BNY Mellon Strategic Municipals (NYSE:LEO) Stock: Insider Saba Capital Management, L.P. Buys 7,724 Shares

BNY Mellon Strategic Municipals, Inc. (NYSE:LEO) major shareholder Saba Capital Management, L.P. acquired 7,724 shares of the stock in a transaction dated Tuesday, October 20th. The shares were purchased at an average price of $5.72 per share, for a total transaction of $44,181.28. Following the completion of the transaction, the insider owned 6,436,358 shares of the company’s stock, valued at $36,815,967.76. This trade represents a 0.12% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Large shareholders that own at least 10% 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 Wednesday, October 21st, Saba Capital Management, L.P. bought 45,831 shares of BNY Mellon Strategic Municipals stock. The stock was purchased at an average price of $5.73 per share, with a total value of $262,611.63.
• On Monday, October 19th, Saba Capital Management, L.P. bought 15,246 shares of BNY Mellon Strategic Municipals stock. The stock was purchased 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. bought 322,858 shares of BNY Mellon Strategic Municipals stock. The stock was purchased at an average cost of $5.65 per share, with a total value of $1,824,147.70.

BNY Mellon Strategic Municipals Stock Up 0.4%

Shares of LEO stock opened at $5.71 on Friday. BNY Mellon Strategic Municipals, Inc. has a one year low of $5.41 and a one year high of $6.55. The stock has a fifty day moving average price of $5.84 and a 200 day moving average price of $6.17.

BNY Mellon Strategic Municipals Announces Dividend

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

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 LEO. Altium Capital Management LLC boosted its position in shares of BNY Mellon Strategic Municipals by 67.4% during the 1st quarter. Altium Capital Management LLC now owns 438,676 shares of the investment management company’s stock valued at $2,759,000 after acquiring an additional 176,624 shares in the last quarter. Hennion & Walsh Asset Management Inc. increased its stake in 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 valued at $10,873,000 after acquiring an additional 884,861 shares during the period. Almitas Capital LLC acquired a new position in BNY Mellon Strategic Municipals in the second quarter worth about $4,662,000. Capstone Investment Advisors LLC acquired a new position in BNY Mellon Strategic Municipals in the second quarter worth about $1,153,000. Finally, Centaurus Financial Inc. acquired a new position in BNY Mellon Strategic Municipals in the second quarter worth about $591,000.

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.