BlackRock MuniYield New York Quality Fund (NYSE:MYN) Reaches New 1-Year Low - Time to Sell?

Key Points

• BlackRock MuniYield New York Quality Fund shares hit a new 52-week low, trading as low as $8.68 versus a prior close of $8.92. The price is below both its 50-day and 200-day moving averages.
• The fund announced a monthly dividend of $0.0512 per share, equivalent to approximately $0.61 annually and a 7.0% yield.
• Institutional investors increased their positions substantially, with hedge funds and institutions collectively owning 29.32% of the fund. MYN invests primarily in New York municipal bonds to generate income exempt from certain federal, state, and city taxes.

Shares of BlackRock MuniYield New York Quality Fund, Inc. (NYSE:MYN - Get Free Report) reached a new 52-week low on Wednesday. The stock traded as low as $8.68 and last traded at $8.6990, with a volume of 176706 shares. The stock had previously closed at $8.92.

BlackRock MuniYield New York Quality Fund Stock Performance

The company's 50 day simple moving average is $9.43 and its 200 day simple moving average is $9.76.

BlackRock MuniYield New York Quality Fund Announces Dividend

The company 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 $0.0512 per share. The ex-dividend date of this dividend is Friday, December 11th. This represents a $0.61 annualized dividend and a yield of 7.0%.

Institutional Trading of BlackRock MuniYield New York Quality Fund

Institutional investors have recently modified their holdings of the company. Rivernorth Capital Management LLC grew its holdings 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 worth $16,538,000 after acquiring an additional 1,385,904 shares during the period. Bank of America Corp DE boosted its position in shares of 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 purchasing an additional 938,369 shares in the last quarter. Allspring Global Investments Holdings LLC grew its stake in shares of BlackRock MuniYield New York Quality Fund by 81.9% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,238,577 shares of the investment management company's stock worth $11,890,000 after purchasing an additional 557,751 shares during the last quarter. Robinson Capital Management LLC raised its holdings in shares of 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 worth $10,168,000 after purchasing an additional 48,124 shares in the last quarter. Finally, Cetera Investment Advisers lifted its stake in 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 purchasing an additional 292,427 shares during the last quarter. Institutional investors and hedge funds own 29.32% of the company's stock.

About BlackRock MuniYield New York Quality Fund

BlackRock MuniYield New York Quality Fund, Inc is a closed-end management investment company listed on the New York Stock Exchange under the symbol MYN. The fund seeks to provide current income exempt from federal income tax and New York State and New York City personal income taxes by investing primarily in municipal obligations.

The fund invests in bonds and other fixed-income securities issued by or on behalf of New York State, New York City, and related municipalities, public authorities, and governmental entities.

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