BlackRock MuniYield New York Quality Fund (NYSE:MYN) Hits New 52-Week Low - Here's Why

Key Points

• BlackRock MuniYield New York Quality Fund shares hit a new 52-week low, falling to $8.69 before last trading at $8.7450, below the previous close of $8.93. The stock’s 50-day and 200-day moving averages were $9.55 and $9.80, respectively.
• The fund declared a monthly dividend of $0.0512 per share, equivalent to approximately $0.61 annually and a 7.0% yield. The dividend is payable December 22 to shareholders of record as of December 11.
• Institutional ownership stands at 29.32%, with several major investors increasing their positions substantially, including RiverNorth Capital Management, Bank of America, Allspring Global Investments, and Cetera Investment Advisers.

Shares of BlackRock MuniYield New York Quality Fund, Inc. (NYSE:MYN - Get Free Report) reached a new 52-week low on Tuesday. The stock traded as low as $8.69 and last traded at $8.7450, with a volume of 501437 shares. The stock had previously closed at $8.93.

BlackRock MuniYield New York Quality Fund Stock Performance

The business's fifty day moving average price is $9.55 and its 200-day moving average price is $9.80.

BlackRock MuniYield New York Quality Fund Dividend Announcement

The firm also recently declared a monthly dividend, which will be paid on Tuesday, December 22nd. Stockholders of record on Friday, December 11th will be given a dividend of $0.0512 per share. The ex-dividend date of this dividend is Friday, December 11th. This represents a $0.61 annualized dividend and a dividend yield of 7.0%.

Institutional Trading of BlackRock MuniYield New York Quality Fund

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Rivernorth Capital Management LLC lifted its holdings in BlackRock MuniYield New York Quality Fund by 411.5% in the 1st quarter. Rivernorth Capital Management LLC now owns 1,722,732 shares of the investment management company's stock worth $16,538,000 after purchasing an additional 1,385,904 shares in the last quarter. Bank of America Corp DE grew its holdings in BlackRock MuniYield New York Quality Fund by 132.7% during the 1st quarter. Bank of America Corp DE now owns 1,645,711 shares of the investment management company's stock valued at $15,799,000 after buying an additional 938,369 shares in the last quarter. Allspring Global Investments Holdings LLC grew its holdings in BlackRock MuniYield New York Quality Fund by 81.9% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,238,577 shares of the investment management company's stock valued at $11,890,000 after buying an additional 557,751 shares in the last quarter. Cetera Investment Advisers raised its position in shares of BlackRock MuniYield New York Quality Fund by 504.2% during the first quarter. Cetera Investment Advisers now owns 350,425 shares of the investment management company's stock valued at $3,364,000 after buying an additional 292,427 shares during the last quarter. Finally, Fiera Capital Corp bought a new stake in shares of BlackRock MuniYield New York Quality Fund during the fourth quarter valued at approximately $2,856,000. 29.32% of the stock is owned by hedge funds and other institutional investors.

BlackRock MuniYield New York Quality Fund Company Profile

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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