BlackRock MuniYield New York Quality Fund (NYSE:MYN) Hits New 12-Month Low - Here's What Happened

Key Points

• MYN fell to a new 52-week low, trading as low as $9.12 and last changing hands at $9.13, down 1.4% from the prior close and below its 50-day and 200-day moving averages.
• The fund declared a monthly dividend of $0.0512 per share, payable December 22 to shareholders of record December 11, representing a stated yield of approximately 6.8%.
• Institutional investors and hedge funds own 29.32% of the fund, with several major holders—including RiverNorth Capital Management, Bank of America, Allspring, and Cetera—significantly increasing their positions.

BlackRock MuniYield New York Quality Fund, Inc. (NYSE:MYN - Get Free Report)'s share price hit a new 52-week low on Tuesday . The stock traded as low as $9.12 and last traded at $9.13, with a volume of 37420 shares changing hands. The stock had previously closed at $9.21.

BlackRock MuniYield New York Quality Fund Trading Down 1.4%

The business has a fifty day moving average price of $9.77 and a 200 day moving average price of $9.88.

BlackRock MuniYield New York 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 given a dividend of $0.0512 per share. This represents a c) dividend on an annualized basis and a dividend yield of 6.8%. The ex-dividend date is Friday, December 11th.

Institutional Trading of BlackRock MuniYield New York Quality Fund

A number of institutional investors have recently made changes to their positions in the stock. Rivernorth Capital Management LLC boosted its stake in BlackRock MuniYield New York Quality Fund by 411.5% during the first quarter. Rivernorth Capital Management LLC now owns 1,722,732 shares of the investment management company's stock valued at $16,538,000 after buying an additional 1,385,904 shares in the last quarter. Bank of America Corp DE raised its position in BlackRock MuniYield New York Quality Fund by 132.7% in the first quarter. Bank of America Corp DE now owns 1,645,711 shares of the investment management company's stock worth $15,799,000 after acquiring an additional 938,369 shares in the last quarter. Allspring Global Investments Holdings LLC raised its position in BlackRock MuniYield New York Quality Fund by 81.9% in the first quarter. Allspring Global Investments Holdings LLC now owns 1,238,577 shares of the investment management company's stock worth $11,890,000 after acquiring an additional 557,751 shares in the last quarter. Robinson Capital Management LLC lifted its holdings in BlackRock MuniYield New York Quality Fund by 5.0% in the 2nd quarter. Robinson Capital Management LLC now owns 1,001,774 shares of the investment management company's stock valued at $10,168,000 after acquiring an additional 48,124 shares during the last quarter. Finally, Cetera Investment Advisers lifted its holdings in BlackRock MuniYield New York Quality Fund by 504.2% in the 1st quarter. Cetera Investment Advisers now owns 350,425 shares of the investment management company's stock valued at $3,364,000 after acquiring an additional 292,427 shares during the last quarter. 29.32% of the stock is owned by institutional investors and hedge funds.

About BlackRock MuniYield New York Quality Fund

BlackRock MuniYield New York Quality Fund, Inc NYSE: MYN is a non-diversified, closed-end management investment company. The fund seeks to provide current income that is exempt from regular federal income tax and New York State and New York City personal income taxes, while also seeking to preserve capital.

To pursue its objective, the fund invests primarily in municipal obligations issued by or on behalf of the State of New York, its municipalities, and other public authorities. Its portfolio may include bonds financing public infrastructure and essential services, such as transportation, education, utilities, health care, and housing.

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