Insider Buying: BNY Mellon Strategic Municipals (NYSE:LEO) Major Shareholder Acquires 15,246 Shares of Stock

BNY Mellon Strategic Municipals, Inc. (NYSE:LEO) major shareholder Saba Capital Management, L.P. purchased 15,246 shares of BNY Mellon Strategic Municipals stock in a transaction that occurred on Monday, October 19th. The stock was acquired at an average cost of $5.67 per share, with a total value of $86,444.82. Following the transaction, the insider owned 6,428,634 shares in the company, valued at $36,450,354.78. This trade represents a 0.24% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Large shareholders that own more than 10% of a company’s shares are required to disclose their transactions with the SEC.

Saba Capital Management, L.P. also recently made the following trade(s):

• On Friday, October 16th, Saba Capital Management, L.P. purchased 322,858 shares of BNY Mellon Strategic Municipals stock. The shares were acquired at an average price of $5.65 per share, with a total value of $1,824,147.70.

BNY Mellon Strategic Municipals Stock Performance

LEO traded up $0.04 during trading on Tuesday, hitting $5.71. 362,690 shares of the company’s stock were exchanged, compared to its average volume of 214,177. The business’s 50 day moving average is $5.87 and its two-hundred day moving average is $6.18. BNY Mellon Strategic Municipals, Inc. has a fifty-two week low of $5.41 and a fifty-two week high of $6.55.

BNY Mellon Strategic Municipals Dividend Announcement

The firm also recently announced a monthly dividend, which will be paid on Friday, October 30th. Stockholders of record on Wednesday, October 14th will be given a dividend of $0.03 per share. The ex-dividend date of this dividend is Wednesday, October 14th. This represents a $0.36 annualized dividend and a dividend yield of 6.3%.

Institutional Investors Weigh In On BNY Mellon Strategic Municipals

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Integrated Capital Management Inc. lifted its position in BNY Mellon Strategic Municipals by 14.9% in the 3rd quarter. Integrated Capital Management Inc. now owns 39,810 shares of the investment management company’s stock valued at $221,000 after acquiring an additional 5,172 shares in the last quarter. Venture Visionary Partners LLC acquired a new position in BNY Mellon Strategic Municipals during the 3rd quarter valued at about $81,000. Noble Wealth Management PBC boosted its stake in BNY Mellon Strategic Municipals by 16.6% during the 3rd quarter. Noble Wealth Management PBC now owns 26,756 shares of the investment management company’s stock valued at $149,000 after purchasing an additional 3,800 shares during the last quarter. Readystate Asset Management LP bought a new stake in BNY Mellon Strategic Municipals during the 2nd quarter worth approximately $460,000. Finally, Rivernorth Capital Management LLC increased its holdings in BNY Mellon Strategic Municipals by 1.1% during the 2nd quarter. Rivernorth Capital Management LLC now owns 2,006,388 shares of the investment management company’s stock worth $12,961,000 after purchasing an additional 21,196 shares in the last quarter.

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.