BNY Mellon Strategic Municipal Bond Fund (NYSE:DSM) Stock: Insider Saba Capital Management, L.P. Buys 11,757 Shares

Key Points

• Saba Capital Management bought 11,757 DSM shares at an average $5.60 each, spending about $65,839. After the purchase, it held 5.48 million shares.
• DSM shares fell 1.2% to $5.54; the fund’s 12-month trading range is $5.07–$6.30.
• The fund declared a monthly dividend of $0.03 per share, equivalent to an annualized yield of about 6.5%.

BNY Mellon Strategic Municipal Bond Fund, Inc. (NYSE:DSM - Get Free Report) major shareholder Saba Capital Management, L.P. acquired 11,757 shares of the business's stock in a transaction dated Tuesday, November 10th. The stock was bought at an average cost of $5.60 per share, with a total value of $65,839.20. Following the acquisition, the insider owned 5,484,233 shares in the company, valued at $30,711,704.80. The trade was a 0.21% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Major shareholders that own at least 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 Wednesday, November 11th, Saba Capital Management, L.P. bought 2,182 shares of BNY Mellon Strategic Municipal Bond Fund stock. The shares were purchased at an average price of $5.59 per share, for a total transaction of $12,197.38.
• On Thursday, November 5th, Saba Capital Management, L.P. bought 100 shares of BNY Mellon Strategic Municipal Bond Fund stock. The shares were purchased at an average price of $5.55 per share, for a total transaction of $555.00.
• On Wednesday, October 28th, Saba Capital Management, L.P. purchased 1,992 shares of BNY Mellon Strategic Municipal Bond Fund stock. The shares were purchased at an average cost 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 shares were purchased at an average cost 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 price 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 stock was purchased at an average cost of $5.32 per share, with a total value 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, with a total value of $77,528.36.
• On Monday, October 19th, Saba Capital Management, L.P. acquired 69,080 shares of BNY Mellon Strategic Municipal Bond Fund stock. The shares were purchased at an average price of $5.29 per share, for a total transaction of $365,433.20.
• On Friday, October 16th, Saba Capital Management, L.P. acquired 138,642 shares of BNY Mellon Strategic Municipal Bond Fund stock. The shares were purchased at an average price of $5.27 per share, for a total transaction 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 stock was purchased at an average cost of $5.24 per share, for a total transaction of $72,112.88.

BNY Mellon Strategic Municipal Bond Fund Stock Down 1.2%

Shares of DSM stock traded down $0.07 on Thursday, reaching $5.54. The stock had a trading volume of 496,144 shares, compared to its average volume of 129,960. BNY Mellon Strategic Municipal Bond Fund, Inc. has a 12 month low of $5.07 and a 12 month high of $6.30. The firm's 50-day moving average is $5.40 and its two-hundred day moving average is $5.88.

BNY Mellon Strategic Municipal Bond Fund Announces Dividend

The firm also recently declared a monthly dividend, which will be paid on Tuesday, December 1st. Shareholders of record on Friday, November 13th will be given a dividend of $0.03 per share. This represents a $0.36 dividend on an annualized basis and a yield of 6.5%. The ex-dividend date of this dividend is Friday, November 13th.

Institutional Trading of BNY Mellon Strategic Municipal Bond Fund

Several institutional investors and hedge funds have recently bought and sold shares of the business. Rivernorth Capital Management LLC boosted its stake in shares of BNY Mellon Strategic Municipal Bond Fund by 98.7% during the 1st quarter. Rivernorth Capital Management LLC now owns 1,660,357 shares of the investment management company's stock worth $9,979,000 after acquiring an additional 824,765 shares during the period. Hennion & Walsh Asset Management Inc. raised its stake in BNY Mellon Strategic Municipal Bond Fund by 87.7% in the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 1,476,212 shares of the investment management company's stock valued at $9,079,000 after acquiring an additional 689,844 shares during the period. Allspring Global Investments Holdings LLC bought a new stake in BNY Mellon Strategic Municipal Bond Fund in the 3rd quarter valued at $738,000. Bank of New York Mellon Corp acquired a new stake in BNY Mellon Strategic Municipal Bond Fund during the 1st quarter valued at $423,000. Finally, Bulldog Investors LLP lifted its holdings in BNY Mellon Strategic Municipal Bond Fund by 2.0% during the 1st quarter. Bulldog Investors LLP now owns 3,373,942 shares of the investment management company's stock valued at $20,277,000 after purchasing an additional 65,851 shares during the last quarter.

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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