BNY Mellon Strategic Municipal Bond Fund (NYSE:DSM) Major Shareholder Saba Capital Management, L.P. Acquires 13,762 Shares of Stock

Key Points

• Saba Capital Management acquired 13,762 shares of BNY Mellon Strategic Municipal Bond Fund at an average price of $5.24, increasing its stake by 0.27% to 5.19 million shares.
• DSM shares were flat at $5.28, with the fund trading between $5.07 and $6.30 over the past year and remaining below its 50-day and 200-day moving averages.
• The fund declared a monthly dividend of $0.03 per share, equivalent to $0.36 annually and a 6.8% yield; several institutional investors also recently increased their holdings.

BNY Mellon Strategic Municipal Bond Fund, Inc. (NYSE:DSM - Get Free Report) major shareholder Saba Capital Management, L.P. acquired 13,762 shares of BNY Mellon Strategic Municipal Bond Fund stock in a transaction that occurred on Thursday, October 15th. The stock was acquired at an average cost of $5.24 per share, with a total value of $72,112.88. Following the purchase, the insider directly owned 5,193,203 shares of the company's stock, valued at $27,212,383.72. This represents a 0.27% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Major shareholders that own more than 10% of a company's shares are required to disclose their sales and purchases with the SEC.

BNY Mellon Strategic Municipal Bond Fund Stock Performance

Shares of NYSE:DSM remained flat at $5.28 on Monday. The stock had a trading volume of 166,152 shares, compared to its average volume of 125,682. BNY Mellon Strategic Municipal Bond Fund, Inc. has a twelve month low of $5.07 and a twelve month high of $6.30. The business has a 50-day moving average of $5.53 and a 200 day moving average of $5.87.

BNY Mellon Strategic Municipal Bond Fund Announces Dividend

The company also recently announced a monthly dividend, which will be paid on Friday, October 30th. Shareholders of record on Wednesday, October 14th will be issued a $0.03 dividend. The ex-dividend date is Wednesday, October 14th. This represents a $0.36 dividend on an annualized basis and a yield of 6.8%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Integrated Capital Management Inc. boosted its stake in 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 valued at $160,000 after acquiring an additional 2,944 shares in the last quarter. 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 worth $404,000 after purchasing an additional 4,400 shares in the last quarter. Van ECK Associates Corp increased its position in shares of BNY Mellon Strategic Municipal Bond Fund by 1.6% during 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 in the last quarter. Readystate Asset Management LP purchased a new stake in shares of BNY Mellon Strategic Municipal Bond Fund during the 2nd quarter valued at $88,000. Finally, Robinson Capital Management LLC lifted its holdings in shares of BNY Mellon Strategic Municipal Bond Fund by 9.8% during 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 purchasing an additional 41,717 shares during the last quarter.

BNY Mellon Strategic Municipal Bond Fund Company Profile

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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