BNY Mellon High Yield Strategies Fund (NYSE:DHF) Shares Cross Above 50 Day Moving Average - Time to Sell?

Key Points

• DHF shares rose 1.1% and crossed above their 50-day moving average of $2.26, trading as high as $2.28. The $2.275 closing trade remained below the fund’s 200-day moving average of $2.38.
• The fund announced a monthly dividend of $0.0175 per share, equivalent to $0.21 annually and a stated yield of 9.2%. The dividend is payable November 20 to shareholders of record November 5.
• Director Joseph S. DiMartino bought 20,000 shares at an average price of $2.22, increasing his holdings by 9.09%. Hedge funds and other institutional investors own 36.16% of the fund’s shares.

BNY Mellon High Yield Strategies Fund (NYSE:DHF - Get Free Report) shares passed above its 50-day moving average during trading on Wednesday. The stock has a 50-day moving average of $2.26 and traded as high as $2.28. BNY Mellon High Yield Strategies Fund shares last traded at $2.2750, with a volume of 1,065,326 shares.

BNY Mellon High Yield Strategies Fund Trading Up 1.1%

The company has a fifty day moving average price of $2.26 and a two-hundred day moving average price of $2.38.

BNY Mellon High Yield Strategies Fund Announces Dividend

The business also recently disclosed a monthly dividend, which will be paid on Friday, November 20th. Investors of record on Thursday, November 5th will be given a dividend of $0.0175 per share. The ex-dividend date is Thursday, November 5th. This represents a $0.21 dividend on an annualized basis and a yield of 9.2%.

Insiders Place Their Bets

In related news, Director Joseph S. Dimartino acquired 20,000 shares of the stock in a transaction on Thursday, September 24th. The shares were bought at an average price of $2.22 per share, with a total value of $44,400.00. Following the completion of the purchase, the director owned 240,000 shares of the company's stock, valued at approximately $532,800. This represents a 9.09% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 16.61% of the company's stock.

Institutional Trading of BNY Mellon High Yield Strategies Fund

Several large investors have recently added to or reduced their stakes in DHF. Hennion & Walsh Asset Management Inc. boosted its position in shares of 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 acquiring an additional 275,168 shares during the last quarter. Allspring Global Investments Holdings LLC grew its holdings 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 valued at $2,611,000 after purchasing an additional 192,113 shares during the period. Rivernorth Capital Management LLC increased its position in 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 last quarter. Bulldog Investors LLP acquired a new stake in BNY Mellon High Yield Strategies Fund during the first quarter worth about $700,000. Finally, Capital Investment Advisors LLC increased its position in BNY Mellon High Yield Strategies Fund by 13.0% during the third quarter. Capital Investment Advisors LLC now owns 225,755 shares of the investment management company's stock worth $501,000 after purchasing an additional 25,995 shares during the last quarter. 36.16% of the stock is currently owned by hedge funds and other institutional investors.

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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