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

BNY Mellon Strategic Municipals, Inc. (NYSE:LEO) 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.

BNY Mellon Strategic Municipals Stock Up 0.6%

The business has a 50 day moving average price of $6.33 and a 200 day moving average price of $6.35.

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

BNY Mellon Strategic Municipals Increases Dividend

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

Institutional Investors Weigh In On BNY Mellon Strategic Municipals

A number of institutional investors have recently modified their holdings of LEO. Invesco Ltd. purchased a new stake in shares of BNY Mellon Strategic Municipals in the second quarter worth $561,000. Whitebox Advisors LLC grew its stake in shares of 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 acquiring an additional 38,121 shares during the last quarter. Bank of America Corp DE grew its stake in shares of 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 acquiring an additional 8,810 shares during the last quarter. Curi Capital LLC purchased a new stake in shares of BNY Mellon Strategic Municipals in the second quarter worth $740,000. Finally, Corient Private Wealth LLC boosted its position in shares of BNY Mellon Strategic Municipals by 5.8% during the second quarter. Corient Private Wealth LLC now owns 118,305 shares of the investment management company’s stock valued at $700,000 after buying an additional 6,499 shares during the last quarter.

About BNY Mellon Strategic Municipals

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.