BNY Mellon Strategic Municipals (NYSE:LEO) Major Shareholder Purchases 15,246 Shares of Stock

Key Points

• Saba Capital Management purchased 15,246 shares of BNY Mellon Strategic Municipals at an average price of $5.67, increasing its stake by 0.24% to 6.43 million shares. The purchase followed an additional acquisition of 322,858 shares the previous week.
• LEO shares traded at $5.71, near the lower end of their 52-week range of $5.41 to $6.55, while remaining below both their 50-day and 200-day moving averages.
• The fund announced a monthly dividend of $0.03 per share, equivalent to an annualized $0.36 payout and a 6.3% dividend yield. BNY Mellon Strategic Municipals primarily invests in federally tax-exempt municipal debt.

BNY Mellon Strategic Municipals, Inc. (NYSE:LEO - Get Free Report) major shareholder Saba Capital Management, L.P. purchased 15,246 shares of BNY Mellon Strategic Municipals stock in a transaction on Monday, October 19th. The stock was bought at an average price of $5.67 per share, with a total value of $86,444.82. Following the completion of the acquisition, the insider directly owned 6,428,634 shares of the company's stock, valued at approximately $36,450,354.78. This trade represents a 0.24% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Large shareholders that own 10% or more of a company's stock are required to disclose their transactions with the SEC.

Saba Capital Management, L.P. also recently made the following trade(s):

• On Friday, October 16th, Saba Capital Management, L.P. purchased 322,858 shares of BNY Mellon Strategic Municipals stock. The stock was bought at an average cost of $5.65 per share, with a total value of $1,824,147.70.

BNY Mellon Strategic Municipals Price Performance

Shares of NYSE LEO traded up $0.04 during trading on Tuesday, hitting $5.71. 362,690 shares of the company traded hands, compared to its average volume of 214,177. The business's fifty day moving average is $5.87 and its 200 day moving average is $6.18. BNY Mellon Strategic Municipals, Inc. has a fifty-two week low of $5.41 and a fifty-two week high of $6.55.

BNY Mellon Strategic Municipals Dividend Announcement

The company also recently announced a monthly dividend, which will be paid on Friday, October 30th. Stockholders of record on Wednesday, October 14th will be paid a $0.03 dividend. The ex-dividend date is Wednesday, October 14th. This represents a $0.36 annualized dividend and a dividend yield of 6.3%.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in LEO. Rivernorth Capital Management LLC raised its stake in BNY Mellon Strategic Municipals by 1.1% during the 2nd quarter. Rivernorth Capital Management LLC now owns 2,006,388 shares of the investment management company's stock worth $12,961,000 after buying an additional 21,196 shares during the period. Hennion & Walsh Asset Management Inc. grew its stake in BNY Mellon Strategic Municipals by 110.8% in the second quarter. Hennion & Walsh Asset Management Inc. now owns 1,683,135 shares of the investment management company's stock valued at $10,873,000 after acquiring an additional 884,861 shares during the period. Bulldog Investors LLP grew its stake in BNY Mellon Strategic Municipals by 6.5% in the first quarter. Bulldog Investors LLP now owns 1,576,371 shares of the investment management company's stock valued at $9,915,000 after acquiring an additional 95,859 shares during the period. Almitas Capital LLC acquired a new stake in BNY Mellon Strategic Municipals in the second quarter valued at approximately $4,662,000. Finally, Allspring Global Investments Holdings LLC increased its holdings in shares of BNY Mellon Strategic Municipals by 8.3% during the first quarter. Allspring Global Investments Holdings LLC now owns 527,746 shares of the investment management company's stock valued at $3,320,000 after acquiring an additional 40,450 shares in the last quarter.

BNY Mellon Strategic Municipals Company Profile

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

Its portfolio may include a range of tax-exempt securities, such as general obligation bonds, revenue bonds and other municipal debt instruments. These securities can finance public services and infrastructure, including education, transportation, utilities and health care facilities.

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