BNY Mellon Strategic Municipal Bond Fund (NYSE:DSM) Share Price Breaks Above 50 Day Moving Average – Here’s What Happened

Shares of BNY Mellon Strategic Municipal Bond Fund, Inc. (NYSE:DSM) passed above its 50 day moving average during trading on Tuesday. The stock has a 50 day moving average of $5.46 and traded as high as $5.51. BNY Mellon Strategic Municipal Bond Fund shares last traded at $5.4850, with a volume of 260,233 shares trading hands.

BNY Mellon Strategic Municipal Bond Fund Price Performance

The business’s 50-day moving average is $5.46 and its two-hundred day moving average is $5.91.

BNY Mellon Strategic Municipal Bond Fund Dividend Announcement

The company also recently announced a monthly dividend, which will be paid on Friday, October 30th. Shareholders of record on Wednesday, October 14th will be paid a $0.03 dividend. This represents a $0.36 annualized dividend and a yield of 6.6%. The ex-dividend date of this dividend is Wednesday, October 14th.

Insiders Place Their Bets

In other news, major shareholder Saba Capital Management, L.P. purchased 20,616 shares of the firm’s stock in a transaction dated Monday, October 26th. The stock was bought at an average price of $5.40 per share, with a total value of $111,326.40. Following the acquisition, the insider directly owned 5,456,689 shares of the company’s stock, valued at approximately $29,466,120.60. This represents a 0.38% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders have acquired 277,448 shares of company stock valued at $1,467,561 in the last quarter.

Institutional Trading of BNY Mellon Strategic Municipal Bond Fund

Hedge funds have recently added to or reduced their stakes in the business. Hennion & Walsh Asset Management Inc. increased its holdings 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 acquiring an additional 689,844 shares in the last quarter. 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 purchasing an additional 260,230 shares in the last quarter. Bank of New York Mellon Corp bought a new position in shares of BNY Mellon Strategic Municipal Bond Fund during the 1st quarter valued at about $423,000. Root Financial Partners LLC bought a new position in shares of BNY Mellon Strategic Municipal Bond Fund during the 3rd quarter valued at about $51,000. Finally, Integrated Capital Management Inc. grew its position in shares of 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 valued at $160,000 after purchasing an additional 2,944 shares during the period.

BNY Mellon Strategic Municipal Bond Fund Company Profile

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.