BNY Mellon Strategic Municipals (NYSE:LEO) Major Shareholder Saba Capital Management, L.P. Purchases 322,858 Shares of Company Stock

Key Points

• Saba Capital Management purchased 322,858 shares of BNY Mellon Strategic Municipals at an average price of $5.65, investing approximately $1.82 million and increasing its ownership by 5.3% to 6.41 million shares.
• LEO shares traded at $5.71, within a 52-week range of $5.41 to $6.55. The fund maintains a monthly dividend of $0.03 per share, equivalent to an annualized $0.36 payout and a 6.3% yield.
• Other institutional investors, including Hennion & Walsh Asset Management and RiverNorth Capital Management, also increased their positions; the fund primarily invests in tax-exempt municipal debt to generate federally tax-exempt income.

BNY Mellon Strategic Municipals, Inc. (NYSE:LEO - Get Free Report) major shareholder Saba Capital Management, L.P. acquired 322,858 shares of the business's stock in a transaction dated Friday, October 16th. The shares were bought at an average price of $5.65 per share, for a total transaction of $1,824,147.70. Following the completion of the acquisition, the insider owned 6,413,388 shares in the company, valued at approximately $36,235,642.20. This trade represents a 5.30% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. 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 Monday, October 19th, Saba Capital Management, L.P. bought 15,246 shares of BNY Mellon Strategic Municipals stock. The stock was bought at an average cost of $5.67 per share, for a total transaction of $86,444.82.

BNY Mellon Strategic Municipals Price Performance

Shares of LEO traded up $0.04 during mid-day trading on Tuesday, hitting $5.71. The company had a trading volume of 362,690 shares, compared to its average volume of 214,177. BNY Mellon Strategic Municipals, Inc. has a 1-year low of $5.41 and a 1-year high of $6.55. The business's 50-day simple moving average is $5.87 and its 200-day simple moving average is $6.18.

BNY Mellon Strategic Municipals Dividend Announcement

The business also recently declared 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. The ex-dividend date of this dividend is Wednesday, October 14th. This represents a $0.36 annualized dividend and a yield of 6.3%.

Hedge Funds Weigh In On BNY Mellon Strategic Municipals

A number of hedge funds have recently made changes to their positions in the stock. Rivernorth Capital Management LLC grew its holdings in shares of 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 purchasing an additional 21,196 shares during the period. Hennion & Walsh Asset Management Inc. raised its holdings 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 buying an additional 884,861 shares during the period. Bulldog Investors LLP raised its holdings 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 buying an additional 95,859 shares during the period. Almitas Capital LLC purchased a new position in BNY Mellon Strategic Municipals in the second quarter valued at approximately $4,662,000. Finally, Allspring Global Investments Holdings LLC lifted its position in 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 buying 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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