BNY Mellon Strategic Municipal Bond Fund (NYSE:DSM) Stock: Insider Saba Capital Management, L.P. Acquires 2,182 Shares

Key Points

• Saba Capital Management bought 2,182 DSM shares at an average $5.59 each, worth about $12,197. After the purchase, it held roughly 5.49 million shares.
• The fund’s shares fell 1.2% to $5.54 in Thursday trading, while trading volume was above its average.
• DSM announced a monthly dividend of $0.03 per share, equivalent to $0.36 annually and a 6.5% yield; it is payable December 1 to shareholders of record November 13.

BNY Mellon Strategic Municipal Bond Fund, Inc. (NYSE:DSM - Get Free Report) major shareholder Saba Capital Management, L.P. bought 2,182 shares of the firm's stock in a transaction on Wednesday, November 11th. The shares were purchased at an average cost of $5.59 per share, with a total value of $12,197.38. Following the completion of the transaction, the insider owned 5,486,415 shares in the company, valued at $30,669,059.85. This represents a 0.04% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Large shareholders that own at least 10% of a company's stock are required to disclose their sales and purchases with the SEC.

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

• On Tuesday, November 10th, Saba Capital Management, L.P. bought 11,757 shares of BNY Mellon Strategic Municipal Bond Fund stock. The stock was purchased at an average price of $5.60 per share, with a total value of $65,839.20.
• On Thursday, November 5th, Saba Capital Management, L.P. purchased 100 shares of BNY Mellon Strategic Municipal Bond Fund stock. The shares were purchased at an average cost of $5.55 per share, for a total transaction of $555.00.
• On Wednesday, October 28th, Saba Capital Management, L.P. bought 1,992 shares of BNY Mellon Strategic Municipal Bond Fund stock. The shares were acquired at an average price of $5.43 per share, for a total transaction of $10,816.56.
• On Tuesday, October 27th, Saba Capital Management, L.P. purchased 13,695 shares of BNY Mellon Strategic Municipal Bond Fund stock. The stock was bought 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. purchased 20,616 shares of BNY Mellon Strategic Municipal Bond Fund stock. The stock was 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 bought at an average price 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 stock was purchased at an average cost of $5.32 per share, for a total transaction 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 shares were bought at an average cost of $5.29 per share, for a total transaction 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 shares were purchased at an average cost of $5.27 per share, with a total value of $730,643.34.
• On Thursday, October 15th, Saba Capital Management, L.P. acquired 13,762 shares of BNY Mellon Strategic Municipal Bond Fund stock. The stock was purchased at an average cost of $5.24 per share, with a total value of $72,112.88.

BNY Mellon Strategic Municipal Bond Fund Trading Down 1.2%

Shares of DSM stock traded down $0.07 during trading hours on Thursday, hitting $5.54. 496,144 shares of the company's stock were exchanged, compared to its average volume of 129,960. The firm has a 50 day moving average of $5.40 and a two-hundred day moving average of $5.88. BNY Mellon Strategic Municipal Bond Fund, Inc. has a fifty-two week low of $5.07 and a fifty-two week high of $6.30.

BNY Mellon Strategic Municipal Bond Fund Dividend Announcement

The business also recently announced a monthly dividend, which will be paid on Tuesday, December 1st. Shareholders of record on Friday, November 13th will be issued a $0.03 dividend. This represents a $0.36 annualized dividend and a yield of 6.5%. The ex-dividend date is Friday, November 13th.

Hedge Funds Weigh In On BNY Mellon Strategic Municipal Bond Fund

A number of institutional investors have recently bought and sold shares of DSM. Root Financial Partners LLC purchased a new stake in shares of BNY Mellon Strategic Municipal Bond Fund in the 3rd quarter valued at approximately $51,000. Readystate Asset Management LP acquired a new stake in shares of BNY Mellon Strategic Municipal Bond Fund during the 2nd quarter worth approximately $88,000. Traub Capital Management LLC acquired a new stake in shares of BNY Mellon Strategic Municipal Bond Fund during the 3rd quarter worth approximately $135,000. Integrated Capital Management Inc. raised 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 buying an additional 2,944 shares during the period. Finally, Noble Wealth Management PBC raised its position in shares of BNY Mellon Strategic Municipal Bond Fund by 10.6% during 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.

About BNY Mellon Strategic Municipal Bond Fund

BNY Mellon Strategic Municipal Bond Fund is a closed-end investment fund that seeks to provide current income exempt from federal income tax while seeking to preserve capital. It invests primarily in municipal bonds issued by U.S. state and local governments and related public entities. The fund gives investors exposure to debt used to finance public services and infrastructure. It is managed by BNY Mellon Investment Adviser, an investment management affiliate of BNY Mellon.

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