BlackRock MuniYield Michigan Quality Fund (NYSE:MIY) Share Price Passes Above 50 Day Moving Average – Here’s Why
by Michael Walen · The Markets DailyBlackRock MuniYield Michigan Quality Fund, Inc. (NYSE:MIY – Get Free Report) shares crossed above its 50 day moving average during trading on Wednesday . The stock has a 50 day moving average of $12.29 and traded as high as $12.35. BlackRock MuniYield Michigan Quality Fund shares last traded at $11.89, with a volume of 13,962 shares changing hands.
BlackRock MuniYield Michigan Quality Fund Price Performance
The stock has a 50-day moving average price of $12.27 and a two-hundred day moving average price of $11.82.
BlackRock MuniYield Michigan Quality Fund Announces Dividend
The firm also recently declared a monthly dividend, which will be paid on Wednesday, July 1st. Investors of record on Monday, June 15th will be paid a $0.0545 dividend. The ex-dividend date of this dividend is Monday, June 15th. This represents a c) dividend on an annualized basis and a yield of 5.6%.
Institutional Inflows and Outflows
A number of hedge funds have recently added to or reduced their stakes in the stock. LPL Financial LLC lifted its position in shares of BlackRock MuniYield Michigan Quality Fund by 41.5% in the 4th quarter. LPL Financial LLC now owns 160,413 shares of the financial services provider’s stock worth $1,883,000 after purchasing an additional 47,044 shares during the period. Elevation Point Wealth Partners LLC purchased a new position in shares of BlackRock MuniYield Michigan Quality Fund during the third quarter valued at about $492,000. Raymond James Financial Inc. increased its position in shares of BlackRock MuniYield Michigan Quality Fund by 30.3% during the third quarter. Raymond James Financial Inc. now owns 126,408 shares of the financial services provider’s stock valued at $1,426,000 after buying an additional 29,411 shares during the period. Kestra Advisory Services LLC raised its stake in BlackRock MuniYield Michigan Quality Fund by 8.8% in the fourth quarter. Kestra Advisory Services LLC now owns 342,052 shares of the financial services provider’s stock worth $4,016,000 after buying an additional 27,764 shares in the last quarter. Finally, Bank of America Corp DE raised its stake in BlackRock MuniYield Michigan Quality Fund by 8.6% in the second quarter. Bank of America Corp DE now owns 292,928 shares of the financial services provider’s stock worth $3,234,000 after buying an additional 23,207 shares in the last quarter. 24.15% of the stock is owned by hedge funds and other institutional investors.
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.