BlackRock MuniHoldings California Quality Fund (NYSE:MUC) Sets New 12-Month Low - Time to Sell?

Key Points

• MUC shares fell to a new 52-week low, trading as low as $10.00 before closing near $9.9950, below its 50-day and 200-day moving averages.
• The fund declared a monthly dividend of $0.0535 per share, implying an annualized yield of approximately 6.4%; the ex-dividend date is December 11.
• Institutional investors increased their positions, with hedge funds and other institutions owning approximately 30.99% of the fund. MUC invests mainly in California municipal obligations designed to generate federally and California state tax-exempt income.

BlackRock MuniHoldings California Quality Fund, Inc. (NYSE:MUC - Get Free Report)'s share price hit a new 52-week low during mid-day trading on Wednesday . The stock traded as low as $10.00 and last traded at $9.9950, with a volume of 418986 shares. The stock had previously closed at $10.11.

BlackRock MuniHoldings California Quality Fund Stock Performance

The firm has a 50 day simple moving average of $10.57 and a 200 day simple moving average of $10.69.

BlackRock MuniHoldings California Quality Fund Dividend Announcement

The business also recently declared a monthly dividend, which will be paid on Tuesday, December 22nd. Shareholders of record on Friday, December 11th will be issued a dividend of $0.0535 per share. This represents a c) annualized dividend and a yield of 6.4%. The ex-dividend date of this dividend is Friday, December 11th.

Hedge Funds Weigh In On BlackRock MuniHoldings California Quality Fund

Several large investors have recently made changes to their positions in MUC. Bank of America Corp DE increased its stake in BlackRock MuniHoldings California Quality Fund by 21.0% in 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 during the last quarter. Allspring Global Investments Holdings LLC grew its holdings in shares of BlackRock MuniHoldings California Quality Fund by 85.5% in the first quarter. Allspring Global Investments Holdings LLC now owns 1,100,165 shares of the company's stock valued at $11,442,000 after purchasing an additional 507,112 shares in the last quarter. Hennion & Walsh Asset Management Inc. increased its holdings in shares of BlackRock MuniHoldings California Quality Fund by 5.2% in the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 709,302 shares of the company's stock worth $7,795,000 after buying an additional 35,327 shares during the last quarter. Sanctuary Advisors LLC raised its holdings in BlackRock MuniHoldings California Quality Fund by 7.9% during the 1st quarter. Sanctuary Advisors LLC now owns 467,786 shares of the company's stock valued at $4,865,000 after buying an additional 34,327 shares during the period. Finally, Fiera Capital Corp purchased a new stake in shares of BlackRock MuniHoldings California Quality Fund in the fourth quarter valued at $4,665,000. 30.99% of the stock is currently owned by hedge funds and other institutional investors.

BlackRock MuniHoldings California Quality Fund Company Profile

BlackRock MuniHoldings California Quality Fund, Inc is a closed-end management investment company 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 a portfolio of municipal obligations issued by or on behalf of California municipalities and other qualifying public entities.

The fund's investments may include bonds and other fixed-income securities that finance public infrastructure and services, such as schools, transportation systems, utilities, hospitals and other governmental or community projects.

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