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

BNY Mellon Strategic Municipals, Inc. (NYSE:LEO) saw a large decrease in short interest during the month of October. As of October 15th, there was short interest totaling 26,356 shares, a decrease of 71.0% from the September 30th total of 90,909 shares. Currently, 0.0% of the company’s stock are short sold. Based on an average daily trading volume, of 300,874 shares, the short-interest ratio is currently 0.1 days.

Insiders Place Their Bets

In other BNY Mellon Strategic Municipals news, major shareholder Saba Capital Management, L.P. acquired 322,858 shares of the company’s stock in a transaction on Friday, October 16th. The shares were bought at an average cost of $5.65 per share, for a total transaction of $1,824,147.70. Following the acquisition, the insider directly owned 6,413,388 shares of the company’s stock, valued at $36,235,642.20. This trade represents a 5.30% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Over the last three months, insiders have bought 469,425 shares of company stock valued at $2,660,103. Corporate insiders own 1.00% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in LEO. Altium Capital Management LLC boosted its stake in BNY Mellon Strategic Municipals by 67.4% during the 1st quarter. Altium Capital Management LLC now owns 438,676 shares of the investment management company’s stock valued at $2,759,000 after purchasing an additional 176,624 shares in the last quarter. Hennion & Walsh Asset Management Inc. boosted its position in shares of 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 worth $10,873,000 after buying an additional 884,861 shares during the period. Almitas Capital LLC purchased a new position in BNY Mellon Strategic Municipals during the 2nd quarter valued at about $4,662,000. Capstone Investment Advisors LLC purchased a new position in shares of BNY Mellon Strategic Municipals during the 2nd quarter valued at $2,454,000. Finally, Centaurus Financial Inc. bought a new position in BNY Mellon Strategic Municipals during the second quarter valued at approximately $591,000.

BNY Mellon Strategic Municipals Trading Up 1.3%

Shares of NYSE LEO traded up $0.07 during midday trading on Thursday, hitting $5.92. The company’s stock had a trading volume of 201,983 shares, compared to its average volume of 311,791. The firm’s fifty day moving average price is $5.81 and its 200-day moving average price is $6.22. BNY Mellon Strategic Municipals has a 1-year low of $5.41 and a 1-year high of $6.55.

BNY Mellon Strategic Municipals Dividend Announcement

The business also recently announced a monthly dividend, which will be paid on Friday, October 30th. Shareholders of record on Wednesday, October 14th will be given a $0.03 dividend. The ex-dividend date of this dividend is Wednesday, October 14th. This represents a $0.36 annualized dividend and a yield of 6.1%.

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.