BlackRock MuniYield Michigan Quality Fund, Inc. (NYSE:MIY) Sees Large Growth in Short Interest

BlackRock MuniYield Michigan Quality Fund, Inc. (NYSE:MIY) was the target of a large growth in short interest in March. As of March 15th, there was short interest totalling 49,100 shares, a growth of 220.9% from the February 28th total of 15,300 shares. Approximately 0.2% of the company’s stock are short sold. Based on an average daily volume of 57,900 shares, the days-to-cover ratio is currently 0.8 days.

Institutional Trading of BlackRock MuniYield Michigan Quality Fund

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

BlackRock MuniYield Michigan Quality Fund Stock Up 0.5 %

Shares of BlackRock MuniYield Michigan Quality Fund stock traded up $0.06 during trading hours on Friday, reaching $11.30. The company’s stock had a trading volume of 34,135 shares, compared to its average volume of 56,010. The stock’s fifty day simple moving average is $11.53 and its two-hundred day simple moving average is $11.64. BlackRock MuniYield Michigan Quality Fund has a one year low of $10.97 and a one year high of $12.11.

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 given a $0.0545 dividend. The ex-dividend date is Friday, March 14th. This represents a $0.65 annualized dividend and a yield of 5.79%.

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.