Raymond James Financial Inc. acquired a new position in BlackRock MuniYield Michigan Quality Fund, Inc. (NYSE:MIY - Free Report) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 82,977 shares of the financial services provider's stock, valued at approximately $928,000. Raymond James Financial Inc. owned about 0.28% of BlackRock MuniYield Michigan Quality Fund as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds have also recently made changes to their positions in MIY. LPL Financial LLC grew its stake in shares of BlackRock MuniYield Michigan Quality Fund by 55.4% in the fourth quarter. LPL Financial LLC now owns 117,812 shares of the financial services provider's stock valued at $1,317,000 after buying an additional 41,989 shares in the last quarter. PNC Financial Services Group Inc. purchased a new position in BlackRock MuniYield Michigan Quality Fund during the 4th quarter valued at about $154,000. Wells Fargo & Company MN grew its position in BlackRock MuniYield Michigan Quality Fund by 3.2% in the 4th quarter. Wells Fargo & Company MN now owns 117,579 shares of the financial services provider's stock valued at $1,315,000 after acquiring an additional 3,612 shares in the last quarter. Finally, Bank of Montreal Can increased its stake in BlackRock MuniYield Michigan Quality Fund by 4.8% during the fourth quarter. Bank of Montreal Can now owns 19,740 shares of the financial services provider's stock worth $221,000 after purchasing an additional 913 shares during the period. Hedge funds and other institutional investors own 24.15% of the company's stock.
BlackRock MuniYield Michigan Quality Fund Stock Up 0.5 %
Shares of MIY traded up $0.06 during mid-day trading on Friday, hitting $11.69. 59,251 shares of the company's stock were exchanged, compared to its average volume of 57,546. The stock's 50-day moving average is $11.35 and its 200-day moving average is $11.50. BlackRock MuniYield Michigan Quality Fund, Inc. has a fifty-two week low of $10.81 and a fifty-two week high of $12.11.
BlackRock MuniYield Michigan Quality Fund Announces Dividend
The company also recently announced a monthly dividend, which will be paid on Monday, June 2nd. Investors of record on Thursday, May 15th will be issued a $0.0545 dividend. The ex-dividend date of this dividend is Thursday, May 15th. This represents a $0.65 annualized dividend and a yield of 5.59%.
About BlackRock MuniYield Michigan Quality Fund
(
Free Report)
BlackRock MuniYield Michigan Quality Fund, Inc is a closed-ended fixed income mutual fund launched by BlackRock, Inc It is managed by BlackRock Advisors, LLC. The fund invests in the fixed income markets of the United States. It primarily invests in investment grade, long-term municipal obligations exempt from federal income taxes and Michigan income taxes.
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