Key Points
- Saba Capital Management purchased 65,000 LEO shares at an average price of $5.68, investing $369,200 and increasing its stake by 1% to 6.55 million shares.
- The purchases followed several earlier acquisitions totaling more than 391,000 shares, signaling continued accumulation by the major shareholder.
- BNY Mellon Strategic Municipals announced a monthly dividend of $0.03 per share, equivalent to $0.36 annually and a 6.2% yield; LEO opened at $5.83, near its 50-day average.
BNY Mellon Strategic Municipals, Inc. (NYSE:LEO - Get Free Report) major shareholder Saba Capital Management, L.P. bought 65,000 shares of BNY Mellon Strategic Municipals stock in a transaction dated Friday, October 23rd. The stock was acquired at an average cost of $5.68 per share, with a total value of $369,200.00. Following the completion of the acquisition, the insider owned 6,547,189 shares of the company's stock, valued at $37,188,033.52. This represents a 1.00% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Major 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 Wednesday, October 21st, Saba Capital Management, L.P. purchased 45,831 shares of BNY Mellon Strategic Municipals stock. The shares were acquired at an average cost of $5.73 per share, with a total value of $262,611.63.
- On Tuesday, October 20th, Saba Capital Management, L.P. purchased 7,724 shares of BNY Mellon Strategic Municipals stock. The shares were acquired at an average cost of $5.72 per share, with a total value of $44,181.28.
- On Monday, October 19th, Saba Capital Management, L.P. purchased 15,246 shares of BNY Mellon Strategic Municipals stock. The shares were acquired at an average price of $5.67 per share, for a total transaction of $86,444.82.
- 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, for a total transaction of $1,824,147.70.
BNY Mellon Strategic Municipals Price Performance
LEO stock opened at $5.83 on Tuesday. The stock's fifty day simple moving average is $5.83 and its two-hundred day simple moving average is $6.23. BNY Mellon Strategic Municipals, Inc. has a 1-year low of $5.41 and a 1-year high of $6.55.
BNY Mellon Strategic Municipals Announces Dividend
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 6.2%.
Hedge Funds Weigh In On BNY Mellon Strategic Municipals
A number of hedge funds and other institutional investors have recently made changes to their positions in LEO. Altium Capital Management LLC grew its position in BNY Mellon Strategic Municipals by 67.4% during the first quarter. Altium Capital Management LLC now owns 438,676 shares of the investment management company's stock valued at $2,759,000 after buying an additional 176,624 shares during the period. Hennion & Walsh Asset Management Inc. raised its position in 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 worth $10,873,000 after acquiring an additional 884,861 shares during the period. Almitas Capital LLC bought a new stake in BNY Mellon Strategic Municipals in the second quarter worth about $4,662,000. Capstone Investment Advisors LLC bought a new stake in BNY Mellon Strategic Municipals in the second quarter worth about $2,454,000. Finally, Centaurus Financial Inc. purchased a new position in BNY Mellon Strategic Municipals in the second quarter valued at about $591,000.
About BNY Mellon Strategic Municipals
(
Get Free Report)
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.
Featured Stories
This instant news alert was generated by narrative science technology and financial data from InsiderTrades.com in order to provide readers with the fastest and most accurate reporting. Please send any questions or comments about this story to [email protected].
