Insider Buying: BNY Mellon Strategic Municipal Bond Fund (NYSE:DSM) Major Shareholder Acquires 13,695 Shares of Company Stock

BNY Mellon Strategic Municipal Bond Fund, Inc. (NYSE:DSM) major shareholder Saba Capital Management, L.P. acquired 13,695 shares of the company’s stock in a transaction dated Tuesday, October 27th. The shares were purchased at an average price of $5.63 per share, with a total value of $77,102.85. Following the completion of the acquisition, the insider owned 5,470,384 shares in the company, valued at approximately $30,798,261.92. The trade was a 0.25% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which can be accessed 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 26th, Saba Capital Management, L.P. bought 20,616 shares of BNY Mellon Strategic Municipal Bond Fund stock. The stock was purchased at an average cost of $5.40 per share, for a total transaction of $111,326.40.
• On Wednesday, October 21st, Saba Capital Management, L.P. bought 20,575 shares of BNY Mellon Strategic Municipal Bond Fund stock. The stock was purchased at an average cost of $5.32 per share, for a total transaction of $109,459.00.
• On Tuesday, October 20th, Saba Capital Management, L.P. bought 14,573 shares of BNY Mellon Strategic Municipal Bond Fund stock. The stock was purchased at an average price of $5.32 per share, for a total transaction of $77,528.36.
• 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. purchased 138,642 shares of BNY Mellon Strategic Municipal Bond Fund stock. The shares were purchased at an average cost 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 purchased at an average price of $5.24 per share, with a total value of $72,112.88.

BNY Mellon Strategic Municipal Bond Fund Stock Performance

NYSE:DSM traded down $0.06 on Wednesday, hitting $5.43. 43,134 shares of the stock were exchanged, compared to its average volume of 127,199. The stock has a fifty day moving average of $5.46 and a 200-day moving average of $5.91. BNY Mellon Strategic Municipal Bond Fund, Inc. has a fifty-two week low of $5.07 and a fifty-two 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. Stockholders of record on Wednesday, October 14th will be issued a dividend of $0.03 per share. The ex-dividend date is Wednesday, October 14th. This represents a $0.36 dividend on an annualized basis and a dividend yield of 6.6%.

Institutional Trading of BNY Mellon Strategic Municipal Bond Fund

Institutional investors and hedge funds have recently bought and sold shares of the business. Root Financial Partners LLC purchased a new stake in BNY Mellon Strategic Municipal Bond Fund during the third quarter worth approximately $51,000. Integrated Capital Management Inc. increased its position in shares of BNY Mellon Strategic Municipal Bond Fund by 10.6% in the third quarter. Integrated Capital Management Inc. now owns 30,740 shares of the investment management company’s stock worth $160,000 after acquiring an additional 2,944 shares in the last quarter. Noble Wealth Management PBC increased its position in shares of BNY Mellon Strategic Municipal Bond Fund by 10.6% in the third quarter. Noble Wealth Management PBC now owns 72,733 shares of the investment management company’s stock worth $379,000 after acquiring an additional 7,000 shares in the last quarter. Robinson Capital Management LLC raised its stake in shares of BNY Mellon Strategic Municipal Bond Fund by 9.8% in 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 acquiring an additional 41,717 shares during the period. Finally, Readystate Asset Management LP purchased a new position in shares of BNY Mellon Strategic Municipal Bond Fund in the 2nd quarter valued at $88,000.

About BNY Mellon Strategic Municipal Bond Fund

BNY Mellon Strategic Municipal Bond Fund (NYSE:DSM) is a closed-end investment fund managed within BNY Mellon’s investment-management business. The fund is designed to provide investors with current income that is generally 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 related entities across the United States. Its portfolio may include bonds financing public infrastructure and services such as schools, transportation systems, utilities and health-care facilities.

BNY Mellon Strategic Municipal Bond Fund is intended for investors seeking tax-advantaged income and exposure to the U.S.