BNY Mellon Strategic Municipals (NYSE:LEO) Stock: Insider Saba Capital Management, L.P. Buys 45,831 Shares

Key Points

• Saba Capital Management purchased 45,831 shares of BNY Mellon Strategic Municipals at an average price of $5.73, increasing its stake by 0.71% to 6.48 million shares.
• The firm has made several additional purchases in recent days, including 322,858 shares on October 16, signaling continued accumulation by the major shareholder.
• LEO shares rose 0.4% to $5.71, while the fund declared a monthly dividend of $0.03, equivalent to $0.36 annually and a 6.3% yield.

BNY Mellon Strategic Municipals, Inc. (NYSE:LEO - Get Free Report) major shareholder Saba Capital Management, L.P. bought 45,831 shares of BNY Mellon Strategic Municipals stock in a transaction dated Wednesday, October 21st. The stock was acquired at an average price of $5.73 per share, with a total value of $262,611.63. Following the purchase, the insider directly owned 6,482,189 shares of the company's stock, valued at approximately $37,142,942.97. This represents a 0.71% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website. Large shareholders that own at least 10% 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 Tuesday, October 20th, Saba Capital Management, L.P. purchased 7,724 shares of BNY Mellon Strategic Municipals stock. The stock was acquired at an average cost of $5.72 per share, for a total transaction 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 acquired at an average price of $5.67 per share, for a total transaction of $86,444.82.
• On Friday, October 16th, Saba Capital Management, L.P. acquired 322,858 shares of BNY Mellon Strategic Municipals stock. The stock was acquired at an average cost of $5.65 per share, with a total value of $1,824,147.70.

BNY Mellon Strategic Municipals Stock Up 0.4%

LEO traded up $0.03 on Thursday, hitting $5.71. The company's stock had a trading volume of 172,787 shares, compared to its average volume of 214,189. BNY Mellon Strategic Municipals, Inc. has a 12 month low of $5.41 and a 12 month high of $6.55. The company's 50 day simple moving average is $5.85 and its 200-day simple moving average is $6.17.

BNY Mellon Strategic Municipals Dividend Announcement

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

Institutional Trading of BNY Mellon Strategic Municipals

A number of hedge funds and other institutional investors have recently made changes to their positions in LEO. Hennion & Walsh Asset Management Inc. boosted its stake in BNY Mellon Strategic Municipals by 110.8% in the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 1,683,135 shares of the investment management company's stock worth $10,873,000 after purchasing an additional 884,861 shares during the period. Almitas Capital LLC purchased a new position in BNY Mellon Strategic Municipals during the 2nd quarter valued at about $4,662,000. Capstone Investment Advisors LLC bought a new stake in shares of BNY Mellon Strategic Municipals during the second quarter valued at about $2,454,000. Altium Capital Management LLC increased its position in shares of BNY Mellon Strategic Municipals by 67.4% during the first quarter. Altium Capital Management LLC now owns 438,676 shares of the investment management company's stock valued at $2,759,000 after buying an additional 176,624 shares during the period. Finally, Bank of America Corp DE purchased a new stake in shares of BNY Mellon Strategic Municipals in the second quarter worth about $651,000.

BNY Mellon Strategic Municipals Company Profile

BNY Mellon Strategic Municipals, Inc NYSE: LEO is a closed-end management investment company that seeks to provide 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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