BNY Mellon Strategic Municipal Bond Fund (NYSE:DSM) Stock: Insider Saba Capital Management, L.P. Buys 14,573 Shares

Key Points

• Saba Capital Management purchased 14,573 shares of BNY Mellon Strategic Municipal Bond Fund at an average price of $5.32, increasing its direct ownership to 5.42 million shares valued at approximately $28.8 million.
• The fund’s shares traded at $5.31, near the lower end of their 52-week range of $5.07 to $6.30, while its 50-day and 200-day moving averages stood at $5.51 and $5.86, respectively.
• BNY Mellon Strategic Municipal Bond Fund announced a monthly dividend of $0.03 per share, equivalent to an annualized $0.36 payout and a 6.8% yield.

BNY Mellon Strategic Municipal Bond Fund, Inc. (NYSE:DSM - Get Free Report) major shareholder Saba Capital Management, L.P. purchased 14,573 shares of the stock in a transaction on Tuesday, October 20th. The shares were purchased at an average price of $5.32 per share, for a total transaction of $77,528.36. Following the transaction, the insider directly owned 5,415,498 shares of the company's stock, valued at approximately $28,810,449.36. This represents a 0.27% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Major shareholders that own more than 10% of a company's shares are required to disclose their sales and purchases with the SEC.

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

• On Monday, October 19th, Saba Capital Management, L.P. purchased 69,080 shares of BNY Mellon Strategic Municipal Bond Fund stock. The shares were purchased at an average cost of $5.29 per share, with a total value 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 stock was purchased 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. acquired 13,762 shares of BNY Mellon Strategic Municipal Bond Fund stock. The stock was purchased at an average price of $5.24 per share, with a total value of $72,112.88.

BNY Mellon Strategic Municipal Bond Fund Price Performance

Shares of BNY Mellon Strategic Municipal Bond Fund stock traded up $0.00 during trading on Wednesday, hitting $5.31. 80,984 shares of the stock traded hands, compared to its average volume of 125,442. The firm's fifty day moving average is $5.51 and its 200-day moving average is $5.86. BNY Mellon Strategic Municipal Bond Fund, Inc. has a 52 week low of $5.07 and a 52 week high of $6.30.

BNY Mellon Strategic Municipal Bond Fund Announces Dividend

The company 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 $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 bought and sold shares of the business. Bulldog Investors LLP raised its position in BNY Mellon Strategic Municipal Bond Fund by 2.0% in the 1st quarter. Bulldog Investors LLP now owns 3,373,942 shares of the investment management company's stock worth $20,277,000 after purchasing an additional 65,851 shares during the period. Rivernorth Capital Management LLC lifted its stake in BNY Mellon Strategic Municipal Bond Fund by 15.7% in the second quarter. Rivernorth Capital Management LLC now owns 1,920,587 shares of the investment management company's stock worth $11,812,000 after purchasing an additional 260,230 shares during the last quarter. Hennion & Walsh Asset Management Inc. lifted its stake in BNY Mellon Strategic Municipal Bond Fund by 87.7% in the second quarter. Hennion & Walsh Asset Management Inc. now owns 1,476,212 shares of the investment management company's stock worth $9,079,000 after purchasing an additional 689,844 shares during the last quarter. Robinson Capital Management LLC lifted its stake in 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 worth $2,878,000 after purchasing an additional 41,717 shares during the last quarter. Finally, Van ECK Associates Corp boosted its position in 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 valued at $2,605,000 after buying an additional 6,849 shares during the period.

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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