Insider Buying: BNY Mellon Strategic Municipals (NYSE:LEO) Major Shareholder Buys $44,181.28 in Stock

Key Points

• Saba Capital Management bought 7,724 shares of BNY Mellon Strategic Municipals (NYSE: LEO) at an average $5.72 per share, increasing its stake by 0.12% to 6.44 million shares. The purchases followed larger buys of 15,246 shares and 322,858 shares earlier in the month.
• LEO shares traded at $5.67, 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 declared a monthly dividend of $0.03 per share, equivalent to $0.36 annually and a 6.3% yield; LEO invests primarily in federally tax-exempt municipal bonds.

BNY Mellon Strategic Municipals, Inc. (NYSE:LEO - Get Free Report) major shareholder Saba Capital Management, L.P. bought 7,724 shares of BNY Mellon Strategic Municipals stock in a transaction dated Tuesday, October 20th. The shares were bought at an average price of $5.72 per share, for a total transaction of $44,181.28. Following the completion of the transaction, the insider directly owned 6,436,358 shares of the company's stock, valued at $36,815,967.76. This represents a 0.12% increase in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Large shareholders that own more than 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 Monday, October 19th, Saba Capital Management, L.P. purchased 15,246 shares of BNY Mellon Strategic Municipals stock. The shares were bought at an average cost of $5.67 per share, for a total transaction of $86,444.82.
• 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 Stock Performance

Shares of BNY Mellon Strategic Municipals stock traded down $0.06 during midday trading on Wednesday, reaching $5.67. The company had a trading volume of 256,125 shares, compared to its average volume of 214,394. The stock has a fifty day simple moving average of $5.86 and a 200 day simple moving average of $6.18. 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 company also recently disclosed a monthly dividend, which will be paid on Friday, October 30th. Shareholders of record on Wednesday, October 14th will be given a $0.03 dividend. This represents a $0.36 dividend on an annualized basis and a yield of 6.3%. The ex-dividend date is Wednesday, October 14th.

Institutional Investors Weigh In On BNY Mellon Strategic Municipals

Several hedge funds and other institutional investors have recently made changes to their positions in LEO. Integrated Capital Management Inc. lifted its position in BNY Mellon Strategic Municipals by 14.9% during the 3rd quarter. Integrated Capital Management Inc. now owns 39,810 shares of the investment management company's stock valued at $221,000 after purchasing an additional 5,172 shares during the period. Venture Visionary Partners LLC bought a new position in shares of BNY Mellon Strategic Municipals in the 3rd quarter valued at about $81,000. Noble Wealth Management PBC boosted its stake in shares of BNY Mellon Strategic Municipals by 16.6% in the 3rd quarter. Noble Wealth Management PBC now owns 26,756 shares of the investment management company's stock valued at $149,000 after purchasing an additional 3,800 shares during the last quarter. Readystate Asset Management LP acquired a new stake in shares of BNY Mellon Strategic Municipals during the 2nd quarter worth approximately $460,000. Finally, Rivernorth Capital Management LLC grew its position 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 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 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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