BNY Mellon Strategic Municipal Bond Fund (NYSE:DSM) Stock: Insider Saba Capital Management, L.P. Buys 69,080 Shares

BNY Mellon Strategic Municipal Bond Fund, Inc. (NYSE:DSM) major shareholder Saba Capital Management, L.P. purchased 69,080 shares of the firm’s stock in a transaction on Monday, October 19th. The shares were purchased at an average price of $5.29 per share, with a total value of $365,433.20. Following the completion of the acquisition, the insider directly owned 5,400,925 shares of the company’s stock, valued at approximately $28,570,893.25. This trade represents a 1.30% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Large 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 Tuesday, October 20th, Saba Capital Management, L.P. purchased 14,573 shares of BNY Mellon Strategic Municipal Bond Fund stock. The stock was acquired at an average cost of $5.32 per share, for a total transaction of $77,528.36.
• 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, for a total transaction of $730,643.34.
• On Thursday, October 15th, Saba Capital Management, L.P. acquired 13,762 shares of BNY Mellon Strategic Municipal Bond Fund stock. The stock was acquired at an average price of $5.24 per share, for a total transaction of $72,112.88.

BNY Mellon Strategic Municipal Bond Fund Price Performance

NYSE DSM opened at $5.31 on Thursday. BNY Mellon Strategic Municipal Bond Fund, Inc. has a twelve month low of $5.07 and a twelve month high of $6.30. 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 Dividend Announcement

The firm also recently announced a monthly dividend, which will be paid on Friday, October 30th. Shareholders of record on Wednesday, October 14th will be issued a $0.03 dividend. The ex-dividend date of this dividend is Wednesday, October 14th. This represents a $0.36 dividend on an annualized basis and a yield of 6.8%.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Readystate Asset Management LP acquired a new stake in shares of BNY Mellon Strategic Municipal Bond Fund in the second quarter worth $88,000. Integrated Capital Management Inc. increased its position in 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 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 worth $404,000 after acquiring an additional 4,400 shares during the period. Bank of New York Mellon Corp acquired a new position in BNY Mellon Strategic Municipal Bond Fund during the 1st quarter valued at $423,000. 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 valued at $2,605,000 after purchasing an additional 6,849 shares during 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.