BlackRock MuniYield Michigan Quality Fund (NYSE:MIY) Shares Cross Below 50 Day Moving Average - Here's What Happened

Key Points

• MIY shares fell below their 50-day moving average, trading as low as $11.73 and last changing hands at $11.765, down 2.1%. The fund’s 50-day and 200-day moving averages were $12.33 and $12.16, respectively.
• The fund declared a monthly dividend of $0.0545 per share, payable December 22 to shareholders of record December 11. The annualized yield was reported at approximately 5.6%.
• Institutional investors own 24.15% of MIY, with several firms recently increasing their holdings and MeadowBrook Investment Advisors initiating a new position.

BlackRock MuniYield Michigan Quality Fund, Inc. (NYSE:MIY - Get Free Report) passed below its 50 day moving average during trading on Wednesday . The stock has a 50 day moving average of $12.33 and traded as low as $11.73. BlackRock MuniYield Michigan Quality Fund shares last traded at $11.7650, with a volume of 86,929 shares trading hands.

BlackRock MuniYield Michigan Quality Fund Stock Down 2.1%

The business has a fifty day moving average price of $12.33 and a 200-day moving average price of $12.16.

BlackRock MuniYield Michigan Quality Fund Dividend Announcement

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

Hedge Funds Weigh In On BlackRock MuniYield Michigan Quality Fund

Several institutional investors and hedge funds have recently made changes to their positions in the business. Axxcess Wealth Management LLC increased its stake in BlackRock MuniYield Michigan Quality Fund by 4.2% in the 4th quarter. Axxcess Wealth Management LLC now owns 32,200 shares of the financial services provider's stock worth $378,000 after purchasing an additional 1,300 shares during the period. Baird Financial Group Inc. boosted its stake in shares of BlackRock MuniYield Michigan Quality Fund by 5.1% during 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 during the period. Foresight Capital Management Advisors Inc. boosted its stake in shares of BlackRock MuniYield Michigan Quality Fund by 8.8% during 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 during the period. Kestra Advisory Services LLC grew its holdings in shares of BlackRock MuniYield Michigan Quality Fund by 1.3% in the first quarter. Kestra Advisory Services LLC now owns 346,343 shares of the financial services provider's stock worth $4,115,000 after purchasing an additional 4,291 shares during the last quarter. Finally, MeadowBrook Investment Advisors LLC bought a new position in shares of BlackRock MuniYield Michigan Quality Fund in the first quarter worth approximately $56,000. Institutional investors own 24.15% of the company's stock.

BlackRock MuniYield Michigan Quality Fund Company Profile

BlackRock MuniYield Michigan Quality Fund, Inc NYSE: MIY is a closed-end municipal bond fund managed by BlackRock Advisors, LLC. The fund seeks to provide current income that is exempt from regular federal income tax and Michigan income tax by investing primarily in municipal obligations.

Its portfolio generally consists of investment-grade and other municipal securities issued by states, municipalities, and related public entities. These securities may help finance public infrastructure and services, such as schools, transportation systems, utilities, health care facilities, and other governmental projects.

The fund focuses on municipal issuers and projects located in Michigan, although the securities it holds may vary by issuer, sector, maturity, and credit quality.

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