BNY Mellon Strategic Municipal Bond Fund, Inc. (NYSE:DSM) Sees Large Increase in Short Interest

Key Points

• Short interest surged 177.2% to 53,403 shares as of August 31, up from 19,266 shares two weeks earlier. Still, only about 0.1% of DSM’s shares are sold short, with a short-interest ratio of 0.5 days.
• DSM opened at $5.58, near its 52-week low of $5.56 and below its 50-day and 200-day moving averages of $5.88 and $6.00, respectively.
• The fund declared a monthly $0.03-per-share dividend, equating to an annualized yield of approximately 6.5%; several institutional investors also recently initiated or increased positions.

BNY Mellon Strategic Municipal Bond Fund, Inc. (NYSE:DSM - Get Free Report) saw a significant increase in short interest in August. As of August 31st, there was short interest totaling 53,403 shares, an increase of 177.2% from the August 15th total of 19,266 shares. Based on an average daily trading volume, of 100,314 shares, the short-interest ratio is currently 0.5 days. Approximately 0.1% of the company's shares are sold short.

BNY Mellon Strategic Municipal Bond Fund Stock Performance

DSM stock opened at $5.58 on Friday. BNY Mellon Strategic Municipal Bond Fund has a fifty-two week low of $5.56 and a fifty-two week high of $6.30. The business's 50 day moving average price is $5.88 and its two-hundred day moving average price is $6.00.

BNY Mellon Strategic Municipal Bond Fund Dividend Announcement

The company also recently declared a monthly dividend, which will be paid on Thursday, October 1st. Investors of record on Monday, September 14th will be given a dividend of $0.03 per share. The ex-dividend date is Monday, September 14th. This represents a c) annualized dividend and a dividend yield of 6.5%.

Hedge Funds Weigh In On BNY Mellon Strategic Municipal Bond Fund

A number of institutional investors have recently added to or reduced their stakes in DSM. Cerity Partners LLC bought a new stake in shares of BNY Mellon Strategic Municipal Bond Fund during the 2nd quarter valued at $56,000. Nomura Holdings Inc. bought a new position in shares of BNY Mellon Strategic Municipal Bond Fund in the 3rd quarter worth about $74,000. Readystate Asset Management LP purchased a new position in BNY Mellon Strategic Municipal Bond Fund during the 2nd quarter valued at about $88,000. Janney Montgomery Scott LLC lifted its position in BNY Mellon Strategic Municipal Bond Fund by 22.0% during the 4th quarter. Janney Montgomery Scott LLC now owns 15,331 shares of the investment management company's stock valued at $95,000 after acquiring an additional 2,765 shares during the period. Finally, Novak & Powell Financial Services Inc. purchased a new position in BNY Mellon Strategic Municipal Bond Fund during the 4th quarter valued at about $111,000.

BNY Mellon Strategic Municipal Bond Fund Company Profile

BNY Mellon Strategic Municipal Bond Fund Inc NYSE: DSM is a closed-end, diversified management investment company sponsored by The Bank of New York Mellon Corporation. Launched in 2007, DSM is listed on the New York Stock Exchange and offers investors access to a professionally managed portfolio of municipal debt securities. As a publicly traded fund, DSM combines the liquidity of the secondary market with the long-term investment horizon of a mutual fund structure.

The fund’s primary objective is to provide current income exempt from federal income tax.

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