BNY Mellon Strategic Municipal Bond Fund, Inc. $DSM Shares Sold by AQR Arbitrage LLC

Key Points

• AQR Arbitrage LLC has significantly reduced its stake in the BNY Mellon Strategic Municipal Bond Fund by 64.9%, now holding 66,816 shares after selling 123,799 shares in the first quarter.
• Several other hedge funds, including Elequin Capital LP and Landscape Capital Management L.L.C., have also made new investments or increased their stakes in the fund during the recent quarters.
• The BNY Mellon Strategic Municipal Bond Fund announced a monthly dividend of $0.023 per share, representing an annualized yield of 4.9%, to be paid on October 1st.

AQR Arbitrage LLC lessened its stake in BNY Mellon Strategic Municipal Bond Fund, Inc. (NYSE:DSM - Free Report) by 64.9% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 66,816 shares of the investment management company's stock after selling 123,799 shares during the period. AQR Arbitrage LLC owned 0.14% of BNY Mellon Strategic Municipal Bond Fund worth $386,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Elequin Capital LP purchased a new position in BNY Mellon Strategic Municipal Bond Fund in the fourth quarter valued at about $36,000. Smallwood Wealth Investment Management LLC purchased a new position in BNY Mellon Strategic Municipal Bond Fund in the first quarter valued at about $37,000. CJM Wealth Advisers Ltd. purchased a new position in BNY Mellon Strategic Municipal Bond Fund in the first quarter valued at about $86,000. Janney Montgomery Scott LLC purchased a new position in BNY Mellon Strategic Municipal Bond Fund in the first quarter valued at about $111,000. Finally, Landscape Capital Management L.L.C. grew its stake in BNY Mellon Strategic Municipal Bond Fund by 46.4% in the first quarter. Landscape Capital Management L.L.C. now owns 21,262 shares of the investment management company's stock valued at $123,000 after purchasing an additional 6,735 shares during the last quarter.

BNY Mellon Strategic Municipal Bond Fund Price Performance

DSM traded down $0.01 on Tuesday, hitting $5.83. The company had a trading volume of 21,963 shares, compared to its average volume of 138,426. The stock has a fifty day moving average price of $5.60 and a 200-day moving average price of $5.66. BNY Mellon Strategic Municipal Bond Fund, Inc. has a 12-month low of $5.28 and a 12-month high of $6.38.

BNY Mellon Strategic Municipal Bond Fund Announces Dividend

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

Insiders Place Their Bets

In other BNY Mellon Strategic Municipal Bond Fund news, major shareholder Saba Capital Management, L.P. purchased 6,350 shares of the stock in a transaction on Thursday, June 26th. The stock was acquired at an average price of $5.55 per share, with a total value of $35,242.50. Following the completion of the acquisition, the insider owned 5,152,591 shares in the company, valued at $28,596,880.05. The trade was a 0.12% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link.

BNY Mellon Strategic Municipal Bond Fund Company 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.