Key Points
- Saba Capital Management purchased 13,695 DSM shares at an average price of $5.63, increasing its ownership by 0.25% to 5.47 million shares valued at approximately $30.8 million.
- The purchase continues a series of recent acquisitions by Saba, which bought more than 277,000 additional shares across several transactions from October 15–26.
- DSM shares opened at $5.43, within their 52-week range of $5.07–$6.30, while the fund announced a monthly $0.03 dividend, equivalent to a 6.6% annualized yield.
BNY Mellon Strategic Municipal Bond Fund, Inc. (NYSE:DSM - Get Free Report) major shareholder Saba Capital Management, L.P. purchased 13,695 shares of the business's stock in a transaction that occurred on Tuesday, October 27th. The stock was purchased at an average price of $5.63 per share, for a total transaction of $77,102.85. Following the completion of the transaction, the insider directly owned 5,470,384 shares in the company, valued at $30,798,261.92. This trade represents a 0.25% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is available at this link. 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 Monday, October 26th, Saba Capital Management, L.P. acquired 20,616 shares of BNY Mellon Strategic Municipal Bond Fund stock. The shares were purchased at an average cost of $5.40 per share, for a total transaction of $111,326.40.
- On Wednesday, October 21st, Saba Capital Management, L.P. acquired 20,575 shares of BNY Mellon Strategic Municipal Bond Fund stock. The shares were purchased at an average price of $5.32 per share, with a total value of $109,459.00.
- On Tuesday, October 20th, Saba Capital Management, L.P. purchased 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. bought 69,080 shares of BNY Mellon Strategic Municipal Bond Fund stock. The shares were acquired at an average cost 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 shares were purchased 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. purchased 13,762 shares of BNY Mellon Strategic Municipal Bond Fund stock. The shares were acquired at an average cost of $5.24 per share, with a total value of $72,112.88.
BNY Mellon Strategic Municipal Bond Fund Stock Down 1.1%
NYSE:DSM opened at $5.43 on Thursday. BNY Mellon Strategic Municipal Bond Fund, Inc. has a 52-week low of $5.07 and a 52-week high of $6.30. The stock's 50-day simple moving average is $5.45 and its 200 day simple moving average is $5.91.
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 $0.03 dividend. The ex-dividend date of this dividend is Wednesday, October 14th. This represents a $0.36 annualized dividend and a dividend yield of 6.6%.
Institutional Inflows and Outflows
A number of institutional investors and hedge funds have recently made changes to their positions in the business. Integrated Capital Management Inc. increased its holdings in shares of BNY Mellon Strategic Municipal Bond Fund by 10.6% during the third 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 period. Noble Wealth Management PBC raised its position in shares of BNY Mellon Strategic Municipal Bond Fund by 7.2% in the second quarter. Noble Wealth Management PBC now owns 65,733 shares of the investment management company's stock valued at $404,000 after buying an additional 4,400 shares in the last quarter. Van ECK Associates Corp boosted its stake in shares of BNY Mellon Strategic Municipal Bond Fund by 1.6% in 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 buying an additional 6,849 shares during the period. Root Financial Partners LLC bought a new stake in shares of BNY Mellon Strategic Municipal Bond Fund in the third quarter valued at approximately $51,000. Finally, Readystate Asset Management LP bought a new stake in shares of BNY Mellon Strategic Municipal Bond Fund in the second quarter valued at approximately $88,000.
BNY Mellon Strategic Municipal Bond Fund Company Profile
(
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.
Further Reading
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