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. bought 65,000 shares of the company’s stock in a transaction on Friday, October 23rd. The stock was bought at an average price of $5.68 per share, for a total transaction 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 legal filing with the SEC, which is available through the SEC website. Large shareholders that own at least 10% 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 Wednesday, October 21st, Saba Capital Management, L.P. bought 45,831 shares of BNY Mellon Strategic Municipals stock. The shares were bought at an average cost 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 shares were bought 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 purchased at an average cost 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 shares were purchased at an average price of $5.65 per share, for a total transaction of $1,824,147.70.

BNY Mellon Strategic Municipals Stock Performance

Shares of BNY Mellon Strategic Municipals stock traded up $0.14 during trading on Monday, hitting $5.83. 293,530 shares of the stock traded hands, compared to its average volume of 313,852. The stock’s fifty day simple moving average is $5.83 and its 200 day simple moving average is $6.23. BNY Mellon Strategic Municipals, Inc. has a 52-week low of $5.41 and a 52-week high of $6.55.

BNY Mellon Strategic Municipals Announces Dividend

The business also recently disclosed a monthly dividend, which will be paid on Friday, October 30th. Shareholders of record on Wednesday, October 14th will be given a dividend of $0.03 per share. The ex-dividend date is Wednesday, October 14th. This represents a $0.36 dividend on an annualized basis and a yield of 6.2%.

Institutional Trading of BNY Mellon Strategic Municipals

Institutional investors and hedge funds have recently modified their holdings of the stock. Venture Visionary Partners LLC purchased a new position in BNY Mellon Strategic Municipals in the third quarter valued at $81,000. Advisor OS LLC purchased a new position in shares of BNY Mellon Strategic Municipals in the 2nd quarter valued at about $123,000. Corient Private Wealth LP purchased a new position in shares of BNY Mellon Strategic Municipals in the 2nd quarter valued at about $144,000. Noble Wealth Management PBC increased its holdings in shares of BNY Mellon Strategic Municipals by 16.6% in the 3rd quarter. Noble Wealth Management PBC now owns 26,756 shares of the investment management company’s stock valued at $149,000 after acquiring an additional 3,800 shares during the last quarter. Finally, Landscape Capital Management L.L.C. acquired a new stake in shares of BNY Mellon Strategic Municipals during the 2nd quarter worth about $156,000.

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.