BNY Mellon Strategic Municipal Bond Fund (NYSE:DSM) Major Shareholder Acquires $10,816.56 in Stock

Key Points

• Saba Capital Management purchased 1,992 DSM shares at an average price of $5.43, increasing its holdings to 5.47 million shares valued at approximately $29.7 million.
• The purchase continues a series of acquisitions by Saba, which bought more than 291,000 additional shares across several transactions earlier in October.
• DSM traded at $5.54 and recently declared a monthly dividend of $0.03 per share, equivalent to an annualized yield of approximately 6.5%.

BNY Mellon Strategic Municipal Bond Fund, Inc. (NYSE:DSM - Get Free Report) major shareholder Saba Capital Management, L.P. acquired 1,992 shares of the company's stock in a transaction on Wednesday, October 28th. The shares were bought at an average price of $5.43 per share, with a total value of $10,816.56. Following the completion of the purchase, the insider directly owned 5,472,376 shares of the company's stock, valued at approximately $29,715,001.68. This represents a 0.04% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Large shareholders that own more than 10% of a company's stock are required to disclose their transactions with the SEC.

Saba Capital Management, L.P. also recently made the following trade(s):

• On Tuesday, October 27th, Saba Capital Management, L.P. purchased 13,695 shares of BNY Mellon Strategic Municipal Bond Fund stock. The stock was purchased at an average price of $5.63 per share, for a total transaction of $77,102.85.
• On Monday, October 26th, Saba Capital Management, L.P. acquired 20,616 shares of BNY Mellon Strategic Municipal Bond Fund stock. The shares were purchased at an average cost of $5.40 per share, for a total transaction of $111,326.40.
• On Wednesday, October 21st, Saba Capital Management, L.P. acquired 20,575 shares of BNY Mellon Strategic Municipal Bond Fund stock. The shares were purchased at an average cost of $5.32 per share, for a total transaction of $109,459.00.
• On Tuesday, October 20th, Saba Capital Management, L.P. acquired 14,573 shares of BNY Mellon Strategic Municipal Bond Fund stock. The shares were purchased at an average cost of $5.32 per share, with a total value of $77,528.36.
• On Monday, October 19th, Saba Capital Management, L.P. acquired 69,080 shares of BNY Mellon Strategic Municipal Bond Fund stock. The shares were purchased at an average cost of $5.29 per share, with a total value of $365,433.20.
• On Friday, October 16th, Saba Capital Management, L.P. bought 138,642 shares of BNY Mellon Strategic Municipal Bond Fund stock. The stock was purchased at an average price of $5.27 per share, with a total value of $730,643.34.
• On Thursday, October 15th, Saba Capital Management, L.P. bought 13,762 shares of BNY Mellon Strategic Municipal Bond Fund stock. The stock was acquired at an average cost of $5.24 per share, for a total transaction of $72,112.88.

BNY Mellon Strategic Municipal Bond Fund Price Performance

BNY Mellon Strategic Municipal Bond Fund stock traded up $0.11 on Thursday, reaching $5.54. The company's stock had a trading volume of 100,728 shares, compared to its average volume of 127,072. The business's fifty day moving average price is $5.45 and its 200 day moving average price is $5.91. BNY Mellon Strategic Municipal Bond Fund, Inc. has a twelve month low of $5.07 and a twelve month high of $6.30.

BNY Mellon Strategic Municipal Bond Fund Dividend Announcement

The firm also recently declared a monthly dividend, which will be paid on Friday, October 30th. Investors of record on Wednesday, October 14th will be issued a $0.03 dividend. This represents a $0.36 dividend on an annualized basis and a dividend yield of 6.5%. The ex-dividend date of this dividend is Wednesday, October 14th.

Institutional Investors Weigh In On BNY Mellon Strategic Municipal Bond Fund

Hedge funds have recently added to or reduced their stakes in the stock. Root Financial Partners LLC bought a new position in BNY Mellon Strategic Municipal Bond Fund in the 3rd quarter valued at $51,000. Integrated Capital Management Inc. increased its stake in shares of BNY Mellon Strategic Municipal Bond Fund by 10.6% in the 3rd quarter. Integrated Capital Management Inc. now owns 30,740 shares of the investment management company's stock valued at $160,000 after buying an additional 2,944 shares during the period. Noble Wealth Management PBC increased its stake in shares of BNY Mellon Strategic Municipal Bond Fund by 10.6% in the 3rd quarter. Noble Wealth Management PBC now owns 72,733 shares of the investment management company's stock valued at $379,000 after buying an additional 7,000 shares during the period. Robinson Capital Management LLC increased its stake in shares of BNY Mellon Strategic Municipal Bond Fund by 9.8% in the 2nd quarter. Robinson Capital Management LLC now owns 467,193 shares of the investment management company's stock valued at $2,878,000 after buying an additional 41,717 shares during the period. Finally, Readystate Asset Management LP bought a new stake in shares of BNY Mellon Strategic Municipal Bond Fund during the second quarter worth $88,000.

About BNY Mellon Strategic Municipal Bond Fund

BNY Mellon Strategic Municipal Bond Fund NYSE: DSM is a closed-end investment fund managed within BNY Mellon's investment-management business. The fund is designed to provide investors with current income that is generally exempt from regular federal income tax.

The fund invests primarily in municipal bonds and other municipal obligations issued by states, cities, counties, public authorities and related entities across the United States. Its portfolio may include bonds financing public infrastructure and services such as schools, transportation systems, utilities and health-care facilities.

BNY Mellon Strategic Municipal Bond Fund is intended for investors seeking tax-advantaged income and exposure to the U.S.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.