BNY Mellon Strategic Municipals, Inc. (NYSE:LEO) Plans Monthly Dividend of $0.03

Key Points

• BNY Mellon Strategic Municipals declared a monthly dividend of $0.03 per share, payable December 1 to shareholders of record on November 13. The annualized dividend is $0.36, representing a 6.1% yield.
• Shares opened at $5.92 and were up 1.3%, trading between a 52-week range of $5.41 and $6.55.
• Major shareholder Saba Capital Management increased its stake by 12,583 shares, while insiders bought 469,425 shares worth approximately $2.66 million over the past three months.

BNY Mellon Strategic Municipals, Inc. (NYSE:LEO - Get Free Report) declared a monthly dividend on Thursday, October 29th. Shareholders of record on Friday, November 13th will be given a dividend of $0.03 per share by the investment management company on Tuesday, December 1st. This represents a $0.36 dividend on an annualized basis and a yield of 6.1%. The ex-dividend date of this dividend is Friday, November 13th.

BNY Mellon Strategic Municipals Stock Up 1.3%

Shares of NYSE:LEO opened at $5.92 on Friday. The business's 50 day moving average price is $5.81 and its 200-day moving average price is $6.22. BNY Mellon Strategic Municipals has a 1 year low of $5.41 and a 1 year high of $6.55.

Insider Activity

In related news, major shareholder Saba Capital Management, L.P. bought 12,583 shares of the firm's stock in a transaction on Monday, October 26th. The shares were bought at an average price of $5.76 per share, with a total value of $72,478.08. Following the completion of the transaction, the insider directly owned 6,559,772 shares of the company's stock, valued at $37,784,286.72. This represents a 0.19% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Over the last three months, insiders bought 469,425 shares of company stock worth $2,660,103. 1.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On BNY Mellon Strategic Municipals

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Venture Visionary Partners LLC acquired a new stake in shares of BNY Mellon Strategic Municipals in the 3rd quarter valued at about $81,000. Advisor OS LLC acquired a new position in shares of BNY Mellon Strategic Municipals in the second quarter valued at approximately $123,000. Corient Private Wealth LP purchased a new stake in shares of BNY Mellon Strategic Municipals during the second quarter worth approximately $144,000. Noble Wealth Management PBC grew its position in BNY Mellon Strategic Municipals by 16.6% in the 3rd quarter. Noble Wealth Management PBC now owns 26,756 shares of the investment management company's stock valued at $149,000 after buying an additional 3,800 shares during the last quarter. Finally, Landscape Capital Management L.L.C. purchased a new position in BNY Mellon Strategic Municipals in the 2nd quarter valued at $156,000.

BNY Mellon Strategic Municipals Company Profile

BNY Mellon Strategic Municipals, Inc NYSE: LEO is a closed-end management investment company that seeks to provide a high level of current income exempt from regular U.S. federal income tax. The fund invests primarily in municipal obligations issued by states, municipalities, and other public authorities.

Its portfolio may include general obligation bonds, revenue bonds, and other tax-exempt municipal securities. By investing in debt issued across the United States, the fund provides exposure to the municipal bond market rather than operating a conventional commercial business or selling products and services directly to consumers.

BNY Mellon Investment Adviser, Inc, an affiliate of The Bank of New York Mellon Corporation, serves as the fund's investment adviser.

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