BlackRock MuniYield Michigan Quality Fund (NYSE:MIY) Shares Break Below Two Hundred Day Moving Average – Here’s What Happened

Shares of BlackRock MuniYield Michigan Quality Fund, Inc. (NYSE:MIY) crossed below its 200-day moving average during trading on Tuesday. The stock has a 200-day moving average of $12.12 and traded as low as $11.87. BlackRock MuniYield Michigan Quality Fund shares last traded at $12.08, with a volume of 98,879 shares.

BlackRock MuniYield Michigan Quality Fund Stock Down 1.4%

The company has a 50 day simple moving average of $11.91 and a 200-day simple moving average of $12.12.

BlackRock MuniYield Michigan Quality Fund Dividend Announcement

The company also recently disclosed a monthly dividend, which will be paid on Tuesday, December 1st. Stockholders of record on Friday, November 13th will be given a dividend of $0.0545 per share. This represents a $0.65 annualized dividend and a dividend yield of 5.4%. The ex-dividend date of this dividend is Friday, November 13th.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of MIY. Private Advisor Group LLC lifted its stake in BlackRock MuniYield Michigan Quality Fund by 106.8% in the 3rd quarter. Private Advisor Group LLC now owns 23,629 shares of the financial services provider’s stock valued at $267,000 after acquiring an additional 12,204 shares in the last quarter. Harbour Investments Inc. boosted its position in BlackRock MuniYield Michigan Quality Fund by 23.4% during the 3rd quarter. Harbour Investments Inc. now owns 9,500 shares of the financial services provider’s stock worth $107,000 after acquiring an additional 1,800 shares during the last quarter. Parallel Advisors LLC boosted its position in BlackRock MuniYield Michigan Quality Fund by 166.2% during the 3rd quarter. Parallel Advisors LLC now owns 128,421 shares of the financial services provider’s stock worth $1,450,000 after acquiring an additional 80,177 shares during the last quarter. MeadowBrook Investment Advisors LLC boosted its position in BlackRock MuniYield Michigan Quality Fund by 50.6% during the 3rd quarter. MeadowBrook Investment Advisors LLC now owns 7,146 shares of the financial services provider’s stock worth $84,000 after acquiring an additional 2,400 shares during the last quarter. Finally, William Mack & Associates Inc. bought a new position in shares of BlackRock MuniYield Michigan Quality Fund during the 3rd quarter worth approximately $26,000. 24.15% of the stock is currently owned by institutional investors.

About BlackRock MuniYield Michigan Quality Fund

BlackRock MuniYield Michigan Quality Fund, Inc. is a closed-end investment company listed on the New York Stock Exchange under the symbol MIY. The fund seeks to provide investors with current income that is exempt from federal income tax and Michigan personal income tax, subject to applicable tax rules. The fund invests primarily in long-term municipal obligations issued by or on behalf of the state of Michigan, its municipalities, and other governmental entities. Its portfolio may include bonds financing public infrastructure and essential services, such as education, transportation, utilities, health care, and housing.