BlackRock MuniYield New York Quality Fund, Inc. (NYSE:MYN) Shares Shorted: Short Interest Up 295.0% in September

Key Points

• Short interest surged 295% in September to 321,173 shares, representing approximately 0.3% of MYN’s outstanding shares and a short-interest ratio of 0.9 days.
• Institutional investors own 29.32% of the fund, with several firms increasing their positions and others initiating new stakes.
• MYN shares recently traded at $8.79, near the lower end of their 52-week range, while the fund announced a monthly dividend of $0.0512 per share, equivalent to a 7.0% annualized yield.

BlackRock MuniYield New York Quality Fund, Inc. (NYSE:MYN - Get Free Report) was the target of a large growth in short interest in the month of September. As of September 30th, there was short interest totaling 321,173 shares, a growth of 295.0% from the September 15th total of 81,303 shares. Approximately 0.3% of the shares of the company are sold short. Based on an average trading volume of 361,863 shares, the short-interest ratio is presently 0.9 days.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MYN. W.G. Shaheen & Associates DBA Whitney & Co boosted its holdings in BlackRock MuniYield New York Quality Fund by 5.6% in the first quarter. W.G. Shaheen & Associates DBA Whitney & Co now owns 56,785 shares of the investment management company's stock worth $545,000 after purchasing an additional 3,000 shares during the last quarter. CoreCap Advisors LLC bought a new stake in BlackRock MuniYield New York Quality Fund in the 3rd quarter worth approximately $26,000. Janney Montgomery Scott LLC raised its stake in BlackRock MuniYield New York Quality Fund by 41.7% during the 1st quarter. Janney Montgomery Scott LLC now owns 15,851 shares of the investment management company's stock valued at $152,000 after buying an additional 4,661 shares during the last quarter. Western Wealth Management LLC purchased a new stake in BlackRock MuniYield New York Quality Fund during the 1st quarter valued at $89,000. Finally, PFG Investments LLC raised its stake in BlackRock MuniYield New York Quality Fund by 83.7% during the 1st quarter. PFG Investments LLC now owns 21,207 shares of the investment management company's stock valued at $204,000 after buying an additional 9,663 shares during the last quarter. Institutional investors own 29.32% of the company's stock.

BlackRock MuniYield New York Quality Fund Stock Performance

Shares of NYSE MYN traded up $0.14 during trading on Friday, reaching $8.79. 214,066 shares of the company traded hands, compared to its average volume of 448,129. The firm has a 50 day simple moving average of $9.37 and a 200-day simple moving average of $9.73. BlackRock MuniYield New York Quality Fund has a 52-week low of $8.58 and a 52-week high of $10.26.

BlackRock MuniYield New York Quality Fund Dividend Announcement

The business also recently disclosed a monthly dividend, which will be paid on Tuesday, December 22nd. Stockholders of record on Friday, December 11th will be issued a dividend of $0.0512 per share. This represents a $0.61 annualized dividend and a dividend yield of 7.0%. The ex-dividend date of this dividend is Friday, December 11th.

BlackRock MuniYield New York Quality Fund Company Profile

BlackRock MuniYield New York Quality Fund, Inc is a closed-end management investment company listed on the New York Stock Exchange under the symbol MYN. The fund seeks to provide current income exempt from federal income tax and New York State and New York City personal income taxes by investing primarily in municipal obligations.

The fund invests in bonds and other fixed-income securities issued by or on behalf of New York State, New York City, and related municipalities, public authorities, and governmental entities.

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