BlackRock MuniYield New York Quality Fund (NYSE:MYN) Sets New 52-Week Low - Here's What Happened

Key Points

• MYN hit a new 52-week low, trading as low as $8.90 and last changing hands at $8.931, below its prior close of $9.12. Its 50-day and 200-day moving averages were $9.64 and $9.84, respectively.
• The fund declared a monthly dividend of $0.0512 per share, payable December 22 to investors of record December 11, representing an annualized yield of approximately 6.9%.
• Institutional investors owned 29.32% of the fund, with several major firms—including RiverNorth Capital Management, Bank of America, and Cetera Investment Advisers—significantly increasing their positions.

BlackRock MuniYield New York Quality Fund, Inc. (NYSE:MYN - Get Free Report)'s stock price hit a new 52-week low on Wednesday . The company traded as low as $8.90 and last traded at $8.9310, with a volume of 217686 shares. The stock had previously closed at $9.12.

BlackRock MuniYield New York Quality Fund Price Performance

The company has a fifty day simple moving average of $9.64 and a 200-day simple moving average of $9.84.

BlackRock MuniYield New York Quality Fund Dividend Announcement

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

Institutional Trading of BlackRock MuniYield New York Quality Fund

A number of hedge funds have recently bought and sold shares of the company. Rivernorth Capital Management LLC boosted its position in shares of BlackRock MuniYield New York Quality Fund by 411.5% in 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 buying an additional 1,385,904 shares during the period. Bank of America Corp DE boosted its holdings in shares of BlackRock MuniYield New York Quality Fund by 132.7% during the first quarter. Bank of America Corp DE now owns 1,645,711 shares of the investment management company's stock worth $15,799,000 after purchasing an additional 938,369 shares during the period. Allspring Global Investments Holdings LLC grew its position in BlackRock MuniYield New York Quality Fund by 81.9% during the first 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 purchasing an additional 557,751 shares in the last quarter. Robinson Capital Management LLC increased its stake 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 acquiring an additional 48,124 shares during the last quarter. Finally, Cetera Investment Advisers raised its stake in shares of BlackRock MuniYield New York Quality Fund by 504.2% during the 1st quarter. Cetera Investment Advisers now owns 350,425 shares of the investment management company's stock worth $3,364,000 after purchasing an additional 292,427 shares in the last quarter. 29.32% of the stock is owned by hedge funds and other institutional investors.

About BlackRock MuniYield New York Quality Fund

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.