Short Interest in BlackRock MuniYield Quality Fund III, Inc. (NYSE:MYI) Increases By 342.8%

Key Points

• Short interest surged 342.8% to 274,845 shares as of August 31, up from 62,075 shares two weeks earlier. Despite the increase, only about 0.2% of MYI’s shares are sold short.
• Institutional ownership stands at 34.01%, with RiverNorth Capital Management more than tripling its stake to 5.25 million shares and Bank of America purchasing a new position worth approximately $16 million.
• MYI opened at $10.32, near its 52-week low of $10.26, and recently declared a $0.0555 monthly dividend, representing an indicated yield of about 6.5%.

BlackRock MuniYield Quality Fund III, Inc. (NYSE:MYI - Get Free Report) was the target of a large increase in short interest in August. As of August 31st, there was short interest totaling 274,845 shares, an increase of 342.8% from the August 15th total of 62,075 shares. Based on an average daily trading volume, of 298,219 shares, the short-interest ratio is currently 0.9 days. Approximately 0.2% of the company's shares are sold short.

Institutional Trading of BlackRock MuniYield Quality Fund III

A number of large investors have recently bought and sold shares of MYI. Rivernorth Capital Management LLC lifted its stake in BlackRock MuniYield Quality Fund III by 200.0% in the first quarter. Rivernorth Capital Management LLC now owns 5,254,333 shares of the investment management company's stock valued at $55,223,000 after buying an additional 3,502,884 shares in the last quarter. Bank of America Corp DE bought a new stake in shares of BlackRock MuniYield Quality Fund III during the second quarter worth $16,031,000. Guggenheim Capital LLC raised its holdings in shares of BlackRock MuniYield Quality Fund III by 6.7% during the fourth quarter. Guggenheim Capital LLC now owns 1,435,436 shares of the investment management company's stock worth $15,603,000 after acquiring an additional 89,854 shares during the period. Van ECK Associates Corp raised its holdings in shares of BlackRock MuniYield Quality Fund III by 2.6% during the second quarter. Van ECK Associates Corp now owns 973,208 shares of the investment management company's stock worth $10,812,000 after acquiring an additional 24,636 shares during the period. Finally, Raymond James Financial Inc. lifted its position in BlackRock MuniYield Quality Fund III by 5.0% in the 3rd quarter. Raymond James Financial Inc. now owns 953,457 shares of the investment management company's stock valued at $10,564,000 after acquiring an additional 45,120 shares in the last quarter. 34.01% of the stock is owned by institutional investors.

BlackRock MuniYield Quality Fund III Trading Up 0.0%

MYI stock opened at $10.32 on Friday. BlackRock MuniYield Quality Fund III has a 1-year low of $10.26 and a 1-year high of $11.46. The business's 50-day moving average price is $10.76 and its two-hundred day moving average price is $10.86.

BlackRock MuniYield Quality Fund III Dividend Announcement

The firm 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 $0.0555 per share. This represents a c) annualized dividend and a dividend yield of 6.5%. The ex-dividend date is Friday, December 11th.

About BlackRock MuniYield Quality Fund III

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.