BlackRock MuniYield Michigan Quality Fund (NYSE:MIY) Share Price Crosses Below Fifty Day Moving Average - Time to Sell?

Key Points

• MIY shares fell below their 50-day moving average, trading as low as $11.69 and closing near $11.71, below the $12.03 50-day average and $12.07 200-day average.
• The fund declared a monthly dividend of $0.0545 per share, equivalent to approximately $0.65 annually and a 5.6% yield; the ex-dividend date is December 11.
• Institutional investors and hedge funds own 24.15% of MIY, with several firms increasing their positions, while the fund focuses on Michigan municipal bonds offering federally and state tax-exempt income.

BlackRock MuniYield Michigan Quality Fund, Inc. (NYSE:MIY - Get Free Report) crossed below its fifty day moving average during trading on Wednesday. The stock has a fifty day moving average of $12.03 and traded as low as $11.69. BlackRock MuniYield Michigan Quality Fund shares last traded at $11.71, with a volume of 20,317 shares traded.

BlackRock MuniYield Michigan Quality Fund Trading Up 0.5%

The firm's fifty day moving average is $12.03 and its 200 day moving average is $12.07.

BlackRock MuniYield Michigan Quality Fund Announces Dividend

The business also recently announced a monthly dividend, which will be paid on Tuesday, December 22nd. Shareholders of record on Friday, December 11th will be given a $0.0545 dividend. The ex-dividend date is Friday, December 11th. This represents a $0.65 dividend on an annualized basis and a yield of 5.6%.

Hedge Funds Weigh In On BlackRock MuniYield Michigan Quality Fund

A number of hedge funds have recently modified their holdings of MIY. Summit Financial Consulting LLC raised its holdings in shares of BlackRock MuniYield Michigan Quality Fund by 4.9% during the third quarter. Summit Financial Consulting LLC now owns 41,515 shares of the financial services provider's stock worth $469,000 after acquiring an additional 1,947 shares in the last quarter. Baird Financial Group Inc. grew its stake in BlackRock MuniYield Michigan Quality Fund by 5.1% in the second quarter. Baird Financial Group Inc. now owns 36,198 shares of the financial services provider's stock valued at $444,000 after purchasing an additional 1,754 shares in the last quarter. Foresight Capital Management Advisors Inc. grew its stake in BlackRock MuniYield Michigan Quality Fund by 8.8% in the second quarter. Foresight Capital Management Advisors Inc. now owns 39,991 shares of the financial services provider's stock valued at $491,000 after purchasing an additional 3,225 shares in the last quarter. Parallel Advisors LLC purchased a new stake in shares of BlackRock MuniYield Michigan Quality Fund during the 1st quarter worth about $443,000. Finally, FSA Advisors Inc. raised its stake in shares of BlackRock MuniYield Michigan Quality Fund by 10.7% during the 1st quarter. FSA Advisors Inc. now owns 226,124 shares of the financial services provider's stock worth $2,686,000 after purchasing an additional 21,879 shares in the last quarter. 24.15% of the stock is owned by institutional investors and hedge funds.

About BlackRock MuniYield Michigan Quality Fund

BlackRock MuniYield Michigan Quality Fund, Inc is a closed-end management investment company listed on the New York Stock Exchange under the symbol MIY. The fund is designed to provide investors with current income that is exempt from regular federal income tax and Michigan state and local personal income taxes, subject to applicable tax rules.

The fund invests primarily in long-term municipal obligations issued by or on behalf of municipalities and other public entities in Michigan. Its portfolio may include bonds financing public infrastructure and essential services, with investment decisions focused on income generation, credit quality, maturity, and other factors affecting municipal securities.

BlackRock MuniYield Michigan Quality Fund is managed by BlackRock Advisors, LLC, an affiliate of BlackRock, Inc As a closed-end fund, it has a fixed number of shares that trade on the secondary market, and its market price may differ from the value of the underlying portfolio.

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.