Short Interest in BlackRock MuniYield New York Quality Fund, Inc. (NYSE:MYN) Rises By 311.7%

Key Points

• Short interest surged 311.7% to 123,313 shares as of August 31, representing about 0.1% of MYN’s outstanding shares and 0.8 days to cover.
• Several hedge funds established new positions, while institutional investors collectively own 29.32% of the fund.
• MYN announced a monthly dividend of $0.0512 per share, implying a 6.6% annualized yield; shares opened at $9.25, near the lower end of their 12-month range.

BlackRock MuniYield New York Quality Fund, Inc. (NYSE:MYN - Get Free Report) saw a significant increase in short interest during the month of August. As of August 31st, there was short interest totaling 123,313 shares, an increase of 311.7% from the August 15th total of 29,954 shares. Approximately 0.1% of the company's shares are sold short. Based on an average daily trading volume, of 151,271 shares, the days-to-cover ratio is currently 0.8 days.

Hedge Funds Weigh In On BlackRock MuniYield New York Quality Fund

A number of hedge funds have recently added to or reduced their stakes in the stock. Elyxium Wealth LLC bought a new stake in BlackRock MuniYield New York Quality Fund during the 4th quarter valued at $42,000. Western Wealth Management LLC bought a new position in shares of BlackRock MuniYield New York Quality Fund during the first quarter valued at approximately $89,000. Meeder Advisory Services Inc. bought a new position in BlackRock MuniYield New York Quality Fund in the first quarter worth approximately $122,000. Readystate Asset Management LP purchased a new position in shares of BlackRock MuniYield New York Quality Fund in the 4th quarter valued at $122,000. Finally, HRT Financial LP purchased a new stake in shares of BlackRock MuniYield New York Quality Fund during the 4th quarter worth $136,000. 29.32% of the stock is currently owned by institutional investors.

BlackRock MuniYield New York Quality Fund Stock Up 0.8%

MYN stock opened at $9.25 on Friday. BlackRock MuniYield New York Quality Fund has a 12 month low of $9.12 and a 12 month high of $10.26. The company has a 50-day moving average price of $9.79 and a 200 day moving average price of $9.89.

BlackRock MuniYield New York Quality Fund Dividend Announcement

The firm also recently announced a monthly dividend, which will be paid on Tuesday, December 22nd. Shareholders of record on Friday, December 11th will be paid a $0.0512 dividend. The ex-dividend date is Friday, December 11th. This represents a c) dividend on an annualized basis and a yield of 6.6%.

About BlackRock MuniYield New York Quality Fund

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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