BNY Mellon Strategic Municipal Bond Fund (NYSE:DSM) Stock: Insider Saba Capital Management, L.P. Purchases 14,573 Shares

BNY Mellon Strategic Municipal Bond Fund, Inc. (NYSE:DSM) major shareholder Saba Capital Management, L.P. acquired 14,573 shares of the company’s stock in a transaction that occurred on Tuesday, October 20th. The stock was bought at an average price of $5.32 per share, with a total value of $77,528.36. Following the acquisition, the insider directly owned 5,415,498 shares of the company’s stock, valued at $28,810,449.36. The trade was a 0.27% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Large shareholders that own more than 10% of a company’s shares are required to disclose their transactions 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 shares were bought at an average price of $5.32 per share, with a total value of $109,459.00.
• On Monday, October 19th, Saba Capital Management, L.P. bought 69,080 shares of BNY Mellon Strategic Municipal Bond Fund stock. The shares were bought at an average price of $5.29 per share, with a total value 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 stock was bought at an average cost 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 bought at an average cost of $5.24 per share, with a total value of $72,112.88.

BNY Mellon Strategic Municipal Bond Fund Trading Up 0.5%

Shares of NYSE:DSM opened at $5.32 on Friday. The firm’s 50 day simple moving average is $5.48 and its 200 day simple moving average is $5.85. BNY Mellon Strategic Municipal Bond Fund, Inc. has a fifty-two week low of $5.07 and a fifty-two week high of $6.30.

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 6.8%. The ex-dividend date of this dividend is Wednesday, October 14th.

Institutional Investors Weigh In On BNY Mellon Strategic Municipal Bond Fund

Hedge funds have recently bought and sold shares of the company. Bulldog Investors LLP grew 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 valued at $20,277,000 after buying an additional 65,851 shares during the period. Rivernorth Capital Management LLC increased its position in shares of BNY Mellon Strategic Municipal Bond Fund by 15.7% in 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 buying an additional 260,230 shares in the last quarter. Hennion & Walsh Asset Management Inc. increased its position in shares of BNY Mellon Strategic Municipal Bond Fund by 87.7% in the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 1,476,212 shares of the investment management company’s stock valued at $9,079,000 after buying an additional 689,844 shares in the last quarter. Robinson Capital Management LLC increased its position in shares of BNY Mellon Strategic Municipal Bond Fund by 9.8% in the 2nd quarter. Robinson Capital Management LLC now owns 467,193 shares of the investment management company’s stock valued at $2,878,000 after buying an additional 41,717 shares in the last quarter. Finally, Van ECK Associates Corp raised its stake in BNY Mellon Strategic Municipal Bond Fund by 1.6% during the 2nd 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 period.

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.