BNY Mellon Strategic Municipal Bond Fund (NYSE:DSM) Major Shareholder Purchases 69,080 Shares of Stock

Key Points

• Saba Capital Management bought 69,080 shares of BNY Mellon Strategic Municipal Bond Fund at an average price of $5.29, increasing its position by 1.3% to 5.4 million shares valued at approximately $28.6 million. The purchase followed additional acquisitions of 138,642 shares on October 16 and 13,762 shares on October 15.
• DSM shares rose 0.9% to $5.33 during Tuesday trading, remaining below their 50-day and 200-day moving averages of $5.52 and $5.86, respectively.
• The fund declared a monthly dividend of $0.03 per share, equivalent to $0.36 annually and a 6.8% dividend yield.

BNY Mellon Strategic Municipal Bond Fund, Inc. (NYSE:DSM - Get Free Report) major shareholder Saba Capital Management, L.P. bought 69,080 shares of BNY Mellon Strategic Municipal Bond Fund stock in a transaction that occurred on Monday, October 19th. The stock was bought at an average price of $5.29 per share, with a total value of $365,433.20. Following the completion of the acquisition, the insider owned 5,400,925 shares in the company, valued at approximately $28,570,893.25. The trade was a 1.30% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Major shareholders that own more than 10% of a company's shares are required to disclose their transactions with the SEC.

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

• On Friday, October 16th, Saba Capital Management, L.P. purchased 138,642 shares of BNY Mellon Strategic Municipal Bond Fund stock. The shares were 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 shares were acquired at an average price of $5.24 per share, with a total value of $72,112.88.

BNY Mellon Strategic Municipal Bond Fund Trading Up 0.9%

Shares of BNY Mellon Strategic Municipal Bond Fund stock traded up $0.04 during midday trading on Tuesday, hitting $5.33. The company had a trading volume of 84,066 shares, compared to its average volume of 125,459. BNY Mellon Strategic Municipal Bond Fund, Inc. has a 1-year low of $5.07 and a 1-year high of $6.30. The business's 50 day simple moving average is $5.52 and its two-hundred day simple moving average is $5.86.

BNY Mellon Strategic Municipal Bond Fund Announces Dividend

The business also recently disclosed a monthly dividend, which will be paid on Friday, October 30th. Stockholders of record on Wednesday, October 14th will be given a dividend of $0.03 per share. The ex-dividend date of this dividend is Wednesday, October 14th. This represents a $0.36 dividend on an annualized basis and a dividend yield of 6.8%.

Institutional Investors Weigh In On BNY Mellon Strategic Municipal Bond Fund

Institutional investors have recently added to or reduced their stakes in the company. Readystate Asset Management LP bought a new stake in shares of BNY Mellon Strategic Municipal Bond Fund in the 2nd quarter worth approximately $88,000. Integrated Capital Management Inc. increased its position in shares of BNY Mellon Strategic Municipal Bond Fund by 10.6% during the third quarter. Integrated Capital Management Inc. now owns 30,740 shares of the investment management company's stock valued at $160,000 after purchasing an additional 2,944 shares during the period. Noble Wealth Management PBC increased its position in shares of BNY Mellon Strategic Municipal Bond Fund by 7.2% during the second quarter. Noble Wealth Management PBC now owns 65,733 shares of the investment management company's stock valued at $404,000 after purchasing an additional 4,400 shares during the period. Bank of New York Mellon Corp acquired a new position in shares of BNY Mellon Strategic Municipal Bond Fund in the first quarter valued at $423,000. Finally, Van ECK Associates Corp lifted its position in BNY Mellon Strategic Municipal Bond Fund by 1.6% in the second quarter. Van ECK Associates Corp now owns 423,652 shares of the investment management company's stock worth $2,605,000 after purchasing an additional 6,849 shares during the period.

About BNY Mellon Strategic Municipal Bond Fund

BNY Mellon Strategic Municipal Bond Fund NYSE: DSM is a closed-end investment company that seeks to provide current income 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 other governmental entities in the United States.

The fund's portfolio may include a range of tax-exempt securities with different maturities, credit qualities and structures. Its investments are designed to generate income for shareholders while providing exposure to the U.S.

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