Insider Buying: Putnam Managed Municipal Income Trust (NYSE:PMM) Major Shareholder Buys 2,035 Shares of Stock

Putnam Managed Municipal Income Trust (NYSE:PMM) major shareholder Of America Corp /De/ Bank acquired 2,035 shares of the stock in a transaction that occurred on Thursday, June 25th. The stock was acquired at an average cost of $7.12 per share, with a total value of $14,489.20. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Large shareholders that own 10% or more of a company’s shares are required to disclose their sales and purchases with the SEC.

Putnam Managed Municipal Income Trust Stock Down 0.7 %

Shares of PMM opened at $6.05 on Monday. The company has a 50 day moving average price of $6.29 and a 200-day moving average price of $6.31. Putnam Managed Municipal Income Trust has a fifty-two week low of $5.82 and a fifty-two week high of $6.61.

Putnam Managed Municipal Income Trust Dividend Announcement

The business also recently announced a monthly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Monday, December 23rd will be issued a dividend of $0.0238 per share. The ex-dividend date of this dividend is Monday, December 23rd. This represents a $0.29 dividend on an annualized basis and a yield of 4.72%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Clear Creek Financial Management LLC lifted its stake in shares of Putnam Managed Municipal Income Trust by 97.6% during the 2nd quarter. Clear Creek Financial Management LLC now owns 28,350 shares of the company’s stock worth $176,000 after purchasing an additional 14,000 shares during the last quarter. International Assets Investment Management LLC purchased a new stake in shares of Putnam Managed Municipal Income Trust during the second quarter valued at about $58,000. Rothschild Investment LLC purchased a new stake in shares of Putnam Managed Municipal Income Trust during the second quarter valued at about $1,569,000. Commonwealth Equity Services LLC boosted its holdings in shares of Putnam Managed Municipal Income Trust by 4.7% in the 2nd quarter. Commonwealth Equity Services LLC now owns 59,747 shares of the company’s stock valued at $370,000 after buying an additional 2,658 shares in the last quarter. Finally, Van ECK Associates Corp grew its position in shares of Putnam Managed Municipal Income Trust by 14.7% in the 2nd quarter. Van ECK Associates Corp now owns 333,409 shares of the company’s stock worth $2,067,000 after buying an additional 42,667 shares during the last quarter. 13.54% of the stock is currently owned by hedge funds and other institutional investors.

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.