Salient Midstream & MLP Fund (NYSE:SMM) Trading Up 7.5% Following Dividend Announcement

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Salient Midstream & MLP Fund (NYSE:SMM)’s share price was up 7.5% during trading on Monday following a dividend announcement from the company. The company traded as high as $3.84 and last traded at $3.73. Approximately 254,898 shares were traded during mid-day trading, an increase of 81% from the average daily volume of 141,055 shares. The stock had previously closed at $3.47.

The newly announced dividend which will be paid on Friday, November 27th. Investors of record on Tuesday, November 17th will be paid a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 6.30%. The ex-dividend date is Monday, November 16th.

The firm has a 50 day moving average of $3.62 and a two-hundred day moving average of $4.02.

A number of hedge funds have recently bought and sold shares of SMM. Bank of America Corp DE lifted its stake in Salient Midstream & MLP Fund by 103.0% during the second quarter. Bank of America Corp DE now owns 395,031 shares of the investment management company’s stock worth $1,632,000 after purchasing an additional 200,420 shares during the last quarter. Merriman Wealth Management LLC purchased a new stake in Salient Midstream & MLP Fund during the third quarter worth approximately $282,000. RMB Capital Management LLC lifted its stake in Salient Midstream & MLP Fund by 72.7% during the third quarter. RMB Capital Management LLC now owns 181,071 shares of the investment management company’s stock worth $634,000 after purchasing an additional 76,248 shares during the last quarter. Kayne Anderson Capital Advisors LP lifted its stake in Salient Midstream & MLP Fund by 12.5% during the second quarter. Kayne Anderson Capital Advisors LP now owns 450,900 shares of the investment management company’s stock worth $1,862,000 after purchasing an additional 50,000 shares during the last quarter. Finally, Regent Investment Management LLC acquired a new position in Salient Midstream & MLP Fund during the second quarter worth approximately $149,000.

About Salient Midstream & MLP Fund (NYSE:SMM)

Salient Midstream & MLP Fund is a closed ended equity mutual fund launched and managed by Salient Capital Advisors, LLC. The fund invests in the public equity markets of the United States. It invests in stocks of companies operating in the energy sector, including transporting, storing, gathering, processing, distributing, marketing and/or delivering natural gas, natural gas liquids, crude oil or refined products or coal.

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