BNY Mellon Strategic Municipal Bond Fund (NYSE:DSM) Major Shareholder Saba Capital Management, L.P. Acquires 13,695 Shares of Company Stock

Key Points

• Saba Capital Management purchased 13,695 DSM shares at an average price of $5.63, bringing its holdings to 5,470,384 shares valued at approximately $30.8 million. The purchase was part of a series of acquisitions totaling more than 277,000 shares since October 15.
• DSM shares fell 1.1% to $5.43, compared with a 52-week range of $5.07 to $6.30; the stock’s 50-day and 200-day moving averages were $5.46 and $5.91, respectively.
• The fund declared a monthly dividend of $0.03 per share, equivalent to $0.36 annually and a 6.6% yield. DSM invests primarily in municipal bonds to provide generally federal-tax-exempt income.

BNY Mellon Strategic Municipal Bond Fund, Inc. (NYSE:DSM - Get Free Report) major shareholder Saba Capital Management, L.P. purchased 13,695 shares of the stock in a transaction dated Tuesday, October 27th. The shares were purchased at an average price of $5.63 per share, with a total value of $77,102.85. Following the completion of the acquisition, the insider owned 5,470,384 shares of the company's stock, valued at approximately $30,798,261.92. This represents a 0.25% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 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 Monday, October 26th, Saba Capital Management, L.P. acquired 20,616 shares of BNY Mellon Strategic Municipal Bond Fund stock. The stock was purchased at an average cost of $5.40 per share, with a total value 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. bought 14,573 shares of BNY Mellon Strategic Municipal Bond Fund stock. The stock was 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. purchased 69,080 shares of BNY Mellon Strategic Municipal Bond Fund stock. The stock was acquired at an average price of $5.29 per share, with a total value of $365,433.20.
• On Friday, October 16th, Saba Capital Management, L.P. purchased 138,642 shares of BNY Mellon Strategic Municipal Bond Fund stock. The stock was acquired 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. purchased 13,762 shares of BNY Mellon Strategic Municipal Bond Fund stock. The shares were acquired at an average cost of $5.24 per share, for a total transaction of $72,112.88.

BNY Mellon Strategic Municipal Bond Fund Trading Down 1.1%

Shares of BNY Mellon Strategic Municipal Bond Fund stock traded down $0.06 during trading hours on Wednesday, reaching $5.43. 43,134 shares of the company's stock were exchanged, compared to its average volume of 127,199. BNY Mellon Strategic Municipal Bond Fund, Inc. has a 52-week low of $5.07 and a 52-week high of $6.30. The company has a fifty day moving average of $5.46 and a 200-day moving average of $5.91.

BNY Mellon Strategic Municipal Bond Fund Announces Dividend

The firm also recently announced a monthly dividend, which will be paid on Friday, October 30th. Investors of record on Wednesday, October 14th will be given a dividend of $0.03 per share. The ex-dividend date is Wednesday, October 14th. This represents a $0.36 annualized dividend and a yield of 6.6%.

Institutional Trading of BNY Mellon Strategic Municipal Bond Fund

A number of hedge funds have recently added to or reduced their stakes in DSM. Root Financial Partners LLC acquired a new position in shares of BNY Mellon Strategic Municipal Bond Fund during the 3rd quarter valued at about $51,000. Readystate Asset Management LP acquired a new stake in shares of BNY Mellon Strategic Municipal Bond Fund in the second quarter worth approximately $88,000. Integrated Capital Management Inc. boosted its position in shares of BNY Mellon Strategic Municipal Bond Fund by 10.6% in the third quarter. Integrated Capital Management Inc. now owns 30,740 shares of the investment management company's stock worth $160,000 after acquiring an additional 2,944 shares during the last quarter. Noble Wealth Management PBC grew its holdings in BNY Mellon Strategic Municipal Bond Fund by 7.2% in 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. Finally, Bank of New York Mellon Corp purchased a new stake in BNY Mellon Strategic Municipal Bond Fund in the first quarter valued at approximately $423,000.

BNY Mellon Strategic Municipal Bond Fund Company Profile

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.

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