Rivernorth Capital Management LLC Acquires 3,502,884 Shares of BlackRock MuniYield Quality Fund III, Inc. $MYI

Key Points

• Rivernorth Capital Management increased its BlackRock MuniYield Quality Fund III (MYI) position by 200%, purchasing 3.50 million additional shares to own 5.25 million shares, or 4.3% of the fund.
• Other institutional investors also initiated or expanded positions, with institutional and hedge-fund ownership reaching 34.01%.
• MYI opened at $10.74, within its 12-month range of $10.22 to $11.46, and declared a monthly dividend of $0.0555, representing an annualized yield of approximately 6.2%.

Rivernorth Capital Management LLC lifted its holdings in shares of BlackRock MuniYield Quality Fund III, Inc. (NYSE:MYI - Free Report) by 200.0% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,254,333 shares of the investment management company's stock after purchasing an additional 3,502,884 shares during the period. BlackRock MuniYield Quality Fund III comprises approximately 2.8% of Rivernorth Capital Management LLC's holdings, making the stock its 3rd biggest holding. Rivernorth Capital Management LLC owned 4.30% of BlackRock MuniYield Quality Fund III worth $55,223,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of the stock. Trust Co. of Vermont acquired a new position in shares of BlackRock MuniYield Quality Fund III in the fourth quarter valued at approximately $25,000. Geneos Wealth Management Inc. acquired a new position in BlackRock MuniYield Quality Fund III in the 1st quarter valued at $42,000. Elyxium Wealth LLC purchased a new position in shares of BlackRock MuniYield Quality Fund III during the 4th quarter worth $69,000. Comerica Bank grew its position in shares of BlackRock MuniYield Quality Fund III by 22,586.2% in the fourth quarter. Comerica Bank now owns 6,579 shares of the investment management company's stock valued at $72,000 after purchasing an additional 6,550 shares during the period. Finally, Fifth Third Bancorp acquired a new position in BlackRock MuniYield Quality Fund III in the first quarter valued at $86,000. Institutional investors and hedge funds own 34.01% of the company's stock.

BlackRock MuniYield Quality Fund III Stock Performance

MYI opened at $10.74 on Wednesday. BlackRock MuniYield Quality Fund III, Inc. has a 12 month low of $10.22 and a 12 month high of $11.46. The business has a 50-day moving average of $10.93 and a two-hundred day moving average of $10.96.

BlackRock MuniYield Quality Fund III Announces Dividend

The business also recently declared a monthly dividend, which will be paid on Thursday, October 1st. Investors of record on Tuesday, September 15th will be issued a $0.0555 dividend. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a c) annualized dividend and a yield of 6.2%.

BlackRock MuniYield Quality Fund III Company Profile

BlackRock MuniYield Quality Fund III NYSE: MYI is a closed-end management investment company that seeks to provide investors with a high level of current income exempt from federal income tax. The fund primarily invests in a diversified portfolio of investment-grade municipal securities, including bonds, notes and other debt obligations issued by state and local governments, agencies and authorities across the United States.

In managing its portfolio, the fund generally allocates at least 80% of its total assets to investment-grade municipal debt instruments.

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