Sit Investment Associates Inc. Cuts Stock Holdings in BNY Mellon Strategic Municipal Bond Fund, Inc. $DSM

Key Points

• Sit Investment Associates Inc. sold 45,075 shares of BNY Mellon Strategic Municipal Bond Fund, reducing its holdings by 8.7% to 472,364 shares, valued at approximately $2.726 million.
• The BNY Mellon Strategic Municipal Bond Fund recently announced a monthly dividend of $0.023 per share, yielding 4.9%, with an ex-dividend date of August 13th.
• Major shareholder Saba Capital Management, L.P. acquired 6,350 additional shares of the fund at an average cost of $5.55, increasing its ownership stake.

Sit Investment Associates Inc. cut its stake in BNY Mellon Strategic Municipal Bond Fund, Inc. (NYSE:DSM - Free Report) by 8.7% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 472,364 shares of the investment management company's stock after selling 45,075 shares during the period. Sit Investment Associates Inc. owned approximately 0.96% of BNY Mellon Strategic Municipal Bond Fund worth $2,726,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently added to or reduced their stakes in the company. Bulldog Investors LLP grew its holdings in BNY Mellon Strategic Municipal Bond Fund by 156.2% in the 4th quarter. Bulldog Investors LLP now owns 2,101,361 shares of the investment management company's stock valued at $12,223,000 after buying an additional 1,281,127 shares in the last quarter. Almitas Capital LLC acquired a new position in shares of BNY Mellon Strategic Municipal Bond Fund during the 4th quarter valued at about $3,634,000. Whitebox Advisors LLC boosted its position in shares of BNY Mellon Strategic Municipal Bond Fund by 222.7% during the 4th quarter. Whitebox Advisors LLC now owns 619,946 shares of the investment management company's stock valued at $3,602,000 after acquiring an additional 427,819 shares during the last quarter. Pathstone Holdings LLC grew its holdings in shares of BNY Mellon Strategic Municipal Bond Fund by 15.5% in the fourth quarter. Pathstone Holdings LLC now owns 2,474,029 shares of the investment management company's stock valued at $14,397,000 after purchasing an additional 332,266 shares during the period. Finally, Capstone Investment Advisors LLC acquired a new stake in BNY Mellon Strategic Municipal Bond Fund during the fourth quarter worth about $869,000.

BNY Mellon Strategic Municipal Bond Fund Price Performance

DSM stock traded down $0.0350 during trading on Tuesday, reaching $5.5650. 100,292 shares of the stock were exchanged, compared to its average volume of 141,697. The business has a 50 day moving average price of $5.58 and a 200-day moving average price of $5.69. BNY Mellon Strategic Municipal Bond Fund, Inc. has a 1 year low of $5.28 and a 1 year high of $6.38.

BNY Mellon Strategic Municipal Bond Fund Announces Dividend

The company also recently announced a monthly dividend, which will be paid on Friday, August 29th. Shareholders of record on Wednesday, August 13th will be issued a $0.023 dividend. This represents a c) annualized dividend and a yield of 5.0%. The ex-dividend date is Wednesday, August 13th.

Insiders Place Their Bets

In other news, major shareholder Saba Capital Management, L.P. bought 6,350 shares of the firm's stock in a transaction on Thursday, June 26th. The shares were bought at an average cost of $5.55 per share, for a total transaction of $35,242.50. Following the acquisition, the insider directly owned 5,152,591 shares of the company's stock, valued at $28,596,880.05. This trade represents a 0.12% increase in their position. The acquisition was disclosed in a document filed with the SEC, 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.