BNY Mellon Strategic Municipals (NYSE:LEO) Major Shareholder Saba Capital Management, L.P. Purchases 7,724 Shares of Stock

BNY Mellon Strategic Municipals, Inc. (NYSE:LEO) major shareholder Saba Capital Management, L.P. bought 7,724 shares of BNY Mellon Strategic Municipals stock in a transaction dated Tuesday, October 20th. The stock was acquired at an average price of $5.72 per share, with a total value of $44,181.28. Following the purchase, the insider directly owned 6,436,358 shares of the company’s stock, valued at approximately $36,815,967.76. This represents a 0.12% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website. Large shareholders that own at least 10% of a company’s stock are required to disclose their transactions 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 acquired at an average cost 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 Stock Performance

Shares of LEO stock opened at $5.67 on Thursday. The firm’s 50 day moving average is $5.85 and its 200 day moving average is $6.17. BNY Mellon Strategic Municipals, Inc. has a 12 month low of $5.41 and a 12 month 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. Shareholders of record on Wednesday, October 14th will be issued a dividend of $0.03 per share. The ex-dividend date of this dividend is Wednesday, October 14th. This represents a $0.36 dividend on an annualized basis and a yield of 6.3%.

Hedge Funds Weigh In On BNY Mellon Strategic Municipals

A number of large investors have recently made changes to their positions in LEO. Integrated Capital Management Inc. boosted its stake in 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 worth $221,000 after purchasing an additional 5,172 shares during the period. Venture Visionary Partners LLC purchased a new position in BNY Mellon Strategic Municipals during the 3rd quarter valued at about $81,000. Noble Wealth Management PBC increased its position in shares of BNY Mellon Strategic Municipals by 16.6% during the third quarter. Noble Wealth Management PBC now owns 26,756 shares of the investment management company’s stock valued at $149,000 after buying an additional 3,800 shares during the period. Readystate Asset Management LP bought a new stake in shares of BNY Mellon Strategic Municipals during the second quarter valued at about $460,000. Finally, Rivernorth Capital Management LLC increased its position in shares of 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 buying an additional 21,196 shares during the period.

About BNY Mellon Strategic Municipals

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.