BNY Mellon Strategic Municipal Bond Fund (NYSE:DSM) Stock: Insider Saba Capital Management, L.P. Purchases 20,575 Shares

BNY Mellon Strategic Municipal Bond Fund, Inc. (NYSE:DSM) major shareholder Saba Capital Management, L.P. acquired 20,575 shares of the firm’s stock in a transaction that occurred on Wednesday, October 21st. The shares were purchased at an average price of $5.32 per share, with a total value of $109,459.00. Following the acquisition, the insider owned 5,436,073 shares of the company’s stock, valued at approximately $28,919,908.36. This trade represents a 0.38% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 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. bought 14,573 shares of BNY Mellon Strategic Municipal Bond Fund stock. The stock was purchased at an average cost of $5.32 per share, with a total value of $77,528.36.
• On Monday, October 19th, Saba Capital Management, L.P. bought 69,080 shares of BNY Mellon Strategic Municipal Bond Fund stock. The stock was purchased at an average price of $5.29 per share, for a total transaction of $365,433.20.
• On Friday, October 16th, Saba Capital Management, L.P. bought 138,642 shares of BNY Mellon Strategic Municipal Bond Fund stock. The stock was purchased 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. purchased 13,762 shares of BNY Mellon Strategic Municipal Bond Fund stock. The shares were purchased at an average cost of $5.24 per share, for a total transaction of $72,112.88.

BNY Mellon Strategic Municipal Bond Fund Price Performance

Shares of DSM stock traded up $0.02 on Thursday, hitting $5.32. The stock had a trading volume of 152,392 shares, compared to its average volume of 125,575. BNY Mellon Strategic Municipal Bond Fund, Inc. has a twelve month low of $5.07 and a twelve month high of $6.30. The company has a fifty day moving average price of $5.49 and a two-hundred day moving average price of $5.86.

BNY Mellon Strategic Municipal Bond Fund Announces Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Friday, October 30th. Investors of record on Wednesday, October 14th will be paid a dividend of $0.03 per share. 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 Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Root Financial Partners LLC acquired a new stake in shares of BNY Mellon Strategic Municipal Bond Fund during the third quarter worth about $51,000. Readystate Asset Management LP acquired a new position in shares of BNY Mellon Strategic Municipal Bond Fund in the 2nd quarter valued at approximately $88,000. 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. Noble Wealth Management PBC grew its position in shares of BNY Mellon Strategic Municipal Bond Fund by 7.2% in the 2nd quarter. Noble Wealth Management PBC now owns 65,733 shares of the investment management company’s stock valued at $404,000 after purchasing an additional 4,400 shares during the period. Finally, Bank of New York Mellon Corp bought a new stake in BNY Mellon Strategic Municipal Bond Fund during the 1st quarter worth approximately $423,000.

About BNY Mellon Strategic Municipal Bond Fund

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.