BlackRock MuniYield New York Quality Fund (NYSE:MYN) Sees Large Volume Increase - Should You Buy?

Key Points

• Trading volume jumped 41% to 268,826 shares, while MYN rose 0.7% to $9.063, below its 50-day and 200-day moving averages of $9.25 and $9.70.
• The fund announced a monthly dividend of $0.0512 per share, equivalent to approximately $0.61 annually and a 6.8% yield; the ex-dividend date is December 11.
• Institutional investors own 29.32% of MYN, with several hedge funds recently initiating or increasing positions. The closed-end fund invests primarily in New York municipal bonds to provide tax-exempt income.

BlackRock MuniYield New York Quality Fund, Inc. (NYSE:MYN - Get Free Report) saw unusually-high trading volume on Tuesday. 268,826 shares changed hands during mid-day trading, an increase of 41% from the previous session's volume of 190,433 shares. The stock last traded at $9.0630 and had previously closed at $8.96.

BlackRock MuniYield New York Quality Fund Stock Up 0.7%

The firm has a 50 day moving average of $9.25 and a 200 day moving average of $9.70.

BlackRock MuniYield New York Quality Fund Dividend Announcement

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 given a $0.0512 dividend. This represents a $0.61 dividend on an annualized basis and a yield of 6.8%. The ex-dividend date is Friday, December 11th.

Institutional Trading of BlackRock MuniYield New York Quality Fund

A number of hedge funds have recently made changes to their positions in MYN. CoreCap Advisors LLC purchased a new position in BlackRock MuniYield New York Quality Fund in the 3rd quarter worth about $26,000. Robinson Capital Management LLC lifted its holdings in shares of BlackRock MuniYield New York Quality Fund by 5.0% in the second quarter. Robinson Capital Management LLC now owns 1,001,774 shares of the investment management company's stock worth $10,168,000 after buying an additional 48,124 shares in the last quarter. Baird Financial Group Inc. raised its holdings in shares of BlackRock MuniYield New York Quality Fund by 26.2% during the 2nd quarter. Baird Financial Group Inc. now owns 76,029 shares of the investment management company's stock worth $772,000 after acquiring an additional 15,804 shares in the last quarter. Readystate Asset Management LP purchased a new position in BlackRock MuniYield New York Quality Fund in the second quarter worth about $188,000. Finally, WNY Asset Management LLC purchased a new stake in shares of BlackRock MuniYield New York Quality Fund in the first quarter worth approximately $1,249,000. 29.32% of the stock is owned by institutional investors.

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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