Rivernorth Capital Management LLC Cuts Position in BNY Mellon Strategic Municipals, Inc. $LEO

Key Points

• Rivernorth Capital Management cut its LEO position by 9.6% in the first quarter, selling 209,923 shares and retaining 1.99 million shares valued at approximately $12.5 million.
• Several other institutional investors increased their holdings, including Bulldog Investors, Pathstone Holdings, Guggenheim Capital, Saba Capital Management, and Advisors Asset Management.
• LEO traded at $6.20, within its 12-month range of $5.78 to $6.55. The fund reported quarterly EPS of $0.08 and announced a monthly $0.03 dividend, representing an annualized yield of about 5.8%.

Rivernorth Capital Management LLC cut its holdings in BNY Mellon Strategic Municipals, Inc. (NYSE:LEO - Free Report) by 9.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,985,192 shares of the investment management company's stock after selling 209,923 shares during the period. Rivernorth Capital Management LLC owned about 3.19% of BNY Mellon Strategic Municipals worth $12,487,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Bulldog Investors LLP raised its stake in shares of BNY Mellon Strategic Municipals by 104.2% during the 4th quarter. Bulldog Investors LLP now owns 1,480,512 shares of the investment management company's stock worth $9,416,000 after purchasing an additional 755,380 shares during the period. Pathstone Holdings LLC increased its holdings in BNY Mellon Strategic Municipals by 23.2% during the third quarter. Pathstone Holdings LLC now owns 3,839,659 shares of the investment management company's stock worth $23,998,000 after buying an additional 723,676 shares during the last quarter. Guggenheim Capital LLC increased its holdings in 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 worth $9,831,000 after buying an additional 581,458 shares during the last quarter. Saba Capital Management L.P. raised its position in BNY Mellon Strategic Municipals by 6.6% in the fourth quarter. Saba Capital Management L.P. now owns 6,076,820 shares of the investment management company's stock worth $38,649,000 after acquiring an additional 378,001 shares during the period. Finally, Advisors Asset Management Inc. raised its position in BNY Mellon Strategic Municipals by 42.0% in the fourth quarter. Advisors Asset Management Inc. now owns 986,207 shares of the investment management company's stock worth $6,272,000 after acquiring an additional 291,937 shares during the period.

BNY Mellon Strategic Municipals Price Performance

BNY Mellon Strategic Municipals stock opened at $6.20 on Wednesday. BNY Mellon Strategic Municipals, Inc. has a twelve month low of $5.78 and a twelve month high of $6.55. The firm has a 50 day moving average price of $6.38 and a 200-day moving average price of $6.38.

BNY Mellon Strategic Municipals (NYSE:LEO - Get Free Report) last posted its quarterly earnings results on Friday, May 29th. The investment management company reported $0.08 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. Shareholders of record on Tuesday, July 14th will be paid a $0.03 dividend. The ex-dividend date is Tuesday, July 14th. This represents a c) annualized dividend and a dividend yield of 5.8%.

BNY Mellon Strategic Municipals 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.

Want to see what other hedge funds are holding LEO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for BNY Mellon Strategic Municipals, Inc. (NYSE:LEO - Free Report).

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