Key Points
- Saba Capital Management purchased 20,616 shares of BNY Mellon Strategic Municipal Bond Fund at an average $5.40 per share, increasing its stake by 0.38% to 5.46 million shares. The purchase was part of a series of acquisitions totaling more than 277,000 shares during October.
- DSM shares opened at $5.49, up 1.0%, and have traded between $5.07 and $6.30 over the past year. The fund’s 50-day and 200-day moving averages were $5.46 and $5.91, respectively.
- The fund declared a monthly dividend of $0.03 per share, equivalent to $0.36 annually and a 6.6% yield. DSM invests primarily in municipal bonds and seeks to provide federally tax-exempt current income.
BNY Mellon Strategic Municipal Bond Fund, Inc. (NYSE:DSM - Get Free Report) major shareholder Saba Capital Management, L.P. bought 20,616 shares of BNY Mellon Strategic Municipal Bond Fund stock in a transaction dated Monday, October 26th. The stock was purchased at an average price of $5.40 per share, with a total value of $111,326.40. Following the completion of the purchase, the insider owned 5,456,689 shares in the company, valued at $29,466,120.60. This trade represents a 0.38% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Major 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 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, with a total value 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 cost of $5.32 per share, with a total value 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, for a total transaction 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, for a total transaction 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 stock was purchased at an average price of $5.24 per share, for a total transaction of $72,112.88.
BNY Mellon Strategic Municipal Bond Fund Trading Up 1.0%
Shares of NYSE:DSM opened at $5.49 on Wednesday. The business's 50 day simple moving average is $5.46 and its two-hundred day simple moving average is $5.91. BNY Mellon Strategic Municipal Bond Fund, Inc. has a 52-week low of $5.07 and a 52-week high of $6.30.
BNY Mellon Strategic Municipal Bond Fund Announces Dividend
The company also recently disclosed 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 annualized dividend and a dividend yield of 6.6%.
Hedge Funds Weigh In On BNY Mellon Strategic Municipal Bond Fund
A number of large investors have recently modified their holdings of the company. Bulldog Investors LLP lifted its holdings in shares of BNY Mellon Strategic Municipal Bond Fund by 2.0% in the 1st 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 in the last quarter. Rivernorth Capital Management LLC increased its stake in 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 purchasing an additional 260,230 shares in the last quarter. Hennion & Walsh Asset Management Inc. raised its holdings in 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 worth $9,079,000 after buying an additional 689,844 shares during the last quarter. Robinson Capital Management LLC raised 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 buying an additional 41,717 shares during the last quarter. Finally, Van ECK Associates Corp raised its holdings 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 worth $2,605,000 after buying an additional 6,849 shares during the last quarter.
About BNY Mellon Strategic Municipal Bond Fund
(
Get Free Report)
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.
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