BNY Mellon Strategic Municipals (NYSE:LEO) Stock Crosses Below 200 Day Moving Average - What's Next?

Key Points

• BNY Mellon Strategic Municipals shares fell below their 200-day moving average, trading as low as $6.04 versus the $6.32 average, and last changed hands at $6.0450.
• The fund announced a monthly dividend of $0.03 per share, payable October 1 to shareholders of record September 14, representing an annualized yield of approximately 6.0%.
• Several institutional investors increased their positions, including Saba Capital Management, Pathstone Holdings, Rivernorth Capital Management, Hennion & Walsh Asset Management, and Bulldog Investors.

BNY Mellon Strategic Municipals, Inc. (NYSE:LEO - Get Free Report)'s share price passed below its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $6.32 and traded as low as $6.04. BNY Mellon Strategic Municipals shares last traded at $6.0450, with a volume of 116,582 shares changing hands.

BNY Mellon Strategic Municipals Stock Down 0.4%

The stock has a 50 day moving average of $6.25 and a 200 day moving average of $6.32.

BNY Mellon Strategic Municipals Announces Dividend

The company also recently announced a monthly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Monday, September 14th will be issued a dividend of $0.03 per share. This represents a c) dividend on an annualized basis and a yield of 6.0%. The ex-dividend date of this dividend is Monday, September 14th.

Institutional Investors Weigh In On BNY Mellon Strategic Municipals

Institutional investors have recently made changes to their positions in the company. Saba Capital Management L.P. lifted its stake in 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 purchasing an additional 378,001 shares during the last quarter. Pathstone Holdings LLC raised its stake in 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 acquiring an additional 723,676 shares during the period. Rivernorth Capital Management LLC raised its stake in 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 acquiring an additional 119,962 shares during the period. Hennion & Walsh Asset Management Inc. lifted its holdings in BNY Mellon Strategic Municipals by 110.8% in 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 acquiring an additional 884,861 shares during the last quarter. Finally, Bulldog Investors LLP lifted its holdings in BNY Mellon Strategic Municipals by 6.5% in the first quarter. Bulldog Investors LLP now owns 1,576,371 shares of the investment management company's stock worth $9,915,000 after acquiring an additional 95,859 shares during the last quarter.

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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