BNY Mellon Strategic Municipals (NYSE:LEO) Shares Cross Above 50-Day Moving Average – Here’s Why

Shares of BNY Mellon Strategic Municipals, Inc. (NYSE:LEO) crossed above its fifty day moving average during trading on Monday. The stock has a fifty day moving average of $5.83 and traded as high as $5.84. BNY Mellon Strategic Municipals shares last traded at $5.8350, with a volume of 293,530 shares traded.

BNY Mellon Strategic Municipals Stock Up 2.5%

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

Insiders Place Their Bets

In related news, major shareholder Saba Capital Management, L.P. acquired 65,000 shares of BNY Mellon Strategic Municipals stock in a transaction that occurred on Friday, October 23rd. The stock was acquired at an average price of $5.68 per share, with a total value of $369,200.00. Following the completion of the acquisition, the insider directly owned 6,547,189 shares of the company’s stock, valued at $37,188,033.52. This trade represents a 1.00% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders have bought a total of 456,842 shares of company stock valued at $2,587,625 over the last three months. Corporate insiders own 1.00% of the company’s stock.

Institutional Trading of BNY Mellon Strategic Municipals

A number of hedge funds and other institutional investors have recently made changes to their positions in LEO. Venture Visionary Partners LLC bought a new stake in shares of BNY Mellon Strategic Municipals during the 3rd quarter worth about $81,000. Advisor OS LLC bought a new position in shares of BNY Mellon Strategic Municipals in the second quarter valued at approximately $123,000. Corient Private Wealth LP bought a new position in shares of BNY Mellon Strategic Municipals in the second quarter valued at approximately $144,000. Noble Wealth Management PBC boosted its holdings in shares of BNY Mellon Strategic Municipals by 16.6% in the third 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 in the last quarter. Finally, Landscape Capital Management L.L.C. acquired a new position in shares of BNY Mellon Strategic Municipals during the second quarter valued at approximately $156,000.

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.