BlackRock MuniYield Quality Fund III (NYSE:MYI) Shares Break Above 50 Day Moving Average - Here's What Happened

Key Points

• MYI shares moved above their 50-day moving average, reaching $10.11 before last trading at $10.1020 on volume of 633,136 shares. The 50-day average was $10.06, while the 200-day average stood at $10.72.
• The fund announced a $0.0555 monthly dividend, equivalent to approximately $0.67 annually and a 6.6% yield. The dividend is payable December 22 to shareholders of record as of December 11.
• Institutional investors own 34.01% of MYI, with several firms increasing their positions; RiverNorth Capital Management more than tripled its stake during the first quarter.

BlackRock MuniYield Quality Fund III, Inc. (NYSE:MYI - Get Free Report)'s share price passed above its 50 day moving average during trading on Thursday. The stock has a 50 day moving average of $10.06 and traded as high as $10.11. BlackRock MuniYield Quality Fund III shares last traded at $10.1020, with a volume of 633,136 shares changing hands.

BlackRock MuniYield Quality Fund III Stock Performance

The firm has a 50-day moving average price of $10.06 and a two-hundred day moving average price of $10.72.

BlackRock MuniYield Quality Fund III Announces Dividend

The company also recently disclosed a monthly dividend, which will be paid on Tuesday, December 22nd. Investors of record on Friday, December 11th will be paid a $0.0555 dividend. The ex-dividend date of this dividend is Friday, December 11th. This represents a $0.67 annualized dividend and a yield of 6.6%.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in MYI. Rivernorth Capital Management LLC raised its stake in BlackRock MuniYield Quality Fund III by 200.0% in the 1st quarter. Rivernorth Capital Management LLC now owns 5,254,333 shares of the investment management company's stock worth $55,223,000 after acquiring an additional 3,502,884 shares during the last quarter. Bank of America Corp DE purchased a new position in shares of BlackRock MuniYield Quality Fund III during the 2nd quarter valued at about $16,031,000. Van ECK Associates Corp lifted its holdings in shares of 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 buying an additional 24,636 shares during the period. Allspring Global Investments Holdings LLC lifted its holdings in shares of BlackRock MuniYield Quality Fund III by 298.1% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 537,780 shares of the investment management company's stock valued at $5,652,000 after buying an additional 402,688 shares during the period. Finally, Rareview Capital LLC boosted its stake in shares of BlackRock MuniYield Quality Fund III by 22.1% in the first quarter. Rareview Capital LLC now owns 461,043 shares of the investment management company's stock worth $4,836,000 after buying an additional 83,565 shares during the last quarter. Hedge funds and other institutional investors own 34.01% of the company's stock.

BlackRock MuniYield Quality Fund III Company Profile

BlackRock MuniYield Quality Fund III, Inc NYSE: MYI is a closed-end investment company that seeks to provide current income that is exempt from regular U.S. federal income tax. The fund primarily invests in municipal obligations issued by states, territories, and local governments, as well as related public authorities.

The fund's portfolio may include tax-exempt bonds and other municipal securities used to finance public infrastructure and services, such as schools, transportation systems, utilities, and healthcare facilities.

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