BlackRock MuniYield Michigan Quality Fund, Inc. (NYSE:MIY - Get Free Report) saw a large decrease in short interest in the month of February. As of February 28th, there was short interest totalling 15,300 shares, a decrease of 45.4% from the February 13th total of 28,000 shares. Based on an average daily trading volume, of 61,700 shares, the days-to-cover ratio is currently 0.2 days. Approximately 0.1% of the shares of the company are short sold.
Hedge Funds Weigh In On BlackRock MuniYield Michigan Quality Fund
Several hedge funds and other institutional investors have recently bought and sold shares of MIY. Wolverine Asset Management LLC increased its holdings in BlackRock MuniYield Michigan Quality Fund by 339.5% in the 3rd quarter. Wolverine Asset Management LLC now owns 48,704 shares of the financial services provider's stock worth $585,000 after buying an additional 37,622 shares during the period. Rivernorth Capital Management LLC grew its stake in shares of BlackRock MuniYield Michigan Quality Fund by 6.6% during the 3rd quarter. Rivernorth Capital Management LLC now owns 404,338 shares of the financial services provider's stock worth $4,856,000 after purchasing an additional 25,000 shares during the period. Stifel Financial Corp grew its stake in shares of BlackRock MuniYield Michigan Quality Fund by 30.4% during the 3rd quarter. Stifel Financial Corp now owns 102,285 shares of the financial services provider's stock worth $1,228,000 after purchasing an additional 23,850 shares during the period. Raymond James Financial Inc. acquired a new stake in shares of BlackRock MuniYield Michigan Quality Fund during the 4th quarter worth approximately $928,000. Finally, PNC Financial Services Group Inc. acquired a new stake in shares of BlackRock MuniYield Michigan Quality Fund during the 4th quarter worth approximately $154,000. Institutional investors and hedge funds own 24.15% of the company's stock.
BlackRock MuniYield Michigan Quality Fund Price Performance
NYSE:MIY traded down $0.09 during midday trading on Tuesday, hitting $11.37. The company's stock had a trading volume of 47,917 shares, compared to its average volume of 55,986. BlackRock MuniYield Michigan Quality Fund has a fifty-two week low of $10.97 and a fifty-two week high of $12.11. The firm's 50 day moving average is $11.54 and its 200-day moving average is $11.66.
BlackRock MuniYield Michigan Quality Fund Announces Dividend
The firm also recently declared a monthly dividend, which will be paid on Tuesday, April 1st. Investors of record on Friday, March 14th will be issued a $0.0545 dividend. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.65 annualized dividend and a yield of 5.75%.
About BlackRock MuniYield Michigan Quality Fund
(
Get 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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