BlackRock MuniYield Michigan Quality Fund, Inc. (NYSE:MIY) Short Interest Up 21.4% in May

BlackRock MuniYield Michigan Quality Fund, Inc. (NYSE:MIY - Get Free Report) saw a significant growth in short interest during the month of May. As of May 15th, there was short interest totalling 92,600 shares, a growth of 21.4% from the April 30th total of 76,300 shares. Currently, 0.3% of the company's stock are short sold. Based on an average daily volume of 54,000 shares, the short-interest ratio is presently 1.7 days.

Hedge Funds Weigh In On BlackRock MuniYield Michigan Quality Fund

Institutional investors have recently added to or reduced their stakes in the company. LPL Financial LLC increased its holdings in BlackRock MuniYield Michigan Quality Fund by 55.4% during the fourth quarter. LPL Financial LLC now owns 117,812 shares of the financial services provider's stock worth $1,317,000 after buying an additional 41,989 shares during the last quarter. Raymond James Financial Inc. acquired a new position in BlackRock MuniYield Michigan Quality Fund during the fourth quarter worth $928,000. PNC Financial Services Group Inc. acquired a new position in BlackRock MuniYield Michigan Quality Fund during the fourth quarter worth $154,000. Nomura Holdings Inc. acquired a new position in BlackRock MuniYield Michigan Quality Fund during the fourth quarter worth $135,000. Finally, Bank of America Corp DE increased its holdings in BlackRock MuniYield Michigan Quality Fund by 11.8% during the fourth quarter. Bank of America Corp DE now owns 268,116 shares of the financial services provider's stock worth $2,998,000 after buying an additional 28,252 shares during the last quarter. 24.15% of the stock is currently owned by institutional investors and hedge funds.

BlackRock MuniYield Michigan Quality Fund Price Performance

MIY traded up $0.01 during trading on Thursday, reaching $11.36. 21,551 shares of the stock were exchanged, compared to its average volume of 56,621. BlackRock MuniYield Michigan Quality Fund has a twelve month low of $10.81 and a twelve month high of $12.11. The stock's 50 day moving average price is $11.33 and its two-hundred day moving average price is $11.47.

BlackRock MuniYield Michigan Quality Fund Announces Dividend

The company also recently announced a monthly dividend, which will be paid on Tuesday, July 1st. Investors of record on Friday, June 13th will be issued a dividend of $0.0545 per share. The ex-dividend date of this dividend is Friday, June 13th. This represents a $0.65 dividend on an annualized basis and a yield of 5.76%.

BlackRock MuniYield Michigan Quality Fund Company Profile

BlackRock MuniYield Michigan Quality Fund, Inc is a closed-ended fixed income mutual fund launched by BlackRock, Inc It is managed by BlackRock Advisors, LLC. The fund invests in the fixed income markets of the United States. It primarily invests in investment grade, long-term municipal obligations exempt from federal income taxes and Michigan income taxes.