BlackRock MuniYield New York Quality Fund (NYSE:MYN) Sees Unusually-High Trading Volume After Dividend Announcement

Key Points

• Trading volume rose 19% to 177,921 shares after BlackRock MuniYield New York Quality Fund announced its dividend; shares traded at $9.247, up 0.8% from the prior close.
• The fund declared a $0.0512 per-share dividend, payable December 22 to shareholders of record December 11, representing an annualized yield of approximately 6.6%.
• Institutional investors own 29.32% of MYN, with several firms increasing or initiating positions. The closed-end fund invests primarily in investment-grade New York municipal securities to provide tax-exempt income.

BlackRock MuniYield New York Quality Fund, Inc. (NYSE:MYN - Get Free Report) shares saw unusually-high trading volume on Friday after the company announced a dividend. 177,921 shares were traded during mid-day trading, an increase of 19% from the previous session's volume of 149,898 shares.The stock last traded at $9.2470 and had previously closed at $9.18.The newly announced dividend which will be paid on Tuesday, December 22nd. Shareholders of record on Friday, December 11th will be paid a $0.0512 dividend. This represents a c) annualized dividend and a yield of 6.6%. The ex-dividend date is Friday, December 11th.

BlackRock MuniYield New York Quality Fund Stock Up 0.8%

The company's fifty day simple moving average is $9.80 and its 200-day simple moving average is $9.89.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in MYN. Robinson Capital Management LLC raised its stake in 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 valued at $10,168,000 after buying an additional 48,124 shares during the last quarter. Baird Financial Group Inc. increased its holdings in shares of BlackRock MuniYield New York Quality Fund by 26.2% during the second quarter. Baird Financial Group Inc. now owns 76,029 shares of the investment management company's stock valued at $772,000 after acquiring an additional 15,804 shares in the last quarter. Readystate Asset Management LP purchased a new position in shares of BlackRock MuniYield New York Quality Fund in the 2nd quarter valued at approximately $188,000. WNY Asset Management LLC purchased a new position in shares of BlackRock MuniYield New York Quality Fund in the 1st quarter valued at approximately $1,249,000. Finally, Western Wealth Management LLC acquired a new stake in BlackRock MuniYield New York Quality Fund in the 1st quarter worth approximately $89,000. 29.32% of the stock is currently owned by hedge funds and other institutional investors.

About BlackRock MuniYield New York Quality Fund

BlackRock MuniYield New York Quality Fund NYSE: MYN is a diversified, closed-end management investment company that seeks to deliver current income exempt from federal and New York State income taxes. The fund primarily invests in a portfolio of municipal securities, with an emphasis on investment-grade obligations issued by entities located within New York State.

The fund’s investment strategy focuses on long-term, tax-exempt income by allocating assets to general obligation bonds, revenue bonds, and other municipal debt instruments rated in the upper tiers of the major credit rating agencies.

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