Key Points
- Saba Capital Management purchased 12,583 shares of BNY Mellon Strategic Municipals at an average $5.76 per share, increasing its stake to 6.56 million shares valued at approximately $37.8 million.
- The purchase extends Saba’s recent buying streak, which included more than 450,000 additional shares acquired in several transactions from October 16–23.
- LEO shares opened at $5.91, while the fund announced a $0.03 monthly dividend, equivalent to $0.36 annually and a 6.1% yield.
BNY Mellon Strategic Municipals, Inc. (NYSE:LEO - Get Free Report) major shareholder Saba Capital Management, L.P. bought 12,583 shares of the company's stock in a transaction on Monday, October 26th. The shares were purchased at an average cost of $5.76 per share, for a total transaction of $72,478.08. Following the transaction, the insider owned 6,559,772 shares in the company, valued at approximately $37,784,286.72. This represents a 0.19% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 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 23rd, Saba Capital Management, L.P. bought 65,000 shares of BNY Mellon Strategic Municipals stock. The stock was acquired at an average price of $5.68 per share, for a total transaction of $369,200.00.
- On Wednesday, October 21st, Saba Capital Management, L.P. bought 45,831 shares of BNY Mellon Strategic Municipals stock. The stock was acquired at an average price of $5.73 per share, for a total transaction of $262,611.63.
- On Tuesday, October 20th, Saba Capital Management, L.P. bought 7,724 shares of BNY Mellon Strategic Municipals stock. The stock was 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 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 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 $5.91 on Wednesday. The stock's fifty day simple moving average is $5.82 and its two-hundred day simple moving average is $6.22. 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 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 6.1%.
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 the stock. 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. increased its holdings in BNY Mellon Strategic Municipals by 110.8% during 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 buying an additional 884,861 shares during the last quarter. 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. bought a new stake in BNY Mellon Strategic Municipals in the second quarter worth about $591,000.
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 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.
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