BNY Mellon Strategic Municipals, Inc. (NYSE:LEO) Shares Shorted: Short Interest Up 640.0% in October

BNY Mellon Strategic Municipals, Inc. (NYSE:LEO) saw a significant increase in short interest in October. As of October 30th, there was short interest totaling 195,039 shares, an increase of 640.0% from the October 15th total of 26,356 shares. Currently, 0.3% of the shares of the company are sold short. Based on an average trading volume of 295,182 shares, the short-interest ratio is currently 0.7 days.

BNY Mellon Strategic Municipals Stock Performance

Shares of NYSE:LEO opened at $5.88 on Friday. The business has a fifty day moving average price of $5.77 and a two-hundred day moving average price of $6.20. BNY Mellon Strategic Municipals has a 1 year low of $5.41 and a 1 year high of $6.55.

BNY Mellon Strategic Municipals Dividend Announcement

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

Insider Activity at BNY Mellon Strategic Municipals

In other BNY Mellon Strategic Municipals news, major shareholder Saba Capital Management, L.P. purchased 12,583 shares of the company’s stock in a transaction that occurred on Monday, October 26th. The shares were acquired at an average cost of $5.76 per share, for a total transaction of $72,478.08. Following the completion of the acquisition, the insider owned 6,559,772 shares of the company’s stock, valued at $37,784,286.72. The trade was a 0.19% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders purchased 469,425 shares of company stock worth $2,660,103 over the last three months. Company insiders own 1.00% of the company’s stock.

Hedge Funds Weigh In On BNY Mellon Strategic Municipals

Several institutional investors have recently added to or reduced their stakes in the stock. Rivernorth Capital Management LLC grew its holdings in BNY Mellon Strategic Municipals by 1.1% during the second quarter. Rivernorth Capital Management LLC now owns 2,006,388 shares of the investment management company’s stock valued at $12,961,000 after purchasing an additional 21,196 shares during the period. Hennion & Walsh Asset Management Inc. raised its stake in shares of 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 buying an additional 884,861 shares during the period. Bulldog Investors LLP lifted its position in shares of BNY Mellon Strategic Municipals by 6.5% during the 1st quarter. Bulldog Investors LLP now owns 1,576,371 shares of the investment management company’s stock valued at $9,915,000 after buying an additional 95,859 shares during the last quarter. Advisors Asset Management Inc. purchased a new position in shares of BNY Mellon Strategic Municipals during the 3rd quarter valued at $5,311,000. Finally, Almitas Capital LLC purchased a new position in shares of BNY Mellon Strategic Municipals during the 2nd quarter valued at $4,662,000.

BNY Mellon Strategic Municipals Company Profile

BNY Mellon Strategic Municipals, Inc. is a U.S.-listed closed-end investment fund, rather than an operating company. It seeks to provide high current income exempt from federal income tax while also aiming to preserve capital. The fund invests primarily in municipal bonds issued by U.S. state and local governments and related authorities. These securities generally finance public projects and services, and their interest may receive federal tax-exempt treatment. BNY Mellon Investment Adviser, Inc. serves as the fund’s investment adviser.