BlackRock MuniYield Michigan Quality Fund (NYSE:MIY) Stock Passes Below 50-Day Moving Average – What’s Next?

BlackRock MuniYield Michigan Quality Fund, Inc. (NYSE:MIY) crossed below its 50-day moving average during trading on Friday . The stock has a 50-day moving average of $11.31 and traded as low as $11.07. BlackRock MuniYield Michigan Quality Fund shares last traded at $11.10, with a volume of 41,723 shares traded.

BlackRock MuniYield Michigan Quality Fund Stock Performance

The business has a 50 day moving average of $11.31 and a two-hundred day moving average of $11.44.

BlackRock MuniYield Michigan Quality Fund Dividend Announcement

The business also recently disclosed a monthly dividend, which will be paid on Tuesday, July 1st. Investors of record on Friday, June 13th will be paid a dividend of $0.0545 per share. This represents a $0.65 dividend on an annualized basis and a dividend yield of 5.89%. The ex-dividend date is Friday, June 13th.

Institutional Investors Weigh In On BlackRock MuniYield Michigan Quality Fund

A number of hedge funds have recently made changes to their positions in MIY. Raymond James Financial Inc. purchased a new stake in BlackRock MuniYield Michigan Quality Fund in the fourth quarter valued at about $928,000. PNC Financial Services Group Inc. purchased a new stake in BlackRock MuniYield Michigan Quality Fund in the fourth quarter valued at about $154,000. LPL Financial LLC raised its stake in BlackRock MuniYield Michigan Quality Fund by 55.4% in the fourth quarter. LPL Financial LLC now owns 117,812 shares of the financial services provider’s stock valued at $1,317,000 after buying an additional 41,989 shares during the last quarter. Wells Fargo & Company MN raised its stake in BlackRock MuniYield Michigan Quality Fund by 3.2% in the fourth quarter. Wells Fargo & Company MN now owns 117,579 shares of the financial services provider’s stock valued at $1,315,000 after buying an additional 3,612 shares during the last quarter. Finally, Bank of Montreal Can raised its stake in BlackRock MuniYield Michigan Quality Fund by 4.8% in the fourth quarter. Bank of Montreal Can now owns 19,740 shares of the financial services provider’s stock valued at $221,000 after buying an additional 913 shares during the last quarter. 24.15% of the stock is currently owned by hedge funds and other institutional investors.

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.