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

BNY Mellon Strategic Municipal Bond Fund, Inc. (NYSE:DSM) major shareholder Saba Capital Management, L.P. bought 14,573 shares of the stock in a transaction dated Tuesday, October 20th. The stock was bought at an average cost of $5.32 per share, with a total value of $77,528.36. Following the purchase, the insider owned 5,415,498 shares in the company, valued at $28,810,449.36. The trade was a 0.27% increase in their position. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Large shareholders that own 10% or more of a company’s shares are required to disclose their transactions with the SEC.

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

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

BNY Mellon Strategic Municipal Bond Fund Price Performance

DSM traded up $0.00 on Wednesday, hitting $5.31. 80,984 shares of the company were exchanged, compared to its average volume of 125,442. The firm has a fifty day simple moving average of $5.51 and a two-hundred day simple moving average of $5.86. BNY Mellon Strategic Municipal Bond Fund, Inc. has a 12 month low of $5.07 and a 12 month high of $6.30.

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 given a $0.03 dividend. The ex-dividend date is Wednesday, October 14th. This represents a $0.36 annualized dividend and a yield of 6.8%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in DSM. Bulldog Investors LLP increased its stake in shares of BNY Mellon Strategic Municipal Bond Fund by 2.0% in the first quarter. Bulldog Investors LLP now owns 3,373,942 shares of the investment management company’s stock worth $20,277,000 after buying an additional 65,851 shares during the period. Rivernorth Capital Management LLC raised its holdings in BNY Mellon Strategic Municipal Bond Fund by 15.7% during the 2nd quarter. Rivernorth Capital Management LLC now owns 1,920,587 shares of the investment management company’s stock valued at $11,812,000 after buying an additional 260,230 shares during the last quarter. Hennion & Walsh Asset Management Inc. raised its holdings in BNY Mellon Strategic Municipal Bond Fund by 87.7% during 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 buying an additional 689,844 shares during the last quarter. Robinson Capital Management LLC boosted its position in BNY Mellon Strategic Municipal Bond Fund by 9.8% during the 2nd quarter. Robinson Capital Management LLC now owns 467,193 shares of the investment management company’s stock valued at $2,878,000 after buying an additional 41,717 shares during the period. Finally, Van ECK Associates Corp boosted its position in BNY Mellon Strategic Municipal Bond Fund by 1.6% during the 2nd 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.