BlackRock MuniYield Michigan Quality Fund (NYSE:MIY) Shares Cross Below 50-Day Moving Average - Time to Sell?

Key Points

• MIY shares fell below their 50-day moving average, trading as low as $11.17 and last changing hands at $11.33, compared with a 50-day average of $12.23.
• The fund announced a monthly dividend of $0.0545 per share, equivalent to $0.65 annually and a 5.8% yield; the dividend is payable December 22 to shareholders of record December 11.
• Institutional investors own 24.15% of MIY, with several firms increasing their holdings. The closed-end fund invests primarily in Michigan municipal bonds to generate income exempt from federal and Michigan income taxes.

BlackRock MuniYield Michigan Quality Fund, Inc. (NYSE:MIY - Get Free Report)'s stock price passed below its 50 day moving average during trading on Thursday. The stock has a 50 day moving average of $12.23 and traded as low as $11.17. BlackRock MuniYield Michigan Quality Fund shares last traded at $11.33, with a volume of 92,981 shares traded.

BlackRock MuniYield Michigan Quality Fund Stock Performance

The business's 50-day simple moving average is $12.23 and its 200-day simple moving average is $12.12.

BlackRock MuniYield Michigan Quality Fund Announces Dividend

The firm also recently announced a monthly dividend, which will be paid on Tuesday, December 22nd. Investors of record on Friday, December 11th will be issued a dividend of $0.0545 per share. This represents a $0.65 annualized dividend and a dividend yield of 5.8%. The ex-dividend date of this dividend is Friday, December 11th.

Institutional Investors Weigh In On BlackRock MuniYield Michigan Quality Fund

Several hedge funds have recently added to or reduced their stakes in MIY. Kestra Advisory Services LLC lifted its holdings in shares of BlackRock MuniYield Michigan Quality Fund by 1.3% in the 1st quarter. Kestra Advisory Services LLC now owns 346,343 shares of the financial services provider's stock valued at $4,115,000 after buying an additional 4,291 shares during the period. FSA Advisors Inc. raised its position in BlackRock MuniYield Michigan Quality Fund by 10.7% during the first quarter. FSA Advisors Inc. now owns 226,124 shares of the financial services provider's stock valued at $2,686,000 after acquiring an additional 21,879 shares in the last quarter. Foresight Capital Management Advisors Inc. lifted its holdings 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 acquiring an additional 3,225 shares during the period. Parallel Advisors LLC purchased a new stake in BlackRock MuniYield Michigan Quality Fund in the 1st quarter worth approximately $443,000. Finally, Baird Financial Group Inc. boosted its position in BlackRock MuniYield Michigan Quality Fund by 5.1% in the 2nd quarter. Baird Financial Group Inc. now owns 36,198 shares of the financial services provider's stock worth $444,000 after purchasing an additional 1,754 shares in the last quarter. 24.15% of the stock is owned by hedge funds and other institutional investors.

About BlackRock MuniYield Michigan Quality Fund

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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