Key Points
- Saba Capital Management bought 14,573 DSM shares at an average price of $5.32, increasing its position by 0.27% to 5.42 million shares. The purchase was valued at approximately $77,528 and followed several other buys in October.
- DSM shares opened at $5.31, compared with a 50-day moving average of $5.49 and a 12-month trading range of $5.07 to $6.30.
- The fund declared a monthly dividend of $0.03 per share, equivalent to $0.36 annually and a 6.8% yield; DSM invests primarily in federally tax-exempt municipal bonds.
BNY Mellon Strategic Municipal Bond Fund, Inc. (NYSE:DSM - Get Free Report) major shareholder Saba Capital Management, L.P. acquired 14,573 shares of the stock in a transaction that occurred on Tuesday, October 20th. The shares were bought at an average cost of $5.32 per share, for a total transaction of $77,528.36. Following the completion of the transaction, the insider directly owned 5,415,498 shares of the company's stock, valued at $28,810,449.36. This represents a 0.27% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Large shareholders that own 10% or more of a company's stock 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 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 stock was 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. bought 13,762 shares of BNY Mellon Strategic Municipal Bond Fund stock. The shares were bought at an average cost of $5.24 per share, with a total value of $72,112.88.
BNY Mellon Strategic Municipal Bond Fund Price Performance
Shares of NYSE:DSM opened at $5.31 on Thursday. The firm has a fifty day moving average of $5.49 and a two-hundred day 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 Dividend Announcement
The company also recently disclosed a monthly dividend, which will be paid on Friday, October 30th. Investors of record on Wednesday, October 14th will be issued a dividend of $0.03 per share. This represents a $0.36 annualized dividend and a dividend yield of 6.8%. The ex-dividend date is Wednesday, October 14th.
Institutional Trading of BNY Mellon Strategic Municipal Bond Fund
A number of institutional investors have recently bought and sold shares of the company. Integrated Capital Management Inc. increased its position in BNY Mellon Strategic Municipal Bond Fund by 10.6% in the 3rd quarter. Integrated Capital Management Inc. now owns 30,740 shares of the investment management company's stock worth $160,000 after purchasing an additional 2,944 shares during the last quarter. Noble Wealth Management PBC raised its stake in shares of BNY Mellon Strategic Municipal Bond Fund by 10.6% during the 3rd quarter. Noble Wealth Management PBC now owns 72,733 shares of the investment management company's stock worth $379,000 after purchasing an additional 7,000 shares in the last quarter. Robinson Capital Management LLC lifted its holdings in shares of 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 last quarter. Readystate Asset Management LP acquired a new stake in shares of BNY Mellon Strategic Municipal Bond Fund during the 2nd quarter valued at about $88,000. Finally, Rivernorth Capital Management LLC lifted its holdings in shares of 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.
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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