BlackRock MuniHoldings California Quality Fund (NYSE:MUC) Hits New 1-Year Low - Should You Sell?

Key Points

• MUC fell to a new 52-week low, trading as low as $9.54 and last changing hands near $9.58, below its 50-day and 200-day moving averages of $10.39 and $10.63.
• The fund declared a monthly dividend of $0.0535, equivalent to about $0.64 annually and a 6.6% yield; the payment is scheduled for December 22 for shareholders of record on December 11.
• Institutional investors and hedge funds own approximately 30.99% of the shares, with several firms increasing their positions during the year.

Shares of BlackRock MuniHoldings California Quality Fund, Inc. (NYSE:MUC - Get Free Report) reached a new 52-week low during trading on Tuesday. The stock traded as low as $9.54 and last traded at $9.5840, with a volume of 113830 shares changing hands. The stock had previously closed at $9.64.

BlackRock MuniHoldings California Quality Fund Trading Up 0.3%

The firm's 50 day moving average is $10.39 and its two-hundred day moving average is $10.63.

BlackRock MuniHoldings California Quality Fund Announces Dividend

The company also recently announced a monthly dividend, which will be paid on Tuesday, December 22nd. Stockholders of record on Friday, December 11th will be issued a $0.0535 dividend. This represents a $0.64 annualized dividend and a dividend yield of 6.6%. The ex-dividend date of this dividend is Friday, December 11th.

Hedge Funds Weigh In On BlackRock MuniHoldings California Quality Fund

Several institutional investors have recently bought and sold shares of the company. Bank of America Corp DE boosted its stake in shares of BlackRock MuniHoldings California Quality Fund by 21.0% during the 1st quarter. Bank of America Corp DE now owns 2,268,949 shares of the company's stock worth $23,597,000 after acquiring an additional 393,995 shares in the last quarter. Allspring Global Investments Holdings LLC raised its position in shares of BlackRock MuniHoldings California Quality Fund by 85.5% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,100,165 shares of the company's stock worth $11,442,000 after buying an additional 507,112 shares during the period. Hennion & Walsh Asset Management Inc. increased its position in BlackRock MuniHoldings California Quality Fund by 5.2% during the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 709,302 shares of the company's stock worth $7,795,000 after purchasing an additional 35,327 shares in the last quarter. Sanctuary Advisors LLC increased its holdings in BlackRock MuniHoldings California Quality Fund by 7.9% in the 1st quarter. Sanctuary Advisors LLC now owns 467,786 shares of the company's stock valued at $4,865,000 after purchasing an additional 34,327 shares in the last quarter. Finally, Fiera Capital Corp acquired a new position in BlackRock MuniHoldings California Quality Fund during the 4th quarter worth approximately $4,665,000. 30.99% of the stock is owned by institutional investors and hedge funds.

BlackRock MuniHoldings California Quality Fund Company Profile

BlackRock MuniHoldings California Quality Fund, Inc is a closed-end investment fund listed on the New York Stock Exchange under the symbol MUC. The fund seeks to provide current income that is exempt from regular federal income tax and California state income tax by investing primarily in municipal bonds and other municipal obligations.

The fund's portfolio generally consists of investment-grade or otherwise creditworthy securities issued by California municipalities, public agencies and related governmental entities.

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