BNY Mellon Strategic Municipals, Inc. (NYSE:LEO) Sees Significant Growth in Short Interest

BNY Mellon Strategic Municipals, Inc. (NYSE:LEO) was the target of a significant growth in short interest in the month of October. As of October 30th, there was short interest totaling 195,039 shares, a growth of 640.0% from the October 15th total of 26,356 shares. Approximately 0.3% of the company’s shares are sold short. Based on an average daily volume of 295,182 shares, the short-interest ratio is currently 0.7 days.

Insider Transactions at BNY Mellon Strategic Municipals

In related news, major shareholder Saba Capital Management, L.P. bought 322,858 shares of the business’s stock in a transaction on Friday, October 16th. The shares were purchased at an average cost of $5.65 per share, with a total value of $1,824,147.70. Following the acquisition, the insider owned 6,413,388 shares of the company’s stock, valued at $36,235,642.20. This represents a 5.30% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Over the last three months, insiders acquired 469,425 shares of company stock worth $2,660,103. 1.00% of the stock is owned by company insiders.

Institutional Trading of BNY Mellon Strategic Municipals

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Venture Visionary Partners LLC acquired a new position in shares of BNY Mellon Strategic Municipals in the 3rd quarter worth approximately $81,000. Advisor OS LLC bought a new stake in shares of BNY Mellon Strategic Municipals in the 2nd quarter valued at $123,000. Corient Private Wealth LP bought a new stake in shares of BNY Mellon Strategic Municipals in the 2nd quarter valued at $144,000. Landscape Capital Management L.L.C. acquired a new stake in shares of BNY Mellon Strategic Municipals during the second quarter worth $156,000. Finally, Noble Wealth Management PBC raised its stake 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.

BNY Mellon Strategic Municipals Price Performance

Shares of LEO stock opened at $5.99 on Wednesday. BNY Mellon Strategic Municipals has a 1-year low of $5.41 and a 1-year high of $6.55. The stock has a 50-day moving average of $5.78 and a 200-day moving average of $6.20.

BNY Mellon Strategic Municipals Announces Dividend

The business also recently announced a monthly dividend, which will be paid on Tuesday, December 1st. Investors of record on Friday, November 13th will be issued a $0.03 dividend. The ex-dividend date is Friday, November 13th. This represents a $0.36 annualized dividend and a yield of 6.0%.

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.