BNY Mellon Strategic Municipals (NYSE:LEO) Share Price Crosses Below 200-Day Moving Average – Time to Sell?

BNY Mellon Strategic Municipals, Inc. (NYSE:LEO)’s share price passed below its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $6.35 and traded as low as $6.33. BNY Mellon Strategic Municipals shares last traded at $6.3850, with a volume of 287,174 shares changing hands.

BNY Mellon Strategic Municipals Trading Up 0.6%

The firm has a 50-day moving average of $6.33 and a 200 day moving average of $6.35.

BNY Mellon Strategic Municipals (NYSE:LEO) last released its quarterly earnings data on Friday, May 29th. The investment management company reported $0.08 EPS for the quarter. The business had revenue of $7.57 million for the quarter.

BNY Mellon Strategic Municipals Increases Dividend

The business also recently announced a monthly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Thursday, June 11th will be paid a dividend of $0.03 per share. The ex-dividend date is Thursday, June 11th. This represents a c) dividend on an annualized basis and a yield of 5.6%. This is a boost from BNY Mellon Strategic Municipals’s previous monthly dividend of $0.03.

Institutional Investors Weigh In On BNY Mellon Strategic Municipals

A number of hedge funds have recently added to or reduced their stakes in LEO. Invesco Ltd. purchased a new stake in BNY Mellon Strategic Municipals during the 2nd quarter valued at $561,000. Whitebox Advisors LLC boosted its position in BNY Mellon Strategic Municipals by 14.3% in the second quarter. Whitebox Advisors LLC now owns 305,421 shares of the investment management company’s stock worth $1,808,000 after purchasing an additional 38,121 shares during the last quarter. Bank of America Corp DE boosted its position in BNY Mellon Strategic Municipals by 4.5% in the second quarter. Bank of America Corp DE now owns 204,596 shares of the investment management company’s stock worth $1,211,000 after purchasing an additional 8,810 shares during the last quarter. Curi Capital LLC purchased a new position in BNY Mellon Strategic Municipals in the second quarter worth about $740,000. Finally, Corient Private Wealth LLC boosted its position in BNY Mellon Strategic Municipals by 5.8% in the second quarter. Corient Private Wealth LLC now owns 118,305 shares of the investment management company’s stock worth $700,000 after purchasing an additional 6,499 shares during the last quarter.

BNY Mellon Strategic Municipals Company Profile

BNY Mellon Strategic Municipals (NYSE: LEO) is a closed-end management investment company that seeks to deliver a high level of current income exempt from U.S. federal income tax. The fund primarily allocates its assets to investment-grade municipal securities, including bonds and other debt instruments issued by U.S. states, territories, municipalities and their authorities.

Beyond traditional investment-grade munis, the fund may also invest in below-investment-grade securities, variable?rate demand obligations, municipal derivatives and other income-producing instruments.