BNY Mellon Strategic Municipals (NYSE:LEO) Shares Cross Below Two Hundred Day Moving Average - Time to Sell?

Key Points

• BNY Mellon Strategic Municipals (NYSE: LEO) slipped below its 200-day moving average, trading as low as $6.37 versus a 200-day average of $6.38, which may signal weakening short-term momentum.
• The fund reported its latest quarterly results with EPS of $0.08 and revenue of $7.57 million for the quarter ended May 29.
• The company announced a monthly dividend of $0.03 per share, payable July 31, implying an annualized yield of about 5.6%.

BNY Mellon Strategic Municipals, Inc. (NYSE:LEO - Get Free Report)'s stock price passed below its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $6.38 and traded as low as $6.37. BNY Mellon Strategic Municipals shares last traded at $6.3750, with a volume of 119,142 shares traded.

BNY Mellon Strategic Municipals Stock Down 0.1%

The firm's fifty day moving average price is $6.39 and its 200 day moving average price is $6.38.

BNY Mellon Strategic Municipals (NYSE:LEO - Get Free Report) last issued its quarterly earnings data on Friday, May 29th. The investment management company reported $0.08 earnings per share (EPS) for the quarter. The company had revenue of $7.57 million during the quarter.

BNY Mellon Strategic Municipals Dividend Announcement

The company also recently announced a monthly dividend, which will be paid on Friday, July 31st. Stockholders of record on Tuesday, July 14th will be issued a dividend of $0.03 per share. This represents a c) annualized dividend and a dividend yield of 5.6%. The ex-dividend date of this dividend is Tuesday, July 14th.

Institutional Trading of BNY Mellon Strategic Municipals

Hedge funds have recently added to or reduced their stakes in the company. Invesco Ltd. acquired a new stake in BNY Mellon Strategic Municipals during the second quarter valued at $561,000. Whitebox Advisors LLC raised its position in shares of BNY Mellon Strategic Municipals by 14.3% in the second quarter. Whitebox Advisors LLC now owns 305,421 shares of the investment management company's stock worth $1,808,000 after acquiring an additional 38,121 shares during the period. Bank of America Corp DE grew its position in shares of BNY Mellon Strategic Municipals by 4.5% during the 2nd quarter. Bank of America Corp DE now owns 204,596 shares of the investment management company's stock valued at $1,211,000 after acquiring an additional 8,810 shares during the period. Curi Capital LLC purchased a new position in shares of BNY Mellon Strategic Municipals in the 2nd quarter valued at about $740,000. Finally, Corient Private Wealth LLC increased its stake in shares of BNY Mellon Strategic Municipals by 5.8% in the 2nd quarter. Corient Private Wealth LLC now owns 118,305 shares of the investment management company's stock valued at $700,000 after purchasing an additional 6,499 shares in the last quarter.

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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