BlackRock MuniYield New York Quality Fund (NYSE:MYN) Sees Unusually-High Trading Volume - Still a Buy?

Key Points

• Trading volume surged 240% to approximately 481,674 shares, while MYN slipped 0.2% to $9.69 from the prior close of $9.80.
• The fund declared a monthly dividend of $0.0512 per share, representing an annualized yield of approximately 6.3%.
• Institutional ownership stands at 29.32%, with major investors including Bank of America, RiverNorth Capital Management, and Royal Bank of Canada increasing their positions.

Shares of BlackRock MuniYield New York Quality Fund, Inc. (NYSE:MYN - Get Free Report) saw strong trading volume on Wednesday . Approximately 481,674 shares were traded during trading, an increase of 240% from the previous session's volume of 141,764 shares.The stock last traded at $9.69 and had previously closed at $9.80.

BlackRock MuniYield New York Quality Fund Trading Down 0.2%

The business has a 50-day simple moving average of $10.00 and a two-hundred day simple moving average of $9.96.

BlackRock MuniYield New York Quality Fund Announces Dividend

The firm also recently announced a monthly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Tuesday, September 15th will be paid a dividend of $0.0512 per share. This represents a c) annualized dividend and a dividend yield of 6.3%. The ex-dividend date is Tuesday, September 15th.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in MYN. WNY Asset Management LLC acquired a new stake in BlackRock MuniYield New York Quality Fund during the 1st quarter valued at $1,249,000. Western Wealth Management LLC acquired a new position in shares of BlackRock MuniYield New York Quality Fund in the first quarter valued at $89,000. Bank of America Corp DE increased its holdings in shares of BlackRock MuniYield New York Quality Fund by 132.7% in the first quarter. Bank of America Corp DE now owns 1,645,711 shares of the investment management company's stock valued at $15,799,000 after purchasing an additional 938,369 shares during the last quarter. Rivernorth Capital Management LLC raised its position in shares of BlackRock MuniYield New York Quality Fund by 411.5% in the first quarter. Rivernorth Capital Management LLC now owns 1,722,732 shares of the investment management company's stock valued at $16,538,000 after purchasing an additional 1,385,904 shares during the period. Finally, Royal Bank of Canada raised its position in shares of BlackRock MuniYield New York Quality Fund by 188.4% in the first quarter. Royal Bank of Canada now owns 233,743 shares of the investment management company's stock valued at $2,244,000 after purchasing an additional 152,703 shares during the period. 29.32% of the stock is owned by institutional investors and hedge funds.

BlackRock MuniYield New York Quality Fund Company Profile

BlackRock MuniYield New York Quality Fund NYSE: MYN is a diversified, closed-end management investment company that seeks to deliver current income exempt from federal and New York State income taxes. The fund primarily invests in a portfolio of municipal securities, with an emphasis on investment-grade obligations issued by entities located within New York State.

The fund’s investment strategy focuses on long-term, tax-exempt income by allocating assets to general obligation bonds, revenue bonds, and other municipal debt instruments rated in the upper tiers of the major credit rating agencies.

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