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

BNY Mellon Strategic Municipal Bond Fund, Inc. (NYSE:DSM) major shareholder Saba Capital Management, L.P. bought 20,575 shares of the company’s stock in a transaction on Wednesday, October 21st. The stock was bought at an average price of $5.32 per share, for a total transaction of $109,459.00. Following the completion of the purchase, the insider owned 5,436,073 shares of the company’s stock, valued at approximately $28,919,908.36. The trade was a 0.38% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Large 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 Tuesday, October 20th, Saba Capital Management, L.P. bought 14,573 shares of BNY Mellon Strategic Municipal Bond Fund stock. The shares were bought 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 shares were bought at an average cost of $5.29 per share, with a total value of $365,433.20.
• On Friday, October 16th, Saba Capital Management, L.P. purchased 138,642 shares of BNY Mellon Strategic Municipal Bond Fund stock. The shares were bought at an average price of $5.27 per share, with a total value 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 bought at an average price of $5.24 per share, with a total value of $72,112.88.

BNY Mellon Strategic Municipal Bond Fund Stock Down 0.4%

NYSE:DSM opened at $5.31 on Friday. BNY Mellon Strategic Municipal Bond Fund, Inc. has a 12 month low of $5.07 and a 12 month high of $6.30. The firm’s 50 day moving average is $5.47 and its 200 day moving average is $5.85.

BNY Mellon Strategic Municipal Bond Fund Announces Dividend

The company also recently announced a monthly dividend, which will be paid on Friday, October 30th. Shareholders of record on Wednesday, October 14th will be given a $0.03 dividend. 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.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in DSM. Bulldog Investors LLP raised its stake 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 valued at $20,277,000 after acquiring an additional 65,851 shares during the period. Rivernorth Capital Management LLC lifted its holdings in BNY Mellon Strategic Municipal Bond Fund by 15.7% during 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 purchasing an additional 260,230 shares during the last quarter. Hennion & Walsh Asset Management Inc. boosted its position in BNY Mellon Strategic Municipal Bond Fund by 87.7% during the second quarter. Hennion & Walsh Asset Management Inc. now owns 1,476,212 shares of the investment management company’s stock worth $9,079,000 after purchasing an additional 689,844 shares during the period. Robinson Capital Management LLC boosted its position in BNY Mellon Strategic Municipal Bond Fund by 9.8% during the second quarter. Robinson Capital Management LLC now owns 467,193 shares of the investment management company’s stock worth $2,878,000 after purchasing an additional 41,717 shares during the period. Finally, Van ECK Associates Corp boosted its position in 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 worth $2,605,000 after purchasing an additional 6,849 shares during the period.

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.