Bank of America Invests Heavily in DWS Municipal Income Trust Amid Dividend Announcement

Bank of America Corp DE has made a new investment in DWS Municipal Income Trust (NYSE:KTF), according to its most recent filing with the SEC. The institutional investor bought approximately $6,781,000 worth of shares in the second quarter, bringing its total ownership stake in KTF to about 1.88%. This is not an isolated instance, as several other hedge funds have also recently invested in DWS Municipal Income Trust.

Among these investors, Northwestern Mutual Wealth Management Co. bought a new stake worth around $66,000 in the second quarter. Royal Bank of Canada increased its holdings by 16.3% during the first quarter and now owns approximately $646,000 worth of KTF shares. NewEdge Advisors LLC also purchased an additional 29,488 shares, increasing its position by 43.1% in the first quarter.

As a result of these investments, institutional investors currently own 57.71% of DWS Municipal Income Trust's stock. The investment management company has announced a monthly dividend, which will be paid on September 30th to shareholders recorded as of September 23rd. This represents an annualized dividend of $0.73 and a yield of 8.9%.