BNY Mellon Strategic Municipals (NYSE:LEO) Stock Price Breaks Below 200 Day Moving Average - Time to Sell?

Key Points

• BNY Mellon Strategic Municipals’ shares fell below their 200-day moving average, trading as low as $5.42 versus the $6.25 average, and last changing hands at $5.4650.
• The fund announced a monthly dividend of $0.03 per share, equivalent to $0.36 annually and a 6.6% yield; the dividend is payable October 1 to shareholders of record September 14.
• Several institutional investors increased their holdings, including Hennion & Walsh Asset Management, which more than doubled its position during the second quarter.

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 $6.25 and traded as low as $5.42. BNY Mellon Strategic Municipals shares last traded at $5.4650, with a volume of 241,017 shares.

BNY Mellon Strategic Municipals Stock Performance

The business has a 50-day moving average price of $6.06 and a two-hundred day moving average price of $6.25.

BNY Mellon Strategic Municipals Dividend Announcement

The firm also recently disclosed 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 $0.36 annualized dividend and a dividend yield of 6.6%. The ex-dividend date of this dividend is Monday, September 14th.

Institutional Investors Weigh In On BNY Mellon Strategic Municipals

Hedge funds and other institutional investors have recently made changes to their positions in the business. Rivernorth Capital Management LLC boosted its holdings in shares of BNY Mellon Strategic Municipals by 1.1% in the 2nd quarter. Rivernorth Capital Management LLC now owns 2,006,388 shares of the investment management company's stock valued at $12,961,000 after buying an additional 21,196 shares in the last quarter. Hennion & Walsh Asset Management Inc. lifted its position 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 valued at $10,873,000 after acquiring an additional 884,861 shares during the last quarter. Bulldog Investors LLP lifted its position 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 valued at $9,915,000 after acquiring an additional 95,859 shares during the last quarter. Sit Investment Associates Inc. boosted its stake in BNY Mellon Strategic Municipals by 35.3% in the fourth quarter. Sit Investment Associates Inc. now owns 1,104,133 shares of the investment management company's stock valued at $7,022,000 after acquiring an additional 288,207 shares in the last quarter. Finally, Almitas Capital LLC acquired a new position in BNY Mellon Strategic Municipals in the second quarter valued at $4,662,000.

BNY Mellon Strategic Municipals Company Profile

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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