According to the data provided by Zacks, BNY Mellon Strategic Municipals, Inc. (NYSE: LEO) completed the transfer of its monthly dividend on December 29. As a result, those investors who were listed as the record holders of shares as of the previous Tuesday, January 17, were eligible to receive a dividend payment from the investment management company for $0.023 per share on the subsequent Tuesday, January 31. This equates to a dividend payment of $0.28 per year and a dividend yield of 4.52%. Both of these figures are expressed on an annual basis. The day that the dividend is no longer payable is this coming Friday, January 13.
Recently, several institutional investors have modified the distribution of their stock holdings within their portfolios to better align their investments with their investment strategies. For example, during the first three months of the year, Rivernorth Capital Management LLC saw a rise in the value of its investment in BNY Mellon Strategic Municipals of 343 percent. As a result, Rivernorth Capital Management LLC now has a total of 657,182 shares of the investment management company’s stock, which are worth a combined total of $4,725,000 after purchasing an additional 508,852 shares during the most recent quarter. This brings Rivernorth Capital Management LLC’s total number of shares to 657,182. In addition, the value of Robinson Capital Management LLC’s investment in BNY Mellon Strategic Municipals increased by 765.5 percent over the year’s first three months. Following the purchase of an additional 431,885 shares during the most recent quarter, Robinson Capital Management LLC now owns a total of 488,300 shares of the investment management company’s stock, which has a value of $3,521,000. This brings the total number of shares owned by the company to 488,300. In addition, Centaurus Financial Inc. saw a 99.1% increase in the size of its holdings in BNY Mellon Strategic Municipals during the first three months of 2018. After making an additional purchase of 112,170 shares during the most recent quarter, Centaurus Financial Inc. now owns 225,320 shares in the investment management company. The current market value of these shares is USD 1,620,000. In addition, worth Asset Management LLC invested approximately $670,000 in BNY Mellon Strategic Municipals during the first three months of 2018. And finally, during the first quarter of this year, Invesco Ltd. increased the quantity of BNY Mellon Strategic Municipals held in its portfolio by 10.7%. As a result, Invesco Ltd. now has 408,651 shares of the investment management company’s stock, which are currently valued at $2,938,000 after purchasing an additional 39,537 shares during the most recent quarter. Currently, hedge funds and other institutional investors own 12.99% of the company’s shares.
On Friday, the opening price of a share of LEO stock was $6.11 per share. The lowest price that BNY Mellon Strategic Municipals has been in the past year is $5.87, and the highest price that the investment has been in the past year is $8.50. The stock’s 50-day and 200-day simple moving averages are both sitting at $6.13 right now, while $6.41 is where they are currently sitting.
BNY Mellon Strategic Municipals, Inc. is a closed-end mutual fund that BNY Mellon Investment Adviser, Inc. manages. This fund specializes in fixed income and goes by BNY Mellon Strategic Municipals, Inc. This is accomplished through the company’s investment in the United States fixed-income markets. The vast majority of the fund’s holdings consist of investment-grade municipal bonds, the income exempt from taxation in the United States. This is because municipal bonds are considered a form of local government financing.