BNY Mellon Strategic Municipals (NYSE:LEO) Shares Break Below 200-Day Moving Average - Here's What Happened

Key Points

• BNY Mellon Strategic Municipals shares fell below their 200-day moving average, reaching $5.50 compared with the $6.20 average, and last traded at $5.5050.
• The fund announced a monthly dividend of $0.03 per share, equivalent to $0.36 annually and a 6.5% yield, payable October 30 to shareholders of record October 14.
• Several institutional investors increased their positions in LEO, including Hennion & Walsh Asset Management, which more than doubled its holdings during the second quarter.

Shares of BNY Mellon Strategic Municipals, Inc. (NYSE:LEO - Get Free Report) passed below its 200-day moving average during trading on Monday. The stock has a 200-day moving average of $6.20 and traded as low as $5.50. BNY Mellon Strategic Municipals shares last traded at $5.5050, with a volume of 150,104 shares trading hands.

BNY Mellon Strategic Municipals Stock Down 0.8%

The company's fifty day moving average is $5.93 and its 200 day moving average is $6.20.

BNY Mellon Strategic Municipals Announces Dividend

The firm also recently announced a monthly dividend, which will be paid on Friday, October 30th. Shareholders of record on Wednesday, October 14th will be issued a dividend of $0.03 per share. The ex-dividend date of this dividend is Wednesday, October 14th. This represents a $0.36 dividend on an annualized basis and a yield of 6.5%.

Institutional Investors Weigh In On BNY Mellon Strategic Municipals

Several institutional investors have recently made changes to their positions in LEO. Rivernorth Capital Management LLC grew its position in shares of BNY Mellon Strategic Municipals by 1.1% in the second quarter. Rivernorth Capital Management LLC now owns 2,006,388 shares of the investment management company's stock valued at $12,961,000 after purchasing an additional 21,196 shares in the last quarter. Hennion & Walsh Asset Management Inc. lifted its holdings in BNY Mellon Strategic Municipals by 110.8% during the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 1,683,135 shares of the investment management company's stock worth $10,873,000 after purchasing an additional 884,861 shares in the last quarter. Bulldog Investors LLP lifted its holdings in BNY Mellon Strategic Municipals by 6.5% during the 1st quarter. Bulldog Investors LLP now owns 1,576,371 shares of the investment management company's stock worth $9,915,000 after purchasing an additional 95,859 shares in the last quarter. Sit Investment Associates Inc. boosted its stake in BNY Mellon Strategic Municipals by 35.3% in the 4th quarter. Sit Investment Associates Inc. now owns 1,104,133 shares of the investment management company's stock worth $7,022,000 after purchasing an additional 288,207 shares during the period. Finally, Almitas Capital LLC bought a new position in BNY Mellon Strategic Municipals in the 2nd quarter worth about $4,662,000.

BNY Mellon Strategic Municipals Company Profile

BNY Mellon Strategic Municipals, Inc NYSE: LEO is a closed-end management investment company that seeks to provide current income exempt from regular U.S. federal income tax. The fund invests primarily in municipal obligations issued by states, municipalities and other governmental entities.

Its portfolio may include a range of tax-exempt securities, such as general obligation bonds, revenue bonds and other municipal debt instruments. These securities can finance public services and infrastructure, including education, transportation, utilities and health care facilities.

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