BNY Mellon Strategic Municipal Bond Fund (NYSE:DSM) Stock: Insider Saba Capital Management, L.P. Acquires 138,642 Shares

Key Points

• Saba Capital Management increased its DSM position by 138,642 shares at an average price of $5.27, investing approximately $730,643 and bringing its holdings to 5.33 million shares. The firm also made additional purchases on October 15 and 19.
• DSM traded at $5.33, near the lower end of its 52-week range of $5.07 to $6.30, with its 50-day and 200-day moving averages at $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% yield.

BNY Mellon Strategic Municipal Bond Fund, Inc. (NYSE:DSM - Get Free Report) major shareholder Saba Capital Management, L.P. bought 138,642 shares of BNY Mellon Strategic Municipal Bond Fund stock in a transaction on Friday, October 16th. The shares were acquired at an average price of $5.27 per share, for a total transaction of $730,643.34. Following the completion of the acquisition, the insider owned 5,331,845 shares of the company's stock, valued at approximately $28,098,823.15. This represents a 2.67% increase in their position. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Large shareholders that own 10% or more 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 Monday, October 19th, Saba Capital Management, L.P. bought 69,080 shares of BNY Mellon Strategic Municipal Bond Fund stock. The stock was purchased at an average price of $5.29 per share, for a total transaction of $365,433.20.
• 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, with a total value of $72,112.88.

BNY Mellon Strategic Municipal Bond Fund Price Performance

DSM traded up $0.04 during trading on Tuesday, reaching $5.33. 84,066 shares of the stock were exchanged, compared to its average volume of 125,459. The stock's 50 day moving average price is $5.52 and its two-hundred day moving average price is $5.86. 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 Announces Dividend

The business also recently declared 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. This represents a $0.36 annualized dividend and a yield of 6.8%. The ex-dividend date of this dividend is Wednesday, October 14th.

Hedge Funds Weigh In On BNY Mellon Strategic Municipal Bond Fund

Several large investors have recently modified their holdings of DSM. Integrated Capital Management Inc. boosted its position in shares of BNY Mellon Strategic Municipal Bond Fund by 10.6% during the 3rd 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 in the last quarter. Noble Wealth Management PBC boosted 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 worth $379,000 after buying an additional 7,000 shares during the last quarter. Robinson Capital Management LLC raised its stake in shares of BNY Mellon Strategic Municipal Bond Fund by 9.8% in the second 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. Readystate Asset Management LP purchased a new stake in BNY Mellon Strategic Municipal Bond Fund in the 2nd quarter worth about $88,000. Finally, Rivernorth Capital Management LLC raised its holdings in BNY Mellon Strategic Municipal Bond Fund by 15.7% during the 2nd quarter. Rivernorth Capital Management LLC now owns 1,920,587 shares of the investment management company's stock valued at $11,812,000 after acquiring an additional 260,230 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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