BNY Mellon Strategic Municipals, Inc. (NYSE:LEO) Sees Significant Drop in Short Interest

Key Points

• Short interest fell 45.6% to 47,833 shares as of August 14, representing about 0.1% of LEO’s outstanding shares and just 0.1 days to cover.
• Several institutional investors increased their positions, including Saba Capital Management, Pathstone Holdings, Rivernorth Capital Management, Hennion & Walsh Asset Management, and Bulldog Investors.
• LEO shares recently traded at $6.20, within a 52-week range of $5.87 to $6.55. The fund declared a monthly dividend of $0.03 per share, implying an annualized yield of approximately 5.8%.

BNY Mellon Strategic Municipals, Inc. (NYSE:LEO - Get Free Report) saw a significant drop in short interest in August. As of August 14th, there was short interest totaling 47,833 shares, a drop of 45.6% from the July 30th total of 87,912 shares. Approximately 0.1% of the company's shares are short sold. Based on an average daily volume of 340,829 shares, the days-to-cover ratio is presently 0.1 days.

Institutional Trading of BNY Mellon Strategic Municipals

Several hedge funds have recently bought and sold shares of LEO. Saba Capital Management L.P. raised its holdings in shares of BNY Mellon Strategic Municipals by 6.6% during the fourth quarter. Saba Capital Management L.P. now owns 6,076,820 shares of the investment management company's stock worth $38,649,000 after acquiring an additional 378,001 shares during the period. Pathstone Holdings LLC boosted its position in shares of BNY Mellon Strategic Municipals by 23.2% during the third quarter. Pathstone Holdings LLC now owns 3,839,659 shares of the investment management company's stock worth $23,998,000 after buying an additional 723,676 shares during the period. Rivernorth Capital Management LLC grew its holdings in shares of BNY Mellon Strategic Municipals by 5.8% during the fourth quarter. Rivernorth Capital Management LLC now owns 2,195,115 shares of the investment management company's stock worth $13,961,000 after buying an additional 119,962 shares in the last quarter. Hennion & Walsh Asset Management Inc. grew its holdings in shares of BNY Mellon Strategic Municipals by 110.8% during the second quarter. Hennion & Walsh Asset Management Inc. now owns 1,683,135 shares of the investment management company's stock worth $10,873,000 after buying an additional 884,861 shares in the last quarter. Finally, Bulldog Investors LLP raised its position in BNY Mellon Strategic Municipals by 6.5% in the 1st 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 last quarter.

BNY Mellon Strategic Municipals Price Performance

Shares of LEO traded up $0.03 during trading hours on Friday, reaching $6.20. The stock had a trading volume of 68,767 shares, compared to its average volume of 248,254. BNY Mellon Strategic Municipals has a 52 week low of $5.87 and a 52 week high of $6.55. The firm has a 50-day moving average of $6.30 and a 200 day moving average of $6.34.

BNY Mellon Strategic Municipals (NYSE:LEO - Get Free Report) last issued its quarterly earnings data on Friday, May 29th. The investment management company reported $0.08 EPS for the quarter. The business had revenue of $7.57 million for the quarter.

BNY Mellon Strategic Municipals Announces Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Monday, August 31st. Stockholders of record on Thursday, August 13th will be issued a dividend of $0.03 per share. This represents a c) annualized dividend and a dividend yield of 5.8%. The ex-dividend date is Thursday, August 13th.

About BNY Mellon Strategic Municipals

BNY Mellon Strategic Municipals NYSE: LEO is a closed-end management investment company that seeks to deliver a high level of current income exempt from U.S. federal income tax. The fund primarily allocates its assets to investment-grade municipal securities, including bonds and other debt instruments issued by U.S. states, territories, municipalities and their authorities.

Beyond traditional investment-grade munis, the fund may also invest in below-investment-grade securities, variable‐rate demand obligations, municipal derivatives and other income-producing instruments.

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