BNY Mellon Strategic Municipal Bond Fund (NYSE:DSM) Major Shareholder Saba Capital Management, L.P. Acquires 138,642 Shares of Stock

BNY Mellon Strategic Municipal Bond Fund, Inc. (NYSE:DSM) major shareholder Saba Capital Management, L.P. acquired 138,642 shares of the firm’s stock in a transaction that occurred on Friday, October 16th. The stock was bought at an average price of $5.27 per share, for a total transaction of $730,643.34. Following the completion of the transaction, the insider owned 5,331,845 shares of the company’s stock, valued at $28,098,823.15. The trade was a 2.67% increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this link. Large shareholders that own 10% or more 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. bought 69,080 shares of BNY Mellon Strategic Municipal Bond Fund stock. The stock was bought at an average cost of $5.29 per share, for a total transaction of $365,433.20.
• On Thursday, October 15th, Saba Capital Management, L.P. bought 13,762 shares of BNY Mellon Strategic Municipal Bond Fund stock. The shares were bought 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

DSM stock opened at $5.32 on Wednesday. BNY Mellon Strategic Municipal Bond Fund, Inc. has a one year low of $5.07 and a one year high of $6.30. The firm has a 50 day simple moving average of $5.51 and a two-hundred day simple moving average of $5.86.

BNY Mellon Strategic Municipal Bond Fund Announces Dividend

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

Institutional Trading of BNY Mellon Strategic Municipal Bond Fund

Hedge funds have recently made changes to their positions in the stock. Integrated Capital Management Inc. increased its stake in 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 valued at $160,000 after acquiring an additional 2,944 shares during the last quarter. Noble Wealth Management PBC raised its position in BNY Mellon Strategic Municipal Bond Fund by 7.2% during the second quarter. Noble Wealth Management PBC now owns 65,733 shares of the investment management company’s stock valued at $404,000 after purchasing an additional 4,400 shares in the last quarter. Van ECK Associates Corp raised 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 purchasing an additional 6,849 shares in the last quarter. Readystate Asset Management LP purchased a new stake in BNY Mellon Strategic Municipal Bond Fund during the second quarter valued at about $88,000. Finally, Robinson Capital Management LLC raised its position in BNY Mellon Strategic Municipal Bond Fund by 9.8% during the second quarter. Robinson Capital Management LLC now owns 467,193 shares of the investment management company’s stock valued at $2,878,000 after purchasing an additional 41,717 shares in the last quarter.

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.