BlackRock MuniYield Michigan Quality Fund (NYSE:MIY) Shares Cross Below Fifty Day Moving Average – What’s Next?

BlackRock MuniYield Michigan Quality Fund, Inc. (NYSE:MIY) shares crossed below its 50-day moving average during trading on Friday . The stock has a 50-day moving average of $11.53 and traded as low as $11.36. BlackRock MuniYield Michigan Quality Fund shares last traded at $11.39, with a volume of 43,001 shares trading hands.

BlackRock MuniYield Michigan Quality Fund Price Performance

The business has a 50 day simple moving average of $11.53 and a 200 day simple moving average of $11.65.

BlackRock MuniYield Michigan Quality Fund Dividend Announcement

The company also recently declared a monthly dividend, which will be paid on Tuesday, April 1st. Investors of record on Friday, March 14th will be paid a $0.0545 dividend. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.65 annualized dividend and a dividend yield of 5.74%.

Hedge Funds Weigh In On BlackRock MuniYield Michigan Quality Fund

Several hedge funds and other institutional investors have recently added to or reduced their stakes in MIY. Elequin Capital LP bought a new stake in BlackRock MuniYield Michigan Quality Fund in the fourth quarter worth $49,000. Nomura Holdings Inc. bought a new position in shares of BlackRock MuniYield Michigan Quality Fund in the 4th quarter valued at approximately $135,000. PNC Financial Services Group Inc. acquired a new stake in BlackRock MuniYield Michigan Quality Fund in the 4th quarter worth approximately $154,000. Bank of Montreal Can boosted its position in BlackRock MuniYield Michigan Quality Fund by 4.8% during the fourth quarter. Bank of Montreal Can now owns 19,740 shares of the financial services provider’s stock worth $221,000 after purchasing an additional 913 shares during the period. Finally, Baird Financial Group Inc. grew its holdings in BlackRock MuniYield Michigan Quality Fund by 91.0% during the fourth quarter. Baird Financial Group Inc. now owns 38,513 shares of the financial services provider’s stock valued at $431,000 after purchasing an additional 18,351 shares during the last quarter. Institutional investors own 24.15% of the company’s stock.

About BlackRock MuniYield Michigan Quality Fund

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.