Key Points
- Saba Capital Management purchased 20,575 DSM shares at an average $5.32 each, investing $109,459 and increasing its position by 0.38% to 5.44 million shares. The purchase followed several additional acquisitions in October.
- DSM shares opened at $5.32, below their 50-day and 200-day moving averages, with a 12-month range of $5.07 to $6.30.
- The fund announced a monthly dividend of $0.03 per share, equivalent to $0.36 annually and a 6.8% yield. DSM invests primarily in municipal bonds and seeks federally tax-exempt income.
BNY Mellon Strategic Municipal Bond Fund, Inc. (NYSE:DSM - Get Free Report) major shareholder Saba Capital Management, L.P. acquired 20,575 shares of the stock in a transaction on Wednesday, October 21st. The shares were purchased at an average price of $5.32 per share, for a total transaction of $109,459.00. Following the completion of the transaction, the insider owned 5,436,073 shares in the company, valued at approximately $28,919,908.36. This represents a 0.38% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Major shareholders that own at least 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 Tuesday, October 20th, Saba Capital Management, L.P. bought 14,573 shares of BNY Mellon Strategic Municipal Bond Fund stock. The shares were purchased at an average cost of $5.32 per share, for a total transaction of $77,528.36.
- On Monday, October 19th, Saba Capital Management, L.P. bought 69,080 shares of BNY Mellon Strategic Municipal Bond Fund stock. The shares were purchased at an average cost of $5.29 per share, for a total transaction 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 acquired 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 stock was acquired at an average price of $5.24 per share, with a total value of $72,112.88.
BNY Mellon Strategic Municipal Bond Fund Stock Up 0.5%
Shares of BNY Mellon Strategic Municipal Bond Fund stock opened at $5.32 on Friday. The business has a fifty day simple moving average of $5.48 and a 200-day simple moving average of $5.85. 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 firm also recently disclosed a monthly dividend, which will be paid on Friday, October 30th. Investors of record on Wednesday, October 14th will be paid a $0.03 dividend. This represents a $0.36 annualized dividend and a yield of 6.8%. The ex-dividend date of this dividend is Wednesday, October 14th.
Institutional Investors Weigh In On BNY Mellon Strategic Municipal Bond Fund
A number of institutional investors have recently bought and sold shares of DSM. Bulldog Investors LLP grew its stake in BNY Mellon Strategic Municipal Bond Fund by 2.0% during the 1st quarter. Bulldog Investors LLP now owns 3,373,942 shares of the investment management company's stock valued at $20,277,000 after acquiring an additional 65,851 shares in the last quarter. Rivernorth Capital Management LLC lifted its position in shares of BNY Mellon Strategic Municipal Bond Fund by 15.7% in the second quarter. Rivernorth Capital Management LLC now owns 1,920,587 shares of the investment management company's stock worth $11,812,000 after purchasing an additional 260,230 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% in the second quarter. Hennion & Walsh Asset Management Inc. now owns 1,476,212 shares of the investment management company's stock worth $9,079,000 after purchasing an additional 689,844 shares in the last quarter. Robinson Capital Management LLC lifted its position in shares of BNY Mellon Strategic Municipal Bond Fund by 9.8% in 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 in the last quarter. Finally, Van ECK Associates Corp boosted its holdings in shares of 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 worth $2,605,000 after purchasing an additional 6,849 shares during the period.
About BNY Mellon Strategic Municipal Bond Fund
(
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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