BNY Mellon Strategic Municipal Bond Fund, Inc. (NYSE:DSM – Get Free Report)’s stock price crossed above its 50 day moving average during trading on Tuesday. The stock has a 50 day moving average of $5.46 and traded as high as $5.51. BNY Mellon Strategic Municipal Bond Fund shares last traded at $5.4850, with a volume of 260,233 shares.
BNY Mellon Strategic Municipal Bond Fund Stock Up 2.0%
The firm’s 50 day simple moving average is $5.44 and its two-hundred day simple moving average is $5.91.
BNY Mellon Strategic Municipal Bond Fund Announces Dividend
The business also recently declared 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 6.5%. The ex-dividend date is Wednesday, October 14th.
Insider Transactions at BNY Mellon Strategic Municipal Bond Fund
In related news, major shareholder Saba Capital Management, L.P. acquired 13,695 shares of the stock in a transaction on Tuesday, October 27th. The shares were purchased at an average price of $5.63 per share, for a total transaction of $77,102.85. Following the purchase, the insider directly owned 5,470,384 shares in the company, valued at approximately $30,798,261.92. The trade was a 0.25% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders purchased a total of 293,135 shares of company stock worth $1,555,481 over the last 90 days.
Hedge Funds Weigh In On BNY Mellon Strategic Municipal Bond Fund
Several hedge funds and other institutional investors have recently added to or reduced their stakes in DSM. Rivernorth Capital Management LLC raised its stake in BNY Mellon Strategic Municipal Bond Fund by 98.7% during 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 acquiring an additional 824,765 shares during the period. Hennion & Walsh Asset Management Inc. boosted its position in shares of BNY Mellon Strategic Municipal Bond Fund by 87.7% in 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. Bank of New York Mellon Corp bought a new position in shares of BNY Mellon Strategic Municipal Bond Fund in the first quarter worth approximately $423,000. Bulldog Investors LLP increased its stake in shares of BNY Mellon Strategic Municipal Bond Fund by 2.0% in 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 in the last quarter. Finally, Robinson Capital Management LLC increased its stake in shares of BNY Mellon Strategic Municipal Bond Fund by 9.8% in 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 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.
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