BNY Mellon Strategic Municipals, Inc. (NYSE:LEO) Shares Shorted: Short Interest Down 71.0% in October

BNY Mellon Strategic Municipals, Inc. (NYSE:LEO) was the target of a large decline in short interest in the month of October. As of October 15th, there was short interest totaling 26,356 shares, a decline of 71.0% from the September 30th total of 90,909 shares. Based on an average daily volume of 300,874 shares, the days-to-cover ratio is currently 0.1 days. Currently, 0.0% of the company’s shares are sold short.

Insider Transactions at BNY Mellon Strategic Municipals

In other BNY Mellon Strategic Municipals news, major shareholder Saba Capital Management, L.P. bought 12,583 shares of the company’s stock in a transaction that occurred on Monday, October 26th. The stock was purchased at an average price of $5.76 per share, with a total value of $72,478.08. Following the transaction, the insider owned 6,559,772 shares in the company, valued at $37,784,286.72. This trade represents a 0.19% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Over the last three months, insiders have purchased 469,425 shares of company stock worth $2,660,103. 1.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On BNY Mellon Strategic Municipals

Several hedge funds and other institutional investors have recently bought and sold shares of LEO. Rivernorth Capital Management LLC lifted its holdings in 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 worth $12,961,000 after buying an additional 21,196 shares in the last quarter. Hennion & Walsh Asset Management Inc. boosted its position in 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 valued at $10,873,000 after buying an additional 884,861 shares during the last quarter. Bulldog Investors LLP grew its stake in shares of BNY Mellon Strategic Municipals by 6.5% during 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 in the last quarter. Almitas Capital LLC acquired a new stake in shares of BNY Mellon Strategic Municipals during the second quarter valued at about $4,662,000. Finally, Allspring Global Investments Holdings LLC increased its position in shares of BNY Mellon Strategic Municipals by 8.3% during the first quarter. Allspring Global Investments Holdings LLC now owns 527,746 shares of the investment management company’s stock worth $3,320,000 after acquiring an additional 40,450 shares during the last quarter.

BNY Mellon Strategic Municipals Price Performance

LEO traded down $0.01 during trading on Friday, hitting $5.92. 83,373 shares of the company’s stock were exchanged, compared to its average volume of 215,087. BNY Mellon Strategic Municipals has a 1 year low of $5.41 and a 1 year high of $6.55. The stock has a 50 day moving average price of $5.81 and a 200 day moving average price of $6.22.

BNY Mellon Strategic Municipals Dividend Announcement

The business also recently announced a monthly dividend, which will be paid on Tuesday, December 1st. Stockholders of record on Friday, November 13th will be given a $0.03 dividend. The ex-dividend date of this dividend is Friday, November 13th. This represents a $0.36 annualized dividend and a dividend yield of 6.1%.

BNY Mellon Strategic Municipals Company Profile

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.