BNY Mellon High Yield Strategies Fund (NYSE:DHF) Stock Short Interest Falls 73.8%

Key Points

• Short interest in DHF fell 73.8% from 171,819 shares on October 15 to 44,955 shares on October 30, equal to about 0.1% of shares outstanding.
• Director Joseph S. Dimartino bought 20,000 shares at $2.22 each, increasing his holdings by 9.09% to 240,000 shares.
• The fund announced a monthly dividend of $0.0175 per share, equivalent to $0.21 annually and a stated yield of 9.4%.

BNY Mellon High Yield Strategies Fund (NYSE:DHF - Get Free Report) was the recipient of a large drop in short interest during the month of October. As of October 30th, there was short interest totaling 44,955 shares, a drop of 73.8% from the October 15th total of 171,819 shares. Approximately 0.1% of the shares of the company are short sold. Based on an average daily volume of 305,295 shares, the days-to-cover ratio is currently 0.1 days.

Insider Buying and Selling

In related news, Director Joseph S. Dimartino bought 20,000 shares of the stock in a transaction that occurred on Thursday, September 24th. The stock was bought 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 of the company's stock, valued at approximately $532,800. This trade represents a 9.09% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 16.61% of the stock is owned by company insiders.

Institutional Trading of BNY Mellon High Yield Strategies Fund

A number of institutional investors and hedge funds have recently added to or reduced their stakes in DHF. Hennion & Walsh Asset Management Inc. grew its stake in BNY Mellon High Yield Strategies Fund by 17.2% during the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 1,872,844 shares of the investment management company's stock valued at $4,532,000 after purchasing an additional 275,168 shares during the last quarter. Allspring Global Investments Holdings LLC raised its stake in shares of BNY Mellon High Yield Strategies Fund by 19.5% in the third quarter. Allspring Global Investments Holdings LLC now owns 1,176,083 shares of the investment management company's stock worth $2,611,000 after purchasing an additional 192,113 shares during the last quarter. Advisors Asset Management Inc. acquired a new stake in shares of BNY Mellon High Yield Strategies Fund during the third quarter worth about $1,631,000. Rivernorth Capital Management LLC lifted its holdings in shares of BNY Mellon High Yield Strategies Fund by 14.3% during 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, Bulldog Investors LLP acquired a new stake in shares of BNY Mellon High Yield Strategies Fund during the first quarter worth about $700,000. Institutional investors and hedge funds own 36.16% of the company's stock.

BNY Mellon High Yield Strategies Fund Stock Performance

Shares of BNY Mellon High Yield Strategies Fund stock opened at $2.23 on Thursday. BNY Mellon High Yield Strategies Fund has a 12-month low of $2.12 and a 12-month high of $2.57. The firm's 50 day simple moving average is $2.25 and its two-hundred day simple moving average is $2.38.

BNY Mellon High Yield Strategies Fund Announces Dividend

The company also recently announced a monthly dividend, which will be paid on Friday, November 20th. Investors of record on Thursday, November 5th will be paid a $0.0175 dividend. The ex-dividend date is Thursday, November 5th. This represents a $0.21 dividend on an annualized basis and a yield of 9.4%.

BNY Mellon High Yield Strategies Fund Company Profile

BNY Mellon High Yield Strategies Fund is a closed-end investment fund listed on the New York Stock Exchange under the symbol DHF. The fund seeks to provide investors with a high level of current income and, to a lesser extent, capital appreciation. The fund invests primarily in high-yield, below-investment-grade debt securities, commonly known as “junk bonds,” issued by corporations and other organizations. Its portfolio may include bonds and other fixed-income instruments with varying maturities, credit qualities and structures.

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