BNY Mellon Strategic Municipal Bond Fund (NYSE:DSM) Major Shareholder Saba Capital Management, L.P. Acquires 69,080 Shares of Company Stock

BNY Mellon Strategic Municipal Bond Fund, Inc. (NYSE:DSM) major shareholder Saba Capital Management, L.P. acquired 69,080 shares of BNY Mellon Strategic Municipal Bond Fund stock in a transaction dated Monday, October 19th. The shares were acquired at an average cost 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 in the company, valued at $28,570,893.25. This trade represents a 1.30% increase in their position. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. Major shareholders that own 10% or more of a company’s stock are required to disclose their transactions with the SEC.

Saba Capital Management, L.P. also recently made the following trade(s):

• On Friday, October 16th, Saba Capital Management, L.P. bought 138,642 shares of BNY Mellon Strategic Municipal Bond Fund stock. The shares were 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. bought 13,762 shares of BNY Mellon Strategic Municipal Bond Fund stock. The shares were acquired at an average price of $5.24 per share, for a total transaction of $72,112.88.

BNY Mellon Strategic Municipal Bond Fund Stock Performance

NYSE DSM traded up $0.04 on Tuesday, reaching $5.33. The company’s stock had a trading volume of 84,066 shares, compared to its average volume of 125,459. BNY Mellon Strategic Municipal Bond Fund, Inc. has a 52 week low of $5.07 and a 52 week high of $6.30. The business has a 50-day moving average price of $5.52 and a 200 day moving average price of $5.86.

BNY Mellon Strategic Municipal Bond Fund Dividend Announcement

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

Hedge Funds Weigh In On BNY Mellon Strategic Municipal Bond Fund

Hedge funds have recently modified their holdings of the stock. Hennion & Walsh Asset Management Inc. lifted its position 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 buying an additional 689,844 shares during the period. Rivernorth Capital Management LLC grew its position 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. Van ECK Associates Corp grew its position in BNY Mellon Strategic Municipal Bond Fund by 1.6% in the second quarter. Van ECK Associates Corp now owns 423,652 shares of the investment management company’s stock valued at $2,605,000 after acquiring an additional 6,849 shares during the period. Bank of New York Mellon Corp bought a new stake in BNY Mellon Strategic Municipal Bond Fund in the first quarter valued at $423,000. Finally, Integrated Capital Management Inc. raised its stake 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 in the last quarter.

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.