BlackRock MuniYield Michigan Quality Fund, Inc. (NYSE:MIY) Sees Significant Decline in Short Interest

Key Points

• Short interest in BlackRock MuniYield Michigan Quality Fund (NYSE:MIY) fell about 14% in February to 99,036 shares (≈0.3% of shares outstanding) with a short-interest ratio of 2.0 days.
• The fund declared a monthly dividend of $0.0545 (ex-dividend/record date: June 15, payable July 1), implying an annualized yield of about 5.3%.
• Institutional ownership stands at 24.15%, and several firms (including Elyxium, PNC, Wolverine, Regal and Virtu) initiated small new stakes in recent quarters.

BlackRock MuniYield Michigan Quality Fund, Inc. (NYSE:MIY - Get Free Report) saw a large decrease in short interest during the month of February. As of February 27th, there was short interest totaling 99,036 shares, a decrease of 14.0% from the February 12th total of 115,126 shares. Based on an average trading volume of 48,701 shares, the short-interest ratio is presently 2.0 days. Approximately 0.3% of the shares of the stock are sold short. Approximately 0.3% of the shares of the stock are sold short. Based on an average trading volume of 48,701 shares, the short-interest ratio is presently 2.0 days.

Hedge Funds Weigh In On BlackRock MuniYield Michigan Quality Fund

Hedge funds have recently modified their holdings of the stock. Elyxium Wealth LLC acquired a new stake in BlackRock MuniYield Michigan Quality Fund during the fourth quarter valued at $43,000. PNC Financial Services Group Inc. acquired a new position in BlackRock MuniYield Michigan Quality Fund in the 2nd quarter worth about $61,000. Wolverine Asset Management LLC purchased a new stake in shares of BlackRock MuniYield Michigan Quality Fund during the 3rd quarter worth about $84,000. Regal Investment Advisors LLC purchased a new stake in shares of BlackRock MuniYield Michigan Quality Fund during the 3rd quarter worth about $146,000. Finally, Virtu Financial LLC acquired a new stake in shares of BlackRock MuniYield Michigan Quality Fund during the 4th quarter valued at about $147,000. 24.15% of the stock is owned by institutional investors and hedge funds.

BlackRock MuniYield Michigan Quality Fund Stock Performance

Shares of MIY traded down $0.03 during trading hours on Tuesday, hitting $12.32. 61,247 shares of the company were exchanged, compared to its average volume of 58,230. The firm has a fifty day simple moving average of $12.28 and a 200-day simple moving average of $11.78. BlackRock MuniYield Michigan Quality Fund has a one year low of $10.57 and a one year high of $12.90.

BlackRock MuniYield Michigan Quality Fund Announces Dividend

The business also recently declared a monthly dividend, which will be paid on Wednesday, July 1st. Investors of record on Monday, June 15th will be given a $0.0545 dividend. The ex-dividend date is Monday, June 15th. This represents a c) dividend on an annualized basis and a dividend yield of 5.3%.

About BlackRock MuniYield Michigan Quality Fund

BlackRock MuniYield Michigan Quality Fund NYSE: MIY is a closed-end management investment company that seeks to provide current income exempt from federal and Michigan personal income taxes. The fund primarily invests in investment-grade municipal securities issued by state and local governments within Michigan. Its portfolio typically includes a diversified mix of general obligation bonds and revenue bonds backed by public utilities, transportation projects, and other essential municipal services.

The fund's investment strategy emphasizes credit quality and diversification across sectors and maturities.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.