BNY Mellon Strategic Municipal Bond Fund (NYSE:DSM) Stock Price Breaks Below 200-Day Moving Average - Time to Sell?

Key Points

• DSM fell below its 200-day moving average, trading as low as $5.24 before closing near $5.285, compared with a 200-day average of $5.87.
• The fund declared a monthly dividend of $0.03 per share, equivalent to $0.36 annually and a 6.8% yield; the ex-dividend date is October 14.
• Several institutional investors increased their DSM holdings, including RiverNorth Capital Management and Hennion & Walsh Asset Management, while the fund continues focusing on federally tax-exempt municipal bonds.

BNY Mellon Strategic Municipal Bond Fund, Inc. (NYSE:DSM - Get Free Report)'s stock price crossed below its 200-day moving average during trading on Friday. The stock has a 200-day moving average of $5.87 and traded as low as $5.24. BNY Mellon Strategic Municipal Bond Fund shares last traded at $5.2850, with a volume of 317,254 shares traded.

BNY Mellon Strategic Municipal Bond Fund Stock Performance

The firm has a 50 day moving average of $5.53 and a 200-day moving average of $5.87.

BNY Mellon Strategic Municipal Bond Fund Announces Dividend

The business also recently disclosed a monthly dividend, which will be paid on Friday, October 30th. Shareholders of record on Wednesday, October 14th will be issued a dividend of $0.03 per share. This represents a $0.36 dividend on an annualized basis and a yield of 6.8%. The ex-dividend date of this dividend is Wednesday, October 14th.

Institutional Investors Weigh In On BNY Mellon Strategic Municipal Bond Fund

Several institutional investors and hedge funds have recently modified their holdings of DSM. Rivernorth Capital Management LLC lifted its holdings in shares of BNY Mellon Strategic Municipal Bond Fund by 98.7% in the first quarter. Rivernorth Capital Management LLC now owns 1,660,357 shares of the investment management company's stock worth $9,979,000 after buying an additional 824,765 shares in the last quarter. Hennion & Walsh Asset Management Inc. boosted its position in shares of BNY Mellon Strategic Municipal Bond Fund by 87.7% during 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 acquiring an additional 689,844 shares during the last quarter. Sit Investment Associates Inc. grew its stake in BNY Mellon Strategic Municipal Bond Fund by 11.8% during the fourth quarter. Sit Investment Associates Inc. now owns 1,862,381 shares of the investment management company's stock valued at $11,491,000 after acquiring an additional 195,867 shares in the last quarter. Bank of New York Mellon Corp purchased a new position in BNY Mellon Strategic Municipal Bond Fund during the first quarter valued at $423,000. Finally, Bulldog Investors LLP grew its stake in BNY Mellon Strategic Municipal Bond Fund by 2.0% during the first quarter. Bulldog Investors LLP now owns 3,373,942 shares of the investment management company's stock valued at $20,277,000 after acquiring an additional 65,851 shares in the last quarter.

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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