BNY Mellon Strategic Municipals (NYSE:LEO) Stock: Insider Saba Capital Management, L.P. Acquires 65,000 Shares

BNY Mellon Strategic Municipals, Inc. (NYSE:LEO) major shareholder Saba Capital Management, L.P. acquired 65,000 shares of the company’s stock in a transaction on 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 purchase, the insider directly owned 6,547,189 shares in the company, valued at approximately $37,188,033.52. This represents a 1.00% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Large shareholders that own 10% or more of a company’s shares are required to disclose their sales and purchases with the SEC.

Saba Capital Management, L.P. also recently made the following trade(s):

• On Wednesday, October 21st, Saba Capital Management, L.P. bought 45,831 shares of BNY Mellon Strategic Municipals stock. The shares were 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. purchased 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 stock was bought at an average price 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 stock was bought at an average price of $5.65 per share, with a total value of $1,824,147.70.

BNY Mellon Strategic Municipals Trading Up 2.5%

NYSE LEO traded up $0.14 during trading hours on Monday, hitting $5.83. 293,530 shares of the company were exchanged, compared to its average volume of 313,852. BNY Mellon Strategic Municipals, Inc. has a 52 week low of $5.41 and a 52 week high of $6.55. The stock has a 50-day moving average price of $5.83 and a 200 day moving average price of $6.23.

BNY Mellon Strategic Municipals Dividend Announcement

The business 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 large investors have recently made changes to their positions in the company. Hennion & Walsh Asset Management Inc. raised its holdings in shares of 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 buying an additional 884,861 shares during the period. Almitas Capital LLC purchased a new position in BNY Mellon Strategic Municipals during the 2nd quarter valued at $4,662,000. Capstone Investment Advisors LLC bought a new position in BNY Mellon Strategic Municipals in the 2nd quarter valued at $2,454,000. Altium Capital Management LLC lifted its position in shares of 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 worth $2,759,000 after purchasing an additional 176,624 shares during the last quarter. Finally, Bank of America Corp DE purchased a new stake in shares of BNY Mellon Strategic Municipals during the second quarter valued at $651,000.

BNY Mellon Strategic Municipals Company Profile

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.