Short Interest in BNY Mellon Strategic Municipals, Inc. (NYSE:LEO) Expands By 106.8%

Key Points

• Short interest more than doubled to 98,915 shares as of August 31, up 106.8% from mid-August. Short interest represents 0.2% of outstanding shares, with a days-to-cover ratio of 0.7.
• BNY Mellon Strategic Municipals shares fell to $5.86, near the 12-month low of $5.85 and below both the 50-day and 200-day moving averages.
• The fund declared a $0.03 monthly dividend, implying a 6.1% annualized yield, while several institutional investors—including Bank of America and Corient Private Wealth—recently increased their holdings.

BNY Mellon Strategic Municipals, Inc. (NYSE:LEO - Get Free Report) was the recipient of a significant increase in short interest during the month of August. As of August 31st, there was short interest totaling 98,915 shares, an increase of 106.8% from the August 15th total of 47,833 shares. Currently, 0.2% of the company's stock are short sold. Based on an average daily volume of 134,211 shares, the days-to-cover ratio is presently 0.7 days.

Institutional Investors Weigh In On BNY Mellon Strategic Municipals

A number of large investors have recently added to or reduced their stakes in LEO. Capital Analysts LLC acquired a new position in shares of BNY Mellon Strategic Municipals during the 4th quarter worth approximately $26,000. Gilpin Wealth Management LLC acquired a new stake in shares of BNY Mellon Strategic Municipals in the 4th quarter valued at approximately $29,000. LPL Financial LLC grew its stake in shares of BNY Mellon Strategic Municipals by 3.2% in the fourth quarter. LPL Financial LLC now owns 168,318 shares of the investment management company's stock valued at $1,071,000 after buying an additional 5,229 shares in the last quarter. Corient Private Wealth LLC lifted its stake in BNY Mellon Strategic Municipals by 5.8% in the 2nd quarter. Corient Private Wealth LLC now owns 118,305 shares of the investment management company's stock valued at $700,000 after purchasing an additional 6,499 shares during the last quarter. Finally, Bank of America Corp DE boosted its stake in shares of BNY Mellon Strategic Municipals by 4.5% during the 2nd quarter. Bank of America Corp DE now owns 204,596 shares of the investment management company's stock worth $1,211,000 after acquiring an additional 8,810 shares during the period.

BNY Mellon Strategic Municipals Price Performance

BNY Mellon Strategic Municipals stock traded down $0.07 during trading on Monday, reaching $5.86. The company had a trading volume of 81,785 shares, compared to its average volume of 202,862. The stock's 50 day moving average price is $6.22 and its two-hundred day moving average price is $6.31. BNY Mellon Strategic Municipals has a 12-month low of $5.85 and a 12-month high of $6.55.

BNY Mellon Strategic Municipals Dividend Announcement

The company also recently announced a monthly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Monday, September 14th will be given a dividend of $0.03 per share. This represents a c) dividend on an annualized basis and a dividend yield of 6.1%. The ex-dividend date of this dividend is Monday, September 14th.

About BNY Mellon Strategic Municipals

BNY Mellon Strategic Municipals, Inc is a closed-end investment company listed on the New York Stock Exchange under the symbol LEO. The fund seeks to provide current income that is exempt from regular federal income tax by investing primarily in municipal obligations issued by states, municipalities and other governmental entities.

The fund's portfolio may include a range of tax-exempt securities, such as general obligation bonds, revenue bonds and other municipal debt instruments. These securities can support public services and infrastructure projects, including education, transportation, utilities and healthcare.

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