Advisors Asset Management Inc. Buys 102,237 Shares of BNY Mellon Strategic Municipal Bond Fund, Inc. $DSM

Key Points

• Advisors Asset Management Inc. increased its holdings in BNY Mellon Strategic Municipal Bond Fund by 40.8%, acquiring a total of 353,086 shares valued at approximately $2,037,000.
• Major shareholder Saba Capital Management purchased an additional 6,350 shares in June, bringing their total ownership to over 5.1 million shares.
• BNY Mellon Strategic Municipal Bond Fund recently announced a monthly dividend of $0.023 per share, which represents an annualized yield of 4.8%.

Advisors Asset Management Inc. raised its stake in BNY Mellon Strategic Municipal Bond Fund, Inc. (NYSE:DSM - Free Report) by 40.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 353,086 shares of the investment management company's stock after acquiring an additional 102,237 shares during the period. Advisors Asset Management Inc. owned about 0.71% of BNY Mellon Strategic Municipal Bond Fund worth $2,037,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of DSM. Janney Montgomery Scott LLC acquired a new position in BNY Mellon Strategic Municipal Bond Fund in the first quarter worth $111,000. LPL Financial LLC boosted its stake in BNY Mellon Strategic Municipal Bond Fund by 7.3% in the first quarter. LPL Financial LLC now owns 712,095 shares of the investment management company's stock worth $4,109,000 after purchasing an additional 48,150 shares in the last quarter. Almitas Capital LLC boosted its stake in BNY Mellon Strategic Municipal Bond Fund by 36.1% in the first quarter. Almitas Capital LLC now owns 851,087 shares of the investment management company's stock worth $4,911,000 after purchasing an additional 225,626 shares in the last quarter. Raymond James Financial Inc. acquired a new position in BNY Mellon Strategic Municipal Bond Fund in the fourth quarter worth $343,000. Finally, Bank of America Corp DE lifted its stake in shares of BNY Mellon Strategic Municipal Bond Fund by 2,269.6% during the fourth quarter. Bank of America Corp DE now owns 34,264 shares of the investment management company's stock valued at $199,000 after acquiring an additional 32,818 shares during the period.

BNY Mellon Strategic Municipal Bond Fund Trading Down 0.2%

Shares of DSM traded down $0.01 during trading hours on Friday, hitting $5.90. 25,400 shares of the stock traded hands, compared to its average volume of 138,103. BNY Mellon Strategic Municipal Bond Fund, Inc. has a 1-year low of $5.28 and a 1-year high of $6.38. The business has a fifty day moving average of $5.61 and a 200-day moving average of $5.66.

BNY Mellon Strategic Municipal Bond Fund Announces Dividend

The company also recently declared a monthly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Friday, September 12th will be paid a dividend of $0.023 per share. This represents a c) annualized dividend and a dividend yield of 4.7%. The ex-dividend date of this dividend is Friday, September 12th.

Insider Activity

In other news, major shareholder Saba Capital Management, L.P. purchased 6,350 shares of the business's stock in a transaction dated Thursday, June 26th. The shares were acquired at an average price of $5.55 per share, with a total value of $35,242.50. Following the completion of the purchase, the insider directly owned 5,152,591 shares of the company's stock, valued at $28,596,880.05. The trade was a 0.12% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

BNY Mellon Strategic Municipal Bond Fund Profile

BNY Mellon Strategic Municipal Bond Fund, Inc is a closed ended fixed income mutual fund launched and managed by BNY Mellon Investment Adviser, Inc The fund invests in the fixed income markets of the United States. It primarily invests in investment grade municipal bonds which are exempt from federal income tax.