BNY Mellon Strategic Municipals (NYSE:LEO) Stock: Insider Saba Capital Management, L.P. Purchases 15,246 Shares

BNY Mellon Strategic Municipals, Inc. (NYSE:LEO) major shareholder Saba Capital Management, L.P. bought 15,246 shares of BNY Mellon Strategic Municipals stock in a transaction dated Monday, October 19th. The stock was acquired at an average cost of $5.67 per share, for a total transaction of $86,444.82. Following the purchase, the insider directly owned 6,428,634 shares in the company, valued at approximately $36,450,354.78. The trade was a 0.24% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Large shareholders that own 10% or more of a company’s shares are required to disclose their transactions with the SEC.

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

• On Tuesday, October 20th, Saba Capital Management, L.P. purchased 7,724 shares of BNY Mellon Strategic Municipals stock. The shares were acquired at an average price of $5.72 per share, with a total value of $44,181.28.
• 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 cost of $5.65 per share, with a total value of $1,824,147.70.

BNY Mellon Strategic Municipals Price Performance

LEO opened at $5.67 on Thursday. The firm has a 50 day simple moving average of $5.85 and a 200 day simple moving average of $6.17. BNY Mellon Strategic Municipals, Inc. has a fifty-two week low of $5.41 and a fifty-two week high of $6.55.

BNY Mellon Strategic Municipals Announces Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Friday, October 30th. Shareholders of record on Wednesday, October 14th will be paid a $0.03 dividend. 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%.

Institutional Trading of BNY Mellon Strategic Municipals

Several institutional investors and hedge funds 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% in the 1st 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. Hennion & Walsh Asset Management Inc. increased its holdings 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 purchasing an additional 884,861 shares during the last quarter. Almitas Capital LLC bought a new stake in BNY Mellon Strategic Municipals in the second quarter valued at about $4,662,000. Capstone Investment Advisors LLC bought a new stake in BNY Mellon Strategic Municipals in the second quarter valued at about $2,454,000. Finally, Centaurus Financial Inc. bought a new stake in BNY Mellon Strategic Municipals in the second quarter valued at about $591,000.

BNY Mellon Strategic Municipals Company Profile

BNY Mellon Strategic Municipals, Inc (NYSE: LEO) is a closed-end management investment company that seeks to provide 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.