BNY Mellon Strategic Municipals (NYSE:LEO) Major Shareholder Saba Capital Management, L.P. Acquires 12,583 Shares of Company Stock

Key Points

• Saba Capital Management purchased 12,583 shares of BNY Mellon Strategic Municipals at an average price of $5.76, increasing its stake by 0.19% to 6,559,772 shares valued at approximately $37.8 million.
• Saba made several additional purchases in October, acquiring a combined 469,242 shares across the reported transactions, signaling continued accumulation by the major shareholder.
• BNY Mellon Strategic Municipals recently declared a monthly dividend of $0.03 per share, equal to $0.36 annually and a yield of approximately 6.1%; the shares were trading at $5.91 in the latest session.

BNY Mellon Strategic Municipals, Inc. (NYSE:LEO - Get Free Report) major shareholder Saba Capital Management, L.P. acquired 12,583 shares of BNY Mellon Strategic Municipals stock in a transaction that occurred on Monday, October 26th. The shares were purchased at an average price of $5.76 per share, with a total value of $72,478.08. Following the transaction, the insider owned 6,559,772 shares of the company's stock, valued at $37,784,286.72. The trade was a 0.19% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Major shareholders that own at least 10% of a company's shares are required to disclose their sales and purchases with the SEC.

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

• On Friday, October 23rd, Saba Capital Management, L.P. bought 65,000 shares of BNY Mellon Strategic Municipals stock. The stock was purchased at an average cost of $5.68 per share, for a total transaction of $369,200.00.
• On Wednesday, October 21st, Saba Capital Management, L.P. bought 45,831 shares of BNY Mellon Strategic Municipals stock. The stock was purchased at an average cost of $5.73 per share, for a total transaction of $262,611.63.
• On Tuesday, October 20th, Saba Capital Management, L.P. purchased 7,724 shares of BNY Mellon Strategic Municipals stock. The shares were purchased at an average price of $5.72 per share, with a total value of $44,181.28.
• On Monday, October 19th, Saba Capital Management, L.P. purchased 15,246 shares of BNY Mellon Strategic Municipals stock. The shares were purchased at an average price of $5.67 per share, with a total value of $86,444.82.
• On Friday, October 16th, Saba Capital Management, L.P. purchased 322,858 shares of BNY Mellon Strategic Municipals stock. The shares were acquired 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 $0.07 during midday trading on Tuesday, hitting $5.91. 413,403 shares of the company's stock traded hands, compared to its average volume of 216,006. The firm has a fifty day moving average of $5.83 and a 200 day moving average of $6.23. BNY Mellon Strategic Municipals, Inc. has a 1 year low of $5.41 and a 1 year high of $6.55.

BNY Mellon Strategic Municipals Dividend Announcement

The firm also recently announced a monthly dividend, which will be paid on Friday, October 30th. Investors of record on Wednesday, October 14th will be given a dividend of $0.03 per share. This represents a $0.36 annualized dividend and a yield of 6.1%. The ex-dividend date is Wednesday, October 14th.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. Integrated Capital Management Inc. raised its holdings in BNY Mellon Strategic Municipals by 14.9% in the 3rd quarter. Integrated Capital Management Inc. now owns 39,810 shares of the investment management company's stock worth $221,000 after purchasing an additional 5,172 shares during the period. Venture Visionary Partners LLC purchased a new stake in BNY Mellon Strategic Municipals in the third quarter worth about $81,000. Noble Wealth Management PBC increased its position in BNY Mellon Strategic Municipals by 16.6% in the third quarter. Noble Wealth Management PBC now owns 26,756 shares of the investment management company's stock worth $149,000 after buying an additional 3,800 shares in the last quarter. Readystate Asset Management LP purchased a new stake in BNY Mellon Strategic Municipals in the second quarter worth about $460,000. Finally, Rivernorth Capital Management LLC raised its stake in shares of BNY Mellon Strategic Municipals by 1.1% in the second 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.

About BNY Mellon Strategic Municipals

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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