Saba Capital Management L.P. Purchases 496,846 Shares of BNY Mellon Strategic Municipals, Inc. (NYSE:LEO)

Saba Capital Management L.P. increased its stake in shares of BNY Mellon Strategic Municipals, Inc. (NYSE:LEO - Free Report) by 11.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 4,932,793 shares of the investment management company's stock after acquiring an additional 496,846 shares during the quarter. Saba Capital Management L.P.'s holdings in BNY Mellon Strategic Municipals were worth $29,794,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of LEO. Pathstone Holdings LLC boosted its position in shares of BNY Mellon Strategic Municipals by 34.8% during the 4th quarter. Pathstone Holdings LLC now owns 1,488,106 shares of the investment management company's stock valued at $8,993,000 after acquiring an additional 384,579 shares during the last quarter. Capstone Investment Advisors LLC purchased a new stake in BNY Mellon Strategic Municipals during the fourth quarter valued at $1,736,000. Raymond James Financial Inc. purchased a new stake in BNY Mellon Strategic Municipals during the fourth quarter valued at $920,000. Cohen & Steers Inc. lifted its position in BNY Mellon Strategic Municipals by 60.6% during the fourth quarter. Cohen & Steers Inc. now owns 263,400 shares of the investment management company's stock valued at $1,591,000 after purchasing an additional 99,400 shares during the last quarter. Finally, Noble Wealth Management PBC purchased a new position in shares of BNY Mellon Strategic Municipals in the 4th quarter worth $599,000.

BNY Mellon Strategic Municipals Stock Up 0.1%

Shares of NYSE:LEO traded up $0.01 during trading on Thursday, reaching $5.85. The company's stock had a trading volume of 99,609 shares, compared to its average volume of 178,082. BNY Mellon Strategic Municipals, Inc. has a 12 month low of $5.55 and a 12 month high of $6.64. The firm's 50 day simple moving average is $5.93 and its two-hundred day simple moving average is $6.11.

BNY Mellon Strategic Municipals Increases Dividend

The business also recently disclosed a monthly dividend, which will be paid on Monday, June 30th. Stockholders of record on Thursday, June 12th will be paid a $0.023 dividend. This represents a $0.28 annualized dividend and a dividend yield of 4.72%. This is a positive change from BNY Mellon Strategic Municipals's previous monthly dividend of $0.02. The ex-dividend date of this dividend is Thursday, June 12th.

BNY Mellon Strategic Municipals Profile

BNY Mellon Strategic Municipals, Inc is a closed ended fixed income mutual fund launched and managed by BNY Mellon Investment Adviser, Inc It invests in the fixed income markets of the United States. The fund primarily invests in investment grade municipal bonds, the income from which is exempt from federal income tax.