Key Points
- Saba Capital Management bought 1,992 DSM shares at an average $5.43 each, increasing its holdings to 5,472,376 shares valued at approximately $29.7 million. The purchase follows several other acquisitions in October.
- DSM opened at $5.54, up 2.0%, with a 12-month trading range of $5.07 to $6.30; its 50-day and 200-day moving averages were $5.44 and $5.91, respectively.
- The fund announced a monthly dividend of $0.03 per share, or $0.36 annualized, representing a 6.5% yield; payment is scheduled for December 1 to shareholders of record November 13.
BNY Mellon Strategic Municipal Bond Fund, Inc. (NYSE:DSM - Get Free Report) major shareholder Saba Capital Management, L.P. bought 1,992 shares of the business's stock in a transaction on Wednesday, October 28th. The stock was purchased at an average cost of $5.43 per share, with a total value of $10,816.56. Following the purchase, the insider owned 5,472,376 shares of the company's stock, valued at $29,715,001.68. This represents a 0.04% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Major shareholders that own at least 10% of a company's stock are required to disclose their transactions with the SEC.
Saba Capital Management, L.P. also recently made the following trade(s):
- On Tuesday, October 27th, Saba Capital Management, L.P. purchased 13,695 shares of BNY Mellon Strategic Municipal Bond Fund stock. The stock was acquired at an average cost of $5.63 per share, with a total value of $77,102.85.
- On Monday, October 26th, Saba Capital Management, L.P. bought 20,616 shares of BNY Mellon Strategic Municipal Bond Fund stock. The stock was bought at an average cost of $5.40 per share, with a total value 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 stock was bought 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 shares were purchased at an average price of $5.32 per share, with a total value of $77,528.36.
- On Monday, October 19th, Saba Capital Management, L.P. acquired 69,080 shares of BNY Mellon Strategic Municipal Bond Fund stock. The shares were purchased 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. acquired 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. purchased 13,762 shares of BNY Mellon Strategic Municipal Bond Fund stock. The stock was 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 Up 2.0%
NYSE:DSM opened at $5.54 on Friday. The company has a 50-day moving average price of $5.44 and a 200-day moving average price of $5.91. 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 business also recently disclosed a monthly dividend, which will be paid on Tuesday, December 1st. Investors of record on Friday, November 13th will be given a dividend of $0.03 per share. This represents a $0.36 dividend on an annualized basis and a yield of 6.5%. The ex-dividend date of this dividend is Friday, November 13th.
Institutional Inflows and Outflows
Several hedge funds and other institutional investors have recently made changes to their positions in the company. Root Financial Partners LLC purchased a new position in shares of BNY Mellon Strategic Municipal Bond Fund in the 3rd quarter worth $51,000. Readystate Asset Management LP bought a new stake in shares of BNY Mellon Strategic Municipal Bond Fund in the second quarter worth $88,000. Integrated Capital Management Inc. grew its holdings in shares of BNY Mellon Strategic Municipal Bond Fund by 10.6% in the third quarter. Integrated Capital Management Inc. now owns 30,740 shares of the investment management company's stock worth $160,000 after acquiring an additional 2,944 shares during the period. Noble Wealth Management PBC increased its position in BNY Mellon Strategic Municipal Bond Fund by 7.2% during the second quarter. Noble Wealth Management PBC now owns 65,733 shares of the investment management company's stock valued at $404,000 after acquiring an additional 4,400 shares during the last quarter. Finally, Bank of New York Mellon Corp purchased a new stake in BNY Mellon Strategic Municipal Bond Fund during the first quarter valued at $423,000.
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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