BNY Mellon New York Tax Exempt Bond Fund, Inc. (DRNYX)
BNY Mellon New York Tax Exempt Bond Fund, Inc. operates in the Asset Management - Bonds industry of the Financial Services sector, headquartered in New York, NY, US. The stock last traded at $13.53, down 0.07% on the session, giving a market capitalisation of $1.00B. On trailing twelve-month figures it carries a trailing P/E of -13.67, a net margin of -199.1%. Its beta of 0.96 implies it has historically moved less than the broad market.
This investment vehicle primarily aims to deliver the maximum obtainable current income, completely exempt from federal, New York state, and New York City income taxes, all while diligently safeguarding the initial principal. A significant portion, at least 80%, of its total assets—including any funds borrowed for investment purposes—is committed to municipal bonds that provide this triple tax-exempt income. Furthermore, the fund may allocate up to 20% of its holdings to municipal debt instruments rated below investment grade (colloquially termed "high yield" or "junk" bonds), or to unrated equivalents as assessed by the advisor. Notably, this fund operates on a non-diversified basis.
BNY Mellon New York Tax Exempt Bond Fund, Inc. is most often compared with the following Financial Services names: