Insider Buying: BNY Mellon Strategic Municipal Bond Fund (NYSE:DSM) Major Shareholder Buys $77,528.36 in Stock

BNY Mellon Strategic Municipal Bond Fund, Inc. (NYSE:DSM) major shareholder Saba Capital Management, L.P. purchased 14,573 shares of BNY Mellon Strategic Municipal Bond Fund stock in a transaction on Tuesday, October 20th. The shares were acquired at an average price of $5.32 per share, for a total transaction of $77,528.36. Following the completion of the transaction, the insider directly owned 5,415,498 shares of the company’s stock, valued at approximately $28,810,449.36. The trade was a 0.27% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Large shareholders that own at least 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. purchased 20,575 shares of BNY Mellon Strategic Municipal Bond Fund stock. The shares were acquired at an average cost of $5.32 per share, for a total transaction of $109,459.00.
• On Monday, October 19th, Saba Capital Management, L.P. acquired 69,080 shares of BNY Mellon Strategic Municipal Bond Fund stock. The stock was acquired 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. acquired 138,642 shares of BNY Mellon Strategic Municipal Bond Fund stock. The stock was acquired 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. bought 13,762 shares of BNY Mellon Strategic Municipal Bond Fund stock. The shares were acquired at an average cost of $5.24 per share, for a total transaction of $72,112.88.

BNY Mellon Strategic Municipal Bond Fund Stock Down 0.4%

DSM stock opened at $5.31 on Friday. The firm’s fifty day moving average is $5.47 and its 200 day moving average is $5.85. BNY Mellon Strategic Municipal Bond Fund, Inc. has a 52 week low of $5.07 and a 52 week high of $6.30.

BNY Mellon Strategic Municipal Bond Fund Announces Dividend

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

Institutional Trading of BNY Mellon Strategic Municipal Bond Fund

A number of institutional investors have recently modified their holdings of the company. Bulldog Investors LLP raised its holdings in 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 worth $20,277,000 after purchasing an additional 65,851 shares in the last quarter. Rivernorth Capital Management LLC lifted 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 worth $11,812,000 after purchasing an additional 260,230 shares during the period. Hennion & Walsh Asset Management Inc. boosted its stake 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 valued at $9,079,000 after purchasing an additional 689,844 shares in the last quarter. Robinson Capital Management LLC boosted its stake in shares of BNY Mellon Strategic Municipal Bond Fund by 9.8% during 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 purchasing an additional 41,717 shares in the last quarter. Finally, Van ECK Associates Corp boosted its stake in shares of 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 in the last quarter.

BNY Mellon Strategic Municipal Bond Fund Company Profile

BNY Mellon Strategic Municipal Bond Fund (NYSE:DSM) is a closed-end investment fund managed within BNY Mellon’s investment-management business. The fund is designed to provide investors with current income that is generally 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 related entities across the United States. Its portfolio may include bonds financing public infrastructure and services such as schools, transportation systems, utilities and health-care facilities.

BNY Mellon Strategic Municipal Bond Fund is intended for investors seeking tax-advantaged income and exposure to the U.S.