BlackRock MuniYield Michigan Quality Fund (NYSE:MIY) Stock Crosses Below Fifty Day Moving Average - Should You Sell?

BlackRock MuniYield Michigan Quality Fund, Inc. (NYSE:MIY - Get Free Report)'s share price crossed below its 50 day moving average during trading on Wednesday . The stock has a 50 day moving average of $11.86 and traded as low as $11.72. BlackRock MuniYield Michigan Quality Fund shares last traded at $11.73, with a volume of 48,305 shares traded.

BlackRock MuniYield Michigan Quality Fund Stock Down 1.2 %

The company's 50 day moving average price is $11.86 and its 200 day moving average price is $11.54.

BlackRock MuniYield Michigan Quality Fund Increases Dividend

The firm also recently declared a monthly dividend, which will be paid on Friday, November 1st. Investors of record on Tuesday, October 15th will be paid a $0.0545 dividend. The ex-dividend date of this dividend is Tuesday, October 15th. This is an increase from BlackRock MuniYield Michigan Quality Fund's previous monthly dividend of $0.05. This represents a $0.65 dividend on an annualized basis and a dividend yield of 5.65%.

Hedge Funds Weigh In On BlackRock MuniYield Michigan Quality Fund

Large investors have recently made changes to their positions in the stock. Cetera Investment Advisers purchased a new position in shares of BlackRock MuniYield Michigan Quality Fund in the first quarter valued at $2,026,000. Allspring Global Investments Holdings LLC grew its position in shares of BlackRock MuniYield Michigan Quality Fund by 52.4% in the second quarter. Allspring Global Investments Holdings LLC now owns 205,905 shares of the financial services provider's stock valued at $2,356,000 after purchasing an additional 70,823 shares during the last quarter. Rockport Wealth LLC purchased a new position in shares of BlackRock MuniYield Michigan Quality Fund during the 1st quarter worth approximately $222,000. Commonwealth Equity Services LLC raised its position in shares of BlackRock MuniYield Michigan Quality Fund by 5.4% during the 2nd quarter. Commonwealth Equity Services LLC now owns 66,102 shares of the financial services provider's stock worth $756,000 after purchasing an additional 3,405 shares during the last quarter. Finally, Wolverine Asset Management LLC purchased a new stake in BlackRock MuniYield Michigan Quality Fund in the 2nd quarter valued at approximately $127,000. Hedge funds and other institutional investors own 24.15% of the company's stock.

BlackRock MuniYield Michigan Quality Fund Company Profile

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.