BNY Mellon Strategic Municipals (NYSE:LEO) Major Shareholder Saba Capital Management, L.P. Buys 45,831 Shares of Stock

BNY Mellon Strategic Municipals, Inc. (NYSE:LEO) major shareholder Saba Capital Management, L.P. acquired 45,831 shares of BNY Mellon Strategic Municipals stock in a transaction that occurred on Wednesday, October 21st. The stock was acquired at an average price of $5.73 per share, with a total value of $262,611.63. Following the completion of the acquisition, the insider directly owned 6,482,189 shares in the company, valued at $37,142,942.97. This represents a 0.71% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Large shareholders that own 10% or more 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 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. bought 15,246 shares of BNY Mellon Strategic Municipals stock. The shares were bought 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 bought at an average cost 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 $5.71 on Friday. BNY Mellon Strategic Municipals, Inc. has a 12-month low of $5.41 and a 12-month high of $6.55. The firm’s 50 day moving average is $5.84 and its 200 day moving average is $6.17.

BNY Mellon Strategic Municipals Announces Dividend

The firm also recently declared a monthly dividend, which will be paid on Friday, October 30th. Shareholders of record on Wednesday, October 14th will be given a $0.03 dividend. The ex-dividend date is Wednesday, October 14th. This represents a $0.36 annualized dividend and a yield of 6.3%.

Institutional Investors Weigh In On BNY Mellon Strategic Municipals

Hedge funds and other institutional investors have recently modified their holdings of the stock. Venture Visionary Partners LLC bought a new position in shares of BNY Mellon Strategic Municipals during the 3rd quarter valued at approximately $81,000. Advisor OS LLC bought a new stake in BNY Mellon Strategic Municipals during the 2nd quarter worth approximately $123,000. Corient Private Wealth LP bought a new stake in BNY Mellon Strategic Municipals during the 2nd quarter worth approximately $144,000. Landscape Capital Management L.L.C. purchased a new position in BNY Mellon Strategic Municipals during the second quarter valued at approximately $156,000. Finally, Evolve Private Wealth LLC lifted its holdings in BNY Mellon Strategic Municipals by 74.2% during the first quarter. Evolve Private Wealth LLC now owns 26,178 shares of the investment management company’s stock valued at $165,000 after purchasing an additional 11,150 shares in the last quarter.

About BNY Mellon Strategic Municipals

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.