BNY Mellon High Yield Strategies Fund (NYSE:DHF) Sees Large Increase in Short Interest

Key Points

• Short interest surged 523.2% to 146,640 shares as of September 30, representing about 0.2% of DHF’s shares outstanding and just 0.3 days to cover.
• DHF shares recently traded at $2.19, below both their 50-day and 200-day moving averages, while remaining near the bottom of the fund’s $2.12–$2.61 one-year range.
• The fund declared a monthly dividend of $0.0175 per share, equivalent to $0.21 annually and a 9.6% yield. Director Joseph S. Dimartino also purchased 20,000 shares, increasing his holdings by 9.09%.

BNY Mellon High Yield Strategies Fund (NYSE:DHF - Get Free Report) was the target of a significant growth in short interest in the month of September. As of September 30th, there was short interest totaling 146,640 shares, a growth of 523.2% from the September 15th total of 23,529 shares. Based on an average trading volume of 487,216 shares, the days-to-cover ratio is presently 0.3 days. Approximately 0.2% of the shares of the company are short sold.

BNY Mellon High Yield Strategies Fund Stock Performance

Shares of NYSE:DHF traded up $0.01 on Friday, hitting $2.19. 495,928 shares of the company were exchanged, compared to its average volume of 325,743. The company's 50 day moving average price is $2.32 and its two-hundred day moving average price is $2.38. BNY Mellon High Yield Strategies Fund has a one year low of $2.12 and a one year high of $2.61.

BNY Mellon High Yield Strategies Fund Announces Dividend

The company also recently announced a monthly dividend, which will be paid on Friday, October 23rd. Investors of record on Thursday, October 8th will be given a dividend of $0.0175 per share. The ex-dividend date of this dividend is Thursday, October 8th. This represents a $0.21 dividend on an annualized basis and a yield of 9.6%.

Insider Transactions at BNY Mellon High Yield Strategies Fund

In related news, Director Joseph S. Dimartino bought 20,000 shares of the business's stock in a transaction that occurred on Thursday, September 24th. The stock was purchased at an average cost of $2.22 per share, for a total transaction of $44,400.00. Following the purchase, the director directly owned 240,000 shares in the company, valued at $532,800. This trade represents a 9.09% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 16.61% of the company's stock.

Hedge Funds Weigh In On BNY Mellon High Yield Strategies Fund

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. World Investment Advisors acquired a new stake in shares of BNY Mellon High Yield Strategies Fund during the 4th quarter worth approximately $35,000. Fermata Advisors LLC acquired a new position in shares of BNY Mellon High Yield Strategies Fund in the second quarter valued at $42,000. Bulldog Investors LLP bought a new position in BNY Mellon High Yield Strategies Fund in the first quarter worth $700,000. Rivernorth Capital Management LLC lifted its position in BNY Mellon High Yield Strategies Fund by 14.3% in the first quarter. Rivernorth Capital Management LLC now owns 366,828 shares of the investment management company's stock worth $895,000 after purchasing an additional 45,764 shares during the period. Finally, Hennion & Walsh Asset Management Inc. lifted its position in BNY Mellon High Yield Strategies Fund by 17.2% in the second quarter. Hennion & Walsh Asset Management Inc. now owns 1,872,844 shares of the investment management company's stock worth $4,532,000 after purchasing an additional 275,168 shares during the period. 36.16% of the stock is currently owned by institutional investors.

About BNY Mellon High Yield Strategies Fund

BNY Mellon High Yield Strategies Fund NYSE: DHF is a closed-end investment fund that seeks to provide a high level of current income, with capital appreciation as a secondary objective. The fund invests primarily in high-yield corporate debt securities, commonly known as below-investment-grade or “junk” bonds.

Its portfolio may include a diversified range of fixed-income securities issued by companies in the United States and other markets. These investments generally carry greater credit and default risk than investment-grade bonds, but may offer higher income potential.

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