BlackRock MuniYield Quality Fund III (NYSE:MYI) Reaches New 12-Month Low - What's Next?

Key Points

• BlackRock MuniYield Quality Fund III fell 1.9% to close near $10.05 after reaching a new 52-week low of $9.94, below both its 50-day and 200-day moving averages.
• The fund declared a monthly dividend of $0.0555 per share, payable December 22 to shareholders of record December 11, representing an annualized yield of approximately 6.6%.
• Institutional investors and hedge funds own 34.01% of MYI, with several large investors—including RiverNorth Capital Management and Allspring Global Investments—substantially increasing their holdings.

BlackRock MuniYield Quality Fund III, Inc. (NYSE:MYI - Get Free Report) hit a new 52-week low on Wednesday . The company traded as low as $9.94 and last traded at $10.0530, with a volume of 872490 shares trading hands. The stock had previously closed at $10.25.

BlackRock MuniYield Quality Fund III Stock Down 1.9%

The company's 50 day moving average price is $10.72 and its 200 day moving average price is $10.84.

BlackRock MuniYield Quality Fund III Announces Dividend

The firm also recently declared a monthly dividend, which will be paid on Tuesday, December 22nd. Shareholders of record on Friday, December 11th will be paid a $0.0555 dividend. The ex-dividend date is Friday, December 11th. This represents a c) dividend on an annualized basis and a yield of 6.6%.

Institutional Trading of BlackRock MuniYield Quality Fund III

A number of large investors have recently made changes to their positions in MYI. Rivernorth Capital Management LLC boosted its holdings in shares of BlackRock MuniYield Quality Fund III by 200.0% in the first quarter. Rivernorth Capital Management LLC now owns 5,254,333 shares of the investment management company's stock valued at $55,223,000 after acquiring an additional 3,502,884 shares in the last quarter. Bank of America Corp DE purchased a new stake in BlackRock MuniYield Quality Fund III in the 2nd quarter valued at approximately $16,031,000. Van ECK Associates Corp boosted its holdings in BlackRock MuniYield Quality Fund III by 2.6% in the 2nd quarter. Van ECK Associates Corp now owns 973,208 shares of the investment management company's stock valued at $10,812,000 after purchasing an additional 24,636 shares in the last quarter. UBS Group AG increased its position in BlackRock MuniYield Quality Fund III by 3.1% during the 4th quarter. UBS Group AG now owns 637,653 shares of the investment management company's stock worth $6,931,000 after purchasing an additional 18,893 shares during the period. Finally, Allspring Global Investments Holdings LLC increased its position in BlackRock MuniYield Quality Fund III by 298.1% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 537,780 shares of the investment management company's stock worth $5,652,000 after purchasing an additional 402,688 shares during the period. 34.01% of the stock is owned by institutional investors and hedge funds.

About BlackRock MuniYield Quality Fund III

BlackRock MuniYield Quality Fund III, Inc NYSE: MYI is a closed-end investment company that seeks to provide current income exempt from regular U.S. federal income tax. The fund invests primarily in a portfolio of municipal bonds and other municipal obligations issued by states, cities, counties, and related public entities.

The fund generally focuses on investment-grade municipal securities, although it may also invest in lower-rated obligations when permitted by its investment policies.

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