BlackRock MuniYield New York Quality Fund (NYSE:MYN) Shares Pass Below 200-Day Moving Average - Time to Sell?

Key Points

• BlackRock MuniYield New York Quality Fund (NYSE:MYN) shares have fallen below their 200-day moving average
• The fund declared a monthly dividend of $0.0512 per share payable July 1 (ex-dividend and record date June 15), which implies an annualized yield of about 6.2%.
• Director Robert W. Fairbairn bought 49,025 shares at an average price of $10.15 on Feb. 27, and insiders collectively own roughly 1% of the company.

BlackRock MuniYield New York Quality Fund, Inc. (NYSE:MYN - Get Free Report)'s stock price crossed below its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $9.99 and traded as low as $9.92. BlackRock MuniYield New York Quality Fund shares last traded at $9.94, with a volume of 177,539 shares.

BlackRock MuniYield New York Quality Fund Trading Down 0.1%

The stock has a fifty day moving average price of $9.91 and a 200-day moving average price of $9.99.

BlackRock MuniYield New York Quality Fund Dividend Announcement

The company also recently announced a monthly dividend, which will be paid on Wednesday, July 1st. Stockholders of record on Monday, June 15th will be issued a dividend of $0.0512 per share. The ex-dividend date is Monday, June 15th. This represents a c) dividend on an annualized basis and a dividend yield of 6.2%.

Insider Activity

In other news, Director Robert W. Fairbairn bought 49,025 shares of the firm's stock in a transaction dated Friday, February 27th. The stock was acquired at an average price of $10.15 per share, for a total transaction of $497,603.75. Following the acquisition, the director owned 49,025 shares of the company's stock, valued at $497,603.75. This trade represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Insiders own 1.00% of the company's stock.

Institutional Trading of BlackRock MuniYield New York Quality Fund

Institutional investors have recently modified their holdings of the company. Guggenheim Capital LLC boosted its holdings in BlackRock MuniYield New York Quality Fund by 2.5% in the 4th quarter. Guggenheim Capital LLC now owns 729,795 shares of the investment management company's stock worth $7,232,000 after acquiring an additional 18,086 shares during the period. Allspring Global Investments Holdings LLC boosted its holdings in BlackRock MuniYield New York Quality Fund by 53.3% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 680,826 shares of the investment management company's stock worth $6,761,000 after acquiring an additional 236,616 shares during the period. Bank of America Corp DE boosted its holdings in BlackRock MuniYield New York Quality Fund by 4.3% in the 2nd quarter. Bank of America Corp DE now owns 595,864 shares of the investment management company's stock worth $5,679,000 after acquiring an additional 24,406 shares during the period. Hennion & Walsh Asset Management Inc. boosted its holdings in BlackRock MuniYield New York Quality Fund by 44.1% in the 4th quarter. Hennion & Walsh Asset Management Inc. now owns 538,416 shares of the investment management company's stock worth $5,336,000 after acquiring an additional 164,844 shares during the period. Finally, Fiera Capital Corp purchased a new position in BlackRock MuniYield New York Quality Fund in the 4th quarter worth approximately $2,856,000. Hedge funds and other institutional investors own 29.32% of the company's stock.

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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