Short Interest in BlackRock MuniYield Michigan Quality Fund, Inc. (NYSE:MIY) Decreases By 33.0%

Key Points

• Short interest fell 33.0% to 79,143 shares as of March 31, with a short-interest ratio of 1.6 days and about 0.3% of the company's shares sold short.
• MIY traded at $12.13 (up $0.02, +0.1%), with a 52-week range of $10.57–$12.90 and 50-/200-day moving averages of $12.21 and $11.86, respectively.
• The fund declared a monthly dividend of $0.0545 payable July 1 to holders of record June 15 (annualized yield ~5.4%), and institutional investors own roughly 24.15% of the stock.

BlackRock MuniYield Michigan Quality Fund, Inc. (NYSE:MIY - Get Free Report) was the target of a large decrease in short interest during the month of March. As of March 31st, there was short interest totaling 79,143 shares, a decrease of 33.0% from the March 15th total of 118,150 shares. Based on an average daily volume of 49,788 shares, the short-interest ratio is currently 1.6 days. Currently, 0.3% of the company's shares are short sold.

BlackRock MuniYield Michigan Quality Fund Stock Up 0.1%

MIY traded up $0.02 on Tuesday, hitting $12.13. The company had a trading volume of 29,753 shares, compared to its average volume of 59,856. BlackRock MuniYield Michigan Quality Fund has a 1 year low of $10.57 and a 1 year high of $12.90. The company's fifty day moving average price is $12.21 and its 200 day moving average price is $11.86.

BlackRock MuniYield Michigan Quality Fund Dividend Announcement

The business also recently declared a monthly dividend, which will be paid on Wednesday, July 1st. Stockholders of record on Monday, June 15th will be paid a $0.0545 dividend. This represents a c) dividend on an annualized basis and a dividend yield of 5.4%. The ex-dividend date of this dividend is Monday, June 15th.

Institutional Trading of BlackRock MuniYield Michigan Quality Fund

Several institutional investors have recently added to or reduced their stakes in MIY. Axxcess Wealth Management LLC lifted its stake in BlackRock MuniYield Michigan Quality Fund by 4.2% during the fourth quarter. Axxcess Wealth Management LLC now owns 32,200 shares of the financial services provider's stock worth $378,000 after purchasing an additional 1,300 shares in the last quarter. Capital Asset Advisory Services LLC grew its stake in shares of BlackRock MuniYield Michigan Quality Fund by 4.2% in the fourth quarter. Capital Asset Advisory Services LLC now owns 32,200 shares of the financial services provider's stock valued at $378,000 after buying an additional 1,300 shares in the last quarter. Royal Bank of Canada raised its holdings in shares of BlackRock MuniYield Michigan Quality Fund by 2.7% in the 4th quarter. Royal Bank of Canada now owns 57,917 shares of the financial services provider's stock valued at $680,000 after buying an additional 1,503 shares during the period. Allspring Global Investments Holdings LLC lifted its position in shares of BlackRock MuniYield Michigan Quality Fund by 1.2% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 138,143 shares of the financial services provider's stock worth $1,622,000 after purchasing an additional 1,661 shares in the last quarter. Finally, Summit Financial Consulting LLC increased its position in shares of BlackRock MuniYield Michigan Quality Fund by 8.1% during the third quarter. Summit Financial Consulting LLC now owns 29,665 shares of the financial services provider's stock worth $335,000 after acquiring an additional 2,221 shares during the period. Institutional investors and hedge funds own 24.15% of the company's stock.

About BlackRock MuniYield Michigan Quality Fund

BlackRock MuniYield Michigan Quality Fund NYSE: MIY is a closed-end management investment company that seeks to provide current income exempt from federal and Michigan personal income taxes. The fund primarily invests in investment-grade municipal securities issued by state and local governments within Michigan. Its portfolio typically includes a diversified mix of general obligation bonds and revenue bonds backed by public utilities, transportation projects, and other essential municipal services.

The fund's investment strategy emphasizes credit quality and diversification across sectors and maturities.

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