Key Points
- Saba Capital Management bought 13,762 shares of BNY Mellon Strategic Municipal Bond Fund at an average price of $5.24, increasing its stake by 0.27% to 5.19 million shares.
- DSM shares opened at $5.28, compared with a 12-month range of $5.07 to $6.30. The fund’s 50-day and 200-day moving averages were $5.52 and $5.86, respectively.
- The fund declared a monthly dividend of $0.03 per share, or $0.36 annualized, representing a 6.8% yield. DSM invests primarily in municipal bonds and seeks to provide federally tax-exempt income.
BNY Mellon Strategic Municipal Bond Fund, Inc. (NYSE:DSM - Get Free Report) major shareholder Saba Capital Management, L.P. bought 13,762 shares of the company's stock in a transaction dated Thursday, October 15th. The stock was bought at an average price of $5.24 per share, for a total transaction of $72,112.88. Following the acquisition, the insider directly owned 5,193,203 shares of the company's stock, valued at approximately $27,212,383.72. This represents a 0.27% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Large shareholders that own 10% or more of a company's stock are required to disclose their transactions with the SEC.
BNY Mellon Strategic Municipal Bond Fund Price Performance
Shares of NYSE:DSM opened at $5.28 on Tuesday. BNY Mellon Strategic Municipal Bond Fund, Inc. has a 12-month low of $5.07 and a 12-month high of $6.30. The business's 50 day moving average is $5.52 and its 200 day moving average is $5.86.
BNY Mellon Strategic Municipal Bond Fund Dividend Announcement
The business also recently declared a monthly dividend, which will be paid on Friday, October 30th. Investors of record on Wednesday, October 14th will be given a $0.03 dividend. 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.
Hedge Funds Weigh In On BNY Mellon Strategic Municipal Bond Fund
A number of hedge funds have recently bought and sold shares of the company. Rivernorth Capital Management LLC grew its stake in shares of BNY Mellon Strategic Municipal Bond Fund by 98.7% in the 1st quarter. Rivernorth Capital Management LLC now owns 1,660,357 shares of the investment management company's stock worth $9,979,000 after acquiring an additional 824,765 shares in the last quarter. Hennion & Walsh Asset Management Inc. lifted 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 valued at $9,079,000 after purchasing an additional 689,844 shares in the last quarter. Bank of New York Mellon Corp bought a new position in shares of BNY Mellon Strategic Municipal Bond Fund during the first quarter valued at about $423,000. Bulldog Investors LLP boosted its holdings 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 worth $20,277,000 after purchasing an additional 65,851 shares during the last quarter. Finally, Robinson Capital Management LLC boosted its holdings 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 worth $2,878,000 after purchasing an additional 41,717 shares during the last quarter.
BNY Mellon Strategic Municipal Bond Fund Company Profile
(
Get Free Report)
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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