BNY Mellon Strategic Municipal Bond Fund (NYSE:DSM) Stock: Insider Saba Capital Management, L.P. Buys 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 company’s stock in a transaction on Friday, October 16th. The shares were bought at an average price of $5.27 per share, with a total value of $730,643.34. Following the completion of the transaction, the insider owned 5,331,845 shares of the company’s stock, valued at $28,098,823.15. The trade was a 2.67% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Major shareholders that own 10% or more 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 Monday, October 19th, Saba Capital Management, L.P. purchased 69,080 shares of BNY Mellon Strategic Municipal Bond Fund stock. The shares were acquired 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. purchased 13,762 shares of BNY Mellon Strategic Municipal Bond Fund stock. The shares were bought 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

Shares of BNY Mellon Strategic Municipal Bond Fund stock traded up $0.04 during midday trading on Tuesday, reaching $5.33. 84,066 shares of the company’s stock traded hands, compared to its average volume of 125,459. BNY Mellon Strategic Municipal Bond Fund, Inc. has a 12 month low of $5.07 and a 12 month high of $6.30. The stock has a 50 day moving average of $5.52 and a 200-day 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. Stockholders of record on Wednesday, October 14th will be issued a dividend of $0.03 per share. This represents a $0.36 annualized dividend and a dividend yield of 6.8%. The ex-dividend date is Wednesday, October 14th.

Institutional Trading of BNY Mellon Strategic Municipal Bond Fund

Several hedge funds and other institutional investors have recently made changes to their positions in DSM. Readystate Asset Management LP bought a new position in BNY Mellon Strategic Municipal Bond Fund during the 2nd quarter valued at approximately $88,000. Integrated Capital Management Inc. grew its stake in shares of 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 acquiring an additional 2,944 shares during the last quarter. Noble Wealth Management PBC increased its holdings in shares of BNY Mellon Strategic Municipal Bond Fund by 10.6% during the third quarter. Noble Wealth Management PBC now owns 72,733 shares of the investment management company’s stock valued at $379,000 after acquiring an additional 7,000 shares in the last quarter. Bank of New York Mellon Corp bought a new position in shares of BNY Mellon Strategic Municipal Bond Fund during the first quarter valued at $423,000. Finally, Van ECK Associates Corp increased its holdings in shares of BNY Mellon Strategic Municipal Bond Fund by 1.6% during 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 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.