BNY Mellon Strategic Municipals, Inc. (NYSE:LEO) Sees Significant Increase in Short Interest

Key Points

• Short interest in BNY Mellon Strategic Municipals (NYSE:LEO) rose by 34% in March to 32,268 shares, equal to 0.1% of shares short and a days-to-cover ratio of 0.2.
• Several institutions materially added shares — notably Gridiron (+394%, +1.59M shares), Bulldog (+104%, +755k), Pathstone (+23%, +723k), Guggenheim (+60%, +581k) and Saba (+6.6%, +378k) — indicating sizable institutional inflows.
• The fund traded at $6.07 (52-week range $5.55–$6.55) and announced a monthly dividend of $0.026 (ex-dividend Mar 12, paid Mar 31), implying a ~5.1% yield.

BNY Mellon Strategic Municipals, Inc. (NYSE:LEO - Get Free Report) was the target of a significant growth in short interest during the month of March. As of March 13th, there was short interest totaling 32,268 shares, a growth of 34.0% from the February 26th total of 24,076 shares. Currently, 0.1% of the shares of the stock are short sold. Based on an average daily volume of 131,031 shares, the days-to-cover ratio is currently 0.2 days.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Gridiron Partners LLC lifted its holdings in BNY Mellon Strategic Municipals by 394.1% in the 3rd quarter. Gridiron Partners LLC now owns 1,994,982 shares of the investment management company's stock valued at $125,000 after purchasing an additional 1,591,208 shares in the last quarter. Bulldog Investors LLP grew its holdings in shares of BNY Mellon Strategic Municipals by 104.2% during the fourth quarter. Bulldog Investors LLP now owns 1,480,512 shares of the investment management company's stock worth $9,416,000 after buying an additional 755,380 shares in the last quarter. Pathstone Holdings LLC raised its position in shares of BNY Mellon Strategic Municipals by 23.2% in the third quarter. Pathstone Holdings LLC now owns 3,839,659 shares of the investment management company's stock valued at $23,998,000 after buying an additional 723,676 shares during the last quarter. Guggenheim Capital LLC lifted its stake in shares of BNY Mellon Strategic Municipals by 60.3% during the fourth quarter. Guggenheim Capital LLC now owns 1,545,694 shares of the investment management company's stock valued at $9,831,000 after buying an additional 581,458 shares during the period. Finally, Saba Capital Management L.P. lifted its stake in shares of BNY Mellon Strategic Municipals by 6.6% during the fourth quarter. Saba Capital Management L.P. now owns 6,076,820 shares of the investment management company's stock valued at $38,649,000 after buying an additional 378,001 shares during the period.

BNY Mellon Strategic Municipals Trading Down 0.1%

Shares of BNY Mellon Strategic Municipals stock traded down $0.01 during trading on Friday, hitting $6.07. 159,264 shares of the company were exchanged, compared to its average volume of 144,494. BNY Mellon Strategic Municipals has a fifty-two week low of $5.55 and a fifty-two week high of $6.55. The firm has a 50 day moving average price of $6.39 and a 200 day moving average price of $6.32.

BNY Mellon Strategic Municipals Dividend Announcement

The business also recently disclosed a monthly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Thursday, March 12th will be given a $0.026 dividend. This represents a c) annualized dividend and a dividend yield of 5.1%. The ex-dividend date is Thursday, March 12th.

BNY Mellon Strategic Municipals Company Profile

BNY Mellon Strategic Municipals NYSE: LEO is a closed-end management investment company that seeks to deliver a high level of current income exempt from U.S. federal income tax. The fund primarily allocates its assets to investment-grade municipal securities, including bonds and other debt instruments issued by U.S. states, territories, municipalities and their authorities.

Beyond traditional investment-grade munis, the fund may also invest in below-investment-grade securities, variable‐rate demand obligations, municipal derivatives and other income-producing instruments.

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