BNY Mellon High Yield Strategies Fund (NYSE:DHF) Sees Significant Growth in Short Interest

BNY Mellon High Yield Strategies Fund (NYSE:DHF) saw a significant increase in short interest in September. As of September 30th, there was short interest totaling 146,640 shares, an increase of 523.2% from the September 15th total of 23,529 shares. Based on an average daily trading volume, of 487,216 shares, the short-interest ratio is currently 0.3 days. Approximately 0.2% of the company’s stock are sold short.

BNY Mellon High Yield Strategies Fund Trading Up 0.7%

Shares of DHF traded up $0.01 during mid-day trading on Friday, reaching $2.19. The company’s stock had a trading volume of 495,928 shares, compared to its average volume of 325,743. BNY Mellon High Yield Strategies Fund has a 12-month low of $2.12 and a 12-month high of $2.61. The company’s 50 day moving average is $2.32 and its 200 day moving average is $2.38.

BNY Mellon High Yield Strategies Fund Announces Dividend

The firm also recently announced a monthly dividend, which will be paid on Friday, October 23rd. Investors of record on Thursday, October 8th will be paid a dividend of $0.0175 per share. The ex-dividend date is Thursday, October 8th. This represents a $0.21 annualized dividend and a yield of 9.6%.

Insiders Place Their Bets

In other BNY Mellon High Yield Strategies Fund news, Director Joseph S. Dimartino purchased 20,000 shares of the business’s stock in a transaction on Thursday, September 24th. The shares were bought at an average cost of $2.22 per share, for a total transaction of $44,400.00. Following the completion of the purchase, the director directly owned 240,000 shares in the company, valued at approximately $532,800. This represents a 9.09% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. 16.61% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On BNY Mellon High Yield Strategies Fund

A number of institutional investors and hedge funds have recently added to or reduced their stakes in DHF. World Investment Advisors acquired a new stake in BNY Mellon High Yield Strategies Fund during the fourth quarter worth approximately $35,000. Fermata Advisors LLC acquired a new position in shares of BNY Mellon High Yield Strategies Fund in the 2nd quarter valued at $42,000. Bulldog Investors LLP purchased a new position in shares of BNY Mellon High Yield Strategies Fund in the 1st quarter valued at $700,000. Rivernorth Capital Management LLC grew its position in shares of BNY Mellon High Yield Strategies Fund by 14.3% in the 1st quarter. Rivernorth Capital Management LLC now owns 366,828 shares of the investment management company’s stock valued at $895,000 after buying an additional 45,764 shares during the last quarter. Finally, Hennion & Walsh Asset Management Inc. grew its position in shares of BNY Mellon High Yield Strategies Fund by 17.2% in the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 1,872,844 shares of the investment management company’s stock valued at $4,532,000 after buying an additional 275,168 shares during the last quarter. 36.16% of the stock is owned by institutional investors and hedge funds.

About BNY Mellon High Yield Strategies Fund

BNY Mellon High Yield Strategies Fund (NYSE: DHF) is a closed-end investment fund that seeks to provide a high level of current income, with capital appreciation as a secondary objective. The fund invests primarily in high-yield corporate debt securities, commonly known as below-investment-grade or “junk” bonds.

Its portfolio may include a diversified range of fixed-income securities issued by companies in the United States and other markets. These investments generally carry greater credit and default risk than investment-grade bonds, but may offer higher income potential.