BlackRock MuniYield New York Quality Fund (NYSE:MYN) Sees Unusually-High Trading Volume - Here's Why

Key Points

• Trading volume surged 318% to 729,034 shares, while MYN traded at $8.9250 versus its prior close of $8.75.
• The fund declared a monthly dividend of $0.0512 per share, equivalent to approximately $0.61 annually and a 6.9% yield.
• Institutional ownership stands at 29.32%, with several major investors increasing their positions; the fund primarily invests in New York municipal bonds for tax-exempt income.

BlackRock MuniYield New York Quality Fund, Inc. (NYSE:MYN - Get Free Report) saw strong trading volume on Tuesday. 729,034 shares traded hands during mid-day trading, an increase of 318% from the previous session's volume of 174,346 shares. The stock last traded at $8.9250 and had previously closed at $8.75.

BlackRock MuniYield New York Quality Fund Stock Performance

The firm has a 50 day moving average price of $9.45 and a two-hundred day moving average price of $9.76.

BlackRock MuniYield New York Quality Fund Dividend Announcement

The firm also recently declared a monthly dividend, which will be paid on Tuesday, December 22nd. Investors of record on Friday, December 11th will be issued a $0.0512 dividend. The ex-dividend date of this dividend is Friday, December 11th. This represents a $0.61 dividend on an annualized basis and a yield of 6.9%.

Institutional Investors Weigh In On BlackRock MuniYield New York Quality Fund

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Lido Advisors LLC increased its stake in shares of BlackRock MuniYield New York Quality Fund by 70.6% in the first quarter. Lido Advisors LLC now owns 291,732 shares of the investment management company's stock worth $2,816,000 after buying an additional 120,743 shares during the last quarter. Royal Bank of Canada boosted its stake in BlackRock MuniYield New York Quality Fund by 188.4% during the 1st quarter. Royal Bank of Canada now owns 233,743 shares of the investment management company's stock valued at $2,244,000 after acquiring an additional 152,703 shares during the last quarter. Whitebox Advisors LLC bought a new position in BlackRock MuniYield New York Quality Fund during the 1st quarter valued at $2,627,000. WNY Asset Management LLC acquired a new position in BlackRock MuniYield New York Quality Fund during the 1st quarter worth $1,249,000. Finally, 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 worth $15,799,000 after acquiring an additional 938,369 shares in the last quarter. 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, 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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