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

BNY Mellon Strategic Municipals, Inc. (NYSE:LEO) major shareholder Saba Capital Management, L.P. acquired 7,724 shares of BNY Mellon Strategic Municipals stock in a transaction on Tuesday, October 20th. The stock was acquired at an average cost of $5.72 per share, for a total transaction of $44,181.28. Following the completion of the purchase, the insider owned 6,436,358 shares of the company’s stock, valued at approximately $36,815,967.76. The trade was a 0.12% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Large shareholders that own more than 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 Monday, October 19th, Saba Capital Management, L.P. bought 15,246 shares of BNY Mellon Strategic Municipals stock. The shares were acquired 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. bought 322,858 shares of BNY Mellon Strategic Municipals stock. The shares were acquired at an average price of $5.65 per share, with a total value of $1,824,147.70.

BNY Mellon Strategic Municipals Stock Performance

Shares of BNY Mellon Strategic Municipals stock traded down $0.06 on Wednesday, hitting $5.67. 256,125 shares of the company’s stock traded hands, compared to its average volume of 214,394. The firm’s 50-day moving average price is $5.86 and its two-hundred day moving average price is $6.18. BNY Mellon Strategic Municipals, Inc. has a one year low of $5.41 and a one year high of $6.55.

BNY Mellon Strategic Municipals Announces Dividend

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

Institutional Investors Weigh In On BNY Mellon Strategic Municipals

A number of institutional investors and hedge funds have recently added to or reduced their stakes in LEO. Venture Visionary Partners LLC acquired a new position in BNY Mellon Strategic Municipals in the third quarter valued at about $81,000. Advisor OS LLC bought a new position in BNY Mellon Strategic Municipals during the second quarter worth about $123,000. Corient Private Wealth LP bought a new position in BNY Mellon Strategic Municipals during the second quarter worth about $144,000. Noble Wealth Management PBC boosted its holdings in BNY Mellon Strategic Municipals by 16.6% during the third quarter. Noble Wealth Management PBC now owns 26,756 shares of the investment management company’s stock worth $149,000 after buying an additional 3,800 shares during the last quarter. Finally, Landscape Capital Management L.L.C. acquired a new position 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 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.