income Trust during the 4th quarter worth $350,000. Van ECK Associates Corp increased its holdings in Putnam Managed Municipal Income Trust by 3.6% in the 4th quarter. Van ECK Associates Corp now owns 341,484 shares of the company's stock worth $2,039,000 after purchasing an additional 11,828 shares in the last quarter. Avior Wealth Management LLC raised its position 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 valued at $25,000 after purchasing an additional 2,909 shares during the last quarter. Finally, Sanctuary Advisors LLC bought a new position in Putnam Managed Municipal Income Trust in the third quarter valued at about $70,000. Institutional investors own 13.54% of the company's stock.

Putnam Managed Municipal Income Trust Stock Performance

Shares of NYSE:PMM traded down $0.04 during midday trading on Wednesday, hitting $6.15. 144,174 shares of the stock were exchanged, compared to its average volume of 113,721. The business's 50-day moving average price is $6.22 and its 200 day moving average price is $6.26. Putnam Managed Municipal Income Trust has a 12 month low of $5.83 and a 12 month high of $6.61.

Putnam Managed Municipal Income Trust Announces Dividend

The firm also recently announced a monthly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 17th were issued a dividend of $0.0238 per share. This represents a $0.29 dividend on an annualized basis and a yield of 4.64%. The ex-dividend date of this dividend was Monday, March 17th.

Insider Buying and Selling at Putnam Managed Municipal Income Trust

In related news, major shareholder Of America Corp /De/ Bank purchased 16,585 shares of Putnam Managed Municipal Income Trust stock in a transaction on Friday, January 10th. The shares were purchased at an average price of $6.02 per share, for a total transaction of $99,841.70. Following the transaction, the insider now owns 16,585 shares of the company's stock, valued at approximately $99,841.70. This represents a ∞ increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Corporate insiders own 0.01% of the company's stock.

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.