Key Points
- Saba Capital Management purchased 7,724 shares of BNY Mellon Strategic Municipals (NYSE: LEO) at an average price of $5.72, bringing its direct holdings to 6.44 million shares valued at approximately $36.8 million.
- The purchase follows larger acquisitions of 15,246 shares on October 19 and 322,858 shares on October 16, signaling continued buying by the major shareholder.
- LEO recently declared a monthly dividend of $0.03 per share, equivalent to $0.36 annually and a 6.3% yield; the fund primarily invests in federally tax-exempt municipal bonds.
BNY Mellon Strategic Municipals, Inc. (NYSE:LEO - Get Free Report) major shareholder Saba Capital Management, L.P. bought 7,724 shares of the stock in a transaction on Tuesday, October 20th. The stock was purchased at an average price of $5.72 per share, for a total transaction of $44,181.28. Following the completion of the purchase, the insider directly owned 6,436,358 shares in the company, valued at approximately $36,815,967.76. This represents a 0.12% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Major shareholders that own more than 10% of a company's stock are required to disclose their sales and purchases with the SEC.
Saba Capital Management, L.P. also recently made the following trade(s):
- On Monday, October 19th, Saba Capital Management, L.P. purchased 15,246 shares of BNY Mellon Strategic Municipals stock. The stock was purchased at an average cost of $5.67 per share, with a total value of $86,444.82.
- On Friday, October 16th, Saba Capital Management, L.P. purchased 322,858 shares of BNY Mellon Strategic Municipals stock. The stock was purchased at an average cost of $5.65 per share, with a total value of $1,824,147.70.
BNY Mellon Strategic Municipals Stock Performance
LEO opened at $5.67 on Thursday. The company has a fifty day moving average price of $5.85 and a 200-day moving average price of $6.17. BNY Mellon Strategic Municipals, Inc. has a one year low of $5.41 and a one year high of $6.55.
BNY Mellon Strategic Municipals Dividend Announcement
The firm 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 $0.03 dividend. This represents a $0.36 dividend on an annualized basis and a dividend yield of 6.3%. The ex-dividend date is Wednesday, October 14th.
Hedge Funds Weigh In On BNY Mellon Strategic Municipals
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Noble Wealth Management PBC increased its stake in BNY Mellon Strategic Municipals by 16.6% in the 3rd quarter. Noble Wealth Management PBC now owns 26,756 shares of the investment management company's stock worth $149,000 after acquiring an additional 3,800 shares during the last quarter. Integrated Capital Management Inc. raised its holdings in shares of 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. Evolve Private Wealth LLC raised its holdings in shares of BNY Mellon Strategic Municipals by 74.2% in the 1st quarter. Evolve Private Wealth LLC now owns 26,178 shares of the investment management company's stock valued at $165,000 after acquiring an additional 11,150 shares in the last quarter. Venture Visionary Partners LLC bought a new stake in shares of BNY Mellon Strategic Municipals during the 3rd quarter valued at about $81,000. Finally, Advisor OS LLC bought a new stake in shares of BNY Mellon Strategic Municipals during the 2nd quarter valued at about $123,000.
BNY Mellon Strategic Municipals Company Profile
(
Get Free Report)
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.
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