Saba Capital Management L.P. lowered its holdings in BlackRock MuniYield Michigan Quality Fund, Inc. (NYSE:MIY - Free Report) by 24.5% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 540,766 shares of the financial services provider's stock after selling 175,108 shares during the period. Saba Capital Management L.P. owned about 1.84% of BlackRock MuniYield Michigan Quality Fund worth $6,046,000 as of its most recent SEC filing.
A number of other institutional investors have also recently bought and sold shares of the business. Raymond James Financial Inc. purchased a new position in shares of BlackRock MuniYield Michigan Quality Fund in the 4th quarter worth about $928,000. PNC Financial Services Group Inc. bought a new stake in BlackRock MuniYield Michigan Quality Fund in the fourth quarter worth about $154,000. LPL Financial LLC raised its position in 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 worth $1,317,000 after acquiring an additional 41,989 shares during the period. Wells Fargo & Company MN boosted its stake in BlackRock MuniYield Michigan Quality Fund by 3.2% in the fourth 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 during the last quarter. Finally, Bank of Montreal Can grew its position in shares of BlackRock MuniYield Michigan Quality Fund by 4.8% during the 4th quarter. Bank of Montreal Can now owns 19,740 shares of the financial services provider's stock valued at $221,000 after acquiring an additional 913 shares during the period. Institutional investors own 24.15% of the company's stock.
BlackRock MuniYield Michigan Quality Fund Trading Up 0.2%
Shares of MIY stock traded up $0.03 during trading hours on Thursday, hitting $11.34. 29,430 shares of the company were exchanged, compared to its average volume of 57,889. The firm has a fifty day simple moving average of $11.33 and a 200 day simple moving average of $11.49. BlackRock MuniYield Michigan Quality Fund, Inc. has a 52-week low of $10.81 and a 52-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. Shareholders of record on Thursday, May 15th will be given a $0.0545 dividend. This represents a $0.65 dividend on an annualized basis and a yield of 5.77%. The ex-dividend date of this dividend is Thursday, May 15th.
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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