BNY Mellon Municipal Income, Inc. (NYSE:DMF) Major Shareholder Saba Capital Management, L.P. Sells 220,866 Shares

BNY Mellon Municipal Income, Inc. (NYSE:DMF) major shareholder Saba Capital Management, L.P. sold 220,866 shares of BNY Mellon Municipal Income stock in a transaction on Tuesday, September 24th. The shares were sold at an average price of $7.36, for a total value of $1,625,573.76. Following the transaction, the insider now directly owns 2,156,152 shares of the company’s stock, valued at $15,869,278.72. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Major shareholders that own 10% or more of a company’s stock are required to disclose their transactions with the SEC.

BNY Mellon Municipal Income Stock Down 0.4 %

Shares of DMF traded down $0.03 on Thursday, hitting $7.30. The company’s stock had a trading volume of 299,952 shares, compared to its average volume of 54,066. The company has a 50 day moving average price of $7.30 and a 200 day moving average price of $7.02. BNY Mellon Municipal Income, Inc. has a fifty-two week low of $5.37 and a fifty-two week high of $7.49.

BNY Mellon Municipal Income Announces Dividend

The firm also recently announced a monthly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Monday, September 16th will be paid a $0.019 dividend. The ex-dividend date of this dividend is Monday, September 16th. This represents a $0.23 dividend on an annualized basis and a dividend yield of 3.12%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in DMF. Opinicus Capital Inc. acquired a new position in BNY Mellon Municipal Income during the 1st quarter worth $68,000. XTX Topco Ltd bought a new stake in shares of BNY Mellon Municipal Income during the second quarter worth $73,000. Sanctuary Advisors LLC acquired a new position in shares of BNY Mellon Municipal Income during the second quarter valued at $219,000. Bank of New York Mellon Corp bought a new position in BNY Mellon Municipal Income in the second quarter valued at about $373,000. Finally, Hennion & Walsh Asset Management Inc. acquired a new stake in BNY Mellon Municipal Income in the second quarter worth about $766,000.

About BNY Mellon Municipal Income

BNY Mellon Municipal Income, Inc is a closed ended fixed income mutual fund launched and managed by BNY Mellon Investment Adviser, Inc It invests in the fixed income markets of the United States. The fund primarily invests in municipal obligations that are rated investment grade and have maturities of less than one year.