Insider Buying: BNY Mellon Strategic Municipal Bond Fund (NYSE:DSM) Major Shareholder Purchases $77,102.85 in Stock

BNY Mellon Strategic Municipal Bond Fund, Inc. (NYSE:DSM) major shareholder Saba Capital Management, L.P. acquired 13,695 shares of the firm’s stock in a transaction dated Tuesday, October 27th. The shares were purchased at an average cost of $5.63 per share, for a total transaction of $77,102.85. Following the acquisition, the insider directly owned 5,470,384 shares in the company, valued at $30,798,261.92. This represents a 0.25% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Major shareholders that own at least 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

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

• On Wednesday, October 28th, Saba Capital Management, L.P. acquired 1,992 shares of BNY Mellon Strategic Municipal Bond Fund stock. The shares were acquired at an average cost of $5.43 per share, with a total value of $10,816.56.
• On Monday, October 26th, Saba Capital Management, L.P. bought 20,616 shares of BNY Mellon Strategic Municipal Bond Fund stock. The stock was acquired at an average cost of $5.40 per share, for a total transaction of $111,326.40.
• On Wednesday, October 21st, Saba Capital Management, L.P. acquired 20,575 shares of BNY Mellon Strategic Municipal Bond Fund stock. The shares were bought at an average cost of $5.32 per share, for a total transaction of $109,459.00.
• On Tuesday, October 20th, Saba Capital Management, L.P. acquired 14,573 shares of BNY Mellon Strategic Municipal Bond Fund stock. The shares were bought at an average price of $5.32 per share, with a total value of $77,528.36.
• On Monday, October 19th, Saba Capital Management, L.P. acquired 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. bought 138,642 shares of BNY Mellon Strategic Municipal Bond Fund stock. The shares were purchased 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 acquired at an average cost of $5.24 per share, with a total value of $72,112.88.

BNY Mellon Strategic Municipal Bond Fund Stock Down 0.2%

BNY Mellon Strategic Municipal Bond Fund stock opened at $5.54 on Friday. The stock has a 50-day simple moving average of $5.44 and a 200 day simple moving average of $5.90. BNY Mellon Strategic Municipal Bond Fund, Inc. has a 12-month low of $5.07 and a 12-month high of $6.30.

BNY Mellon Strategic Municipal Bond Fund Dividend Announcement

The business also recently declared a monthly dividend, which will be paid on Tuesday, December 1st. Stockholders of record on Friday, November 13th will be paid a $0.03 dividend. The ex-dividend date of this dividend is Friday, November 13th. This represents a $0.36 dividend on an annualized basis and a dividend yield of 6.5%.

Hedge Funds Weigh In On BNY Mellon Strategic Municipal Bond Fund

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Rivernorth Capital Management LLC boosted its stake in BNY Mellon Strategic Municipal Bond Fund by 98.7% in the 1st quarter. Rivernorth Capital Management LLC now owns 1,660,357 shares of the investment management company’s stock worth $9,979,000 after purchasing an additional 824,765 shares during the period. Hennion & Walsh Asset Management Inc. raised its position in BNY Mellon Strategic Municipal Bond Fund by 87.7% in 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 buying an additional 689,844 shares during the last quarter. Bank of New York Mellon Corp acquired a new position in BNY Mellon Strategic Municipal Bond Fund during the 1st quarter worth approximately $423,000. Bulldog Investors LLP boosted its holdings in BNY Mellon Strategic Municipal Bond Fund by 2.0% during the first 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 during the last quarter. Finally, Robinson Capital Management LLC grew its holdings in shares of BNY Mellon Strategic Municipal Bond Fund by 9.8% in 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 acquiring an additional 41,717 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 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.