BNY Mellon Strategic Municipal Bond Fund (NYSE:DSM) Stock: Insider Saba Capital Management, L.P. Purchases 138,642 Shares

BNY Mellon Strategic Municipal Bond Fund, Inc. (NYSE:DSM) major shareholder Saba Capital Management, L.P. bought 138,642 shares of the stock in a transaction on Friday, October 16th. The stock was purchased at an average price of $5.27 per share, for a total transaction of $730,643.34. Following the purchase, the insider directly owned 5,331,845 shares of the company’s stock, valued at approximately $28,098,823.15. This represents a 2.67% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Major shareholders that own more than 10% of a company’s stock 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 acquired 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. acquired 69,080 shares of BNY Mellon Strategic Municipal Bond Fund stock. The stock was bought at an average cost of $5.29 per share, for a total transaction of $365,433.20.
• On Thursday, October 15th, Saba Capital Management, L.P. acquired 13,762 shares of BNY Mellon Strategic Municipal Bond Fund stock. The shares were purchased at an average cost of $5.24 per share, with a total value of $72,112.88.

BNY Mellon Strategic Municipal Bond Fund Price Performance

NYSE DSM opened at $5.31 on Thursday. The stock has a 50-day simple moving average of $5.49 and a 200 day simple moving average of $5.86. BNY Mellon Strategic Municipal Bond Fund, Inc. has a twelve month low of $5.07 and a twelve month high of $6.30.

BNY Mellon Strategic Municipal Bond Fund Dividend Announcement

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 given a dividend of $0.03 per share. The ex-dividend date is Wednesday, October 14th. This represents a $0.36 dividend on an annualized basis and a dividend yield of 6.8%.

Hedge Funds Weigh In On BNY Mellon Strategic Municipal Bond Fund

Hedge funds have recently made changes to their positions in the business. Hennion & Walsh Asset Management Inc. lifted its holdings in shares of BNY Mellon Strategic Municipal Bond Fund by 87.7% during the 2nd 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 during the period. Rivernorth Capital Management LLC increased its stake in 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 valued at $11,812,000 after acquiring an additional 260,230 shares during the period. Integrated Capital Management Inc. raised its position in 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 purchasing an additional 2,944 shares in the last quarter. Noble Wealth Management PBC raised its position in BNY Mellon Strategic Municipal Bond Fund by 10.6% in the third quarter. Noble Wealth Management PBC now owns 72,733 shares of the investment management company’s stock worth $379,000 after purchasing an additional 7,000 shares in the last quarter. Finally, Robinson Capital Management LLC raised its position in 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.

BNY Mellon Strategic Municipal Bond Fund Company Profile

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.