RiverNorth Flexible Municipal Income Fund, Inc.
RiverNorth Flexible Municipal Income Fund, Inc. (RFM) Stock Ownership
Institutional vs insider vs public ownership from 13F and float data — top holders, activity, and insider trades below.
SEC 13F · FMP · RFM · as of Dec 31, 2021
Ownership Breakdown
19
Institutional Holders
▲ 5 vs Q3
$17.76M
Total Inst. Value
▼ $149,092 vs Q3
6.11M
Shares Outstanding
freeFloat 98.97%
810,687
13F Shares Held
▲ 45,544 vs Q3
Institutional ownership = 13F shares ÷ total outstanding. Insider % = 100 − free float. Public % = free float − institution %. Data: FMP /symbol-positions-summary + /shares-float + SEC EDGAR.
Top Institutional Holders
RFM largest shareholders · institutional ownership
Q4 2021 · SEC 13F
Showing top 10 holders
| Holder | Shares | % Owned | Weight | Value | Reported | Change |
|---|---|---|---|---|---|---|
KARPUS MANAGEMENT, INC. | 217.1K | 3.55% | 3.55% | $4.76B | Feb 14, 2022 | ▼ 11.6K |
NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO | 119.0K | 1.95% | 1.95% | $2.61B | Feb 3, 2022 | ▲ 13.8K |
ROYAL BANK OF CANADA | 105.6K | 1.73% | 1.73% | $2.31B | Feb 14, 2022 | ▼ 45.0K |
WELLS FARGO & COMPANY/MN | 88.6K | 1.45% | 1.45% | $1.94B | Feb 14, 2022 | ▲ 10.5K |
UBS GROUP AG | 62.4K | 1.02% | 1.02% | $1.37B | Feb 14, 2022 | ▲ 3.4K |
PNC FINANCIAL SERVICES GROUP, INC. | 34.1K | 55.73% | 55.73% | $747.00M | Feb 11, 2022 | — held |
MORGAN STANLEY | 30.5K | 49.90% | 49.90% | $669.00M | Feb 14, 2022 | ▲ 1.7K |
WEDBUSH SECURITIES INC | 29.9K | 48.87% | 48.87% | $655.00M | Jan 13, 2022 | ▼ 249 |
THOMAS J. HERZFELD ADVISORS, INC. | 28.2K | 46.09% | 46.09% | $618.00M | Feb 14, 2022 | ▲ 28.2K |
ROBINSON CAPITAL MANAGEMENT, LLC | 23.3K | 38.10% | 38.10% | $513.00M | Feb 8, 2022 | ▲ 16.9K |
Data from SEC Form 13F filings. Ownership bar normalised to largest holder. Change flags: isNew / isSoldOut / changeInSharesNumber (FMP extract-analytics/holder).
Institutional Activity
Q4 2021 vs prior quarter
Q4 2021
8
Increased
+77.2K shares5
New Positions
first time holders4
Decreased
−60.8K shares2
Sold Out
fully exitedNet shares change (top 50)
+16.4K
+77.2K / −60.8K
Net new holders
+7
5 new / 2 exited
Based on top 50 institutional holders by position size. Fields: isNew, isSoldOut, changeInSharesNumber (FMP extract-analytics/holder, limit=50).
Insider Buying vs Selling
RFM insider trading · insider activity
Source: SEC Form 4
Insiders have been net buyers of shares recently. Selling may be driven by pre-scheduled Rule 10b5-1 plans rather than negative sentiment.
16
Buy transactions
0
Sell transactions
0.00
Buy/Sell ratio
$0M
Total disposed
Recent Insider Transactions
Showing 10 most recent · Common Stock only
| Name · Role | Date | Type | Shares | Price | Value | After Trans. | Filing |
|---|---|---|---|---|---|---|---|
RiverNorth Financial Holdings, LLC Affiliate of the Adviser | Nov 26, 2025 | Purchase | 175 | $14.07 | $2.5K | 40.6K | Form 4 ↗ |
RiverNorth Financial Holdings, LLC Affiliate of the Adviser | Nov 25, 2025 | Purchase | 2,700 | $14.05 | $37.9K | 40.5K | Form 4 ↗ |
RiverNorth Financial Holdings, LLC Affiliate of the Adviser | Nov 24, 2025 | Purchase | 4,905 | $14.06 | $69.0K | 37.8K | Form 4 ↗ |
RiverNorth Financial Holdings, LLC Affiliate of the Adviser | Nov 14, 2025 | Purchase | 4,346 | $14.37 | $62.4K | 32.9K | Form 4 ↗ |
RiverNorth Financial Holdings, LLC Affiliate of the Adviser | Nov 11, 2025 | Purchase | 1,243 | $14.42 | $17.9K | 28.5K | Form 4 ↗ |
RiverNorth Financial Holdings, LLC Affiliate of the Adviser | Nov 10, 2025 | Purchase | 4,346 | $14.31 | $62.2K | 27.3K | Form 4 ↗ |
RiverNorth Financial Holdings, LLC Affiliate of the Adviser | Nov 7, 2025 | Purchase | 4,257 | $14.32 | $61.0K | 22.9K | Form 4 ↗ |
RiverNorth Financial Holdings, LLC Affiliate of the Adviser | Nov 5, 2025 | Purchase | 2,165 | $14.45 | $31.3K | 18.7K | Form 4 ↗ |
RiverNorth Financial Holdings, LLC Affiliate of the Adviser | Nov 4, 2025 | Purchase | 4,257 | $14.40 | $61.3K | 16.5K | Form 4 ↗ |
RiverNorth Financial Holdings, LLC Affiliate of the Adviser | Oct 30, 2025 | Purchase | 200 | $14.28 | $2.9K | 12.3K | Form 4 ↗ |
Source: /insider-trading/search (FMP stable). Buy/Sell direction: acquisitionOrDisposition A=Buy, D=Sell. RSU vesting (M-Exempt) excluded from sentiment bar. All data from SEC EDGAR public filings.
About institutional & insider ownership
RiverNorth Flexible Municipal Income Fund, Inc. (RFM) is primarily owned by institutional investors, who hold approximately 13.3% of total shares outstanding. Company insiders own approximately 1.03%, while retail and public investors account for the remaining 85.71%.
The largest institutional shareholder of RiverNorth Flexible Municipal Income Fund, Inc. is KARPUS MANAGEMENT, INC., holding approximately 217,123 shares — equal to 3.55% of outstanding shares — as of December 31, 2021.
A total of 19 institutional investors currently hold RFM stock, with a combined institutional value of approximately $17,763,000 as of the most recent 13F filing period.
Frequently asked questions
RFM ownershipRiverNorth Flexible Municipal Income Fund, Inc. (RFM) is primarily owned by institutional investors, who hold approximately 13.3% of shares. The largest shareholder is KARPUS MANAGEMENT, INC. with a 3.55% stake. Company insiders hold 1.03%. Data sourced from SEC Form 13F as of December 31, 2021.