BNY Mellon Strategic Municipals (NYSE:LEO) Stock Price Crosses Above 50-Day Moving Average - Time to Sell?

Key Points

• BNY Mellon Strategic Municipals rose 2.5%, trading near $5.84 and crossing above its 50-day moving average of $5.83, though it remains below its 200-day average of $6.23.
• The fund declared a monthly dividend of $0.03 per share, equivalent to $0.36 annually and a 6.2% yield.
• Insider and institutional interest increased, including Saba Capital’s purchase of 322,858 shares and additional stakes acquired by several investment firms.

BNY Mellon Strategic Municipals, Inc. (NYSE:LEO - Get Free Report) passed above its 50 day moving average during trading on Monday. The stock has a 50 day moving average of $5.83 and traded as high as $5.84. BNY Mellon Strategic Municipals shares last traded at $5.8350, with a volume of 293,530 shares traded.

BNY Mellon Strategic Municipals Trading Up 2.5%

The company has a fifty day moving average price of $5.83 and a 200 day moving average price of $6.23.

BNY Mellon Strategic Municipals Dividend Announcement

The business also recently disclosed a monthly dividend, which will be paid on Friday, October 30th. Investors of record on Wednesday, October 14th will be given a dividend of $0.03 per share. The ex-dividend date is Wednesday, October 14th. This represents a $0.36 dividend on an annualized basis and a yield of 6.2%.

Insider Buying and Selling

In related news, major shareholder Saba Capital Management, L.P. acquired 322,858 shares of the stock in a transaction that occurred on Friday, October 16th. The stock was purchased at an average cost of $5.65 per share, for a total transaction of $1,824,147.70. Following the purchase, the insider directly owned 6,413,388 shares in the company, valued at $36,235,642.20. This represents a 5.30% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this link. In the last ninety days, insiders acquired 456,842 shares of company stock worth $2,587,625. 1.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On BNY Mellon Strategic Municipals

A number of hedge funds have recently added to or reduced their stakes in LEO. Altium Capital Management LLC grew its position in shares of BNY Mellon Strategic Municipals by 67.4% during the first quarter. Altium Capital Management LLC now owns 438,676 shares of the investment management company's stock worth $2,759,000 after acquiring an additional 176,624 shares during the last quarter. Hennion & Walsh Asset Management Inc. increased its holdings in shares of BNY Mellon Strategic Municipals by 110.8% in 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 acquiring an additional 884,861 shares during the period. Almitas Capital LLC bought a new stake in BNY Mellon Strategic Municipals in the 2nd quarter valued at about $4,662,000. Capstone Investment Advisors LLC bought a new stake in BNY Mellon Strategic Municipals in the 2nd quarter valued at about $2,454,000. Finally, Centaurus Financial Inc. bought a new stake in BNY Mellon Strategic Municipals in the 2nd quarter valued at about $591,000.

About BNY Mellon Strategic Municipals

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

Its portfolio may include general obligation bonds, revenue bonds, and other tax-exempt municipal securities. By investing in debt issued across the United States, the fund provides exposure to the municipal bond market rather than operating a conventional commercial business or selling products and services directly to consumers.

BNY Mellon Investment Adviser, Inc, an affiliate of The Bank of New York Mellon Corporation, serves as the fund's investment adviser.

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