BlackRock MuniYield Michigan Quality Fund (NYSE:MIY) Stock Passes Above 50-Day Moving Average – Here’s Why

BlackRock MuniYield Michigan Quality Fund, Inc. (NYSE:MIY)’s stock price passed above its 50-day moving average during trading on Tuesday . The stock has a 50-day moving average of $11.42 and traded as high as $11.65. BlackRock MuniYield Michigan Quality Fund shares last traded at $11.5950, with a volume of 67,820 shares changing hands.

BlackRock MuniYield Michigan Quality Fund Stock Down 0.2%

The firm’s 50 day moving average is $11.42 and its two-hundred day moving average is $11.25.

BlackRock MuniYield Michigan Quality Fund Announces Dividend

The company also recently declared a monthly dividend, which will be paid on Monday, December 1st. Shareholders of record on Friday, November 14th will be given a dividend of $0.0545 per share. This represents a c) dividend on an annualized basis and a yield of 5.6%. The ex-dividend date of this dividend is Friday, November 14th.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Melone Private Wealth LLC increased its position in shares of BlackRock MuniYield Michigan Quality Fund by 2.3% in the second quarter. Melone Private Wealth LLC now owns 377,621 shares of the financial services provider’s stock worth $4,131,000 after acquiring an additional 8,364 shares in the last quarter. Bank of America Corp DE increased its holdings in BlackRock MuniYield Michigan Quality Fund by 8.6% in the 2nd quarter. Bank of America Corp DE now owns 292,928 shares of the financial services provider’s stock valued at $3,234,000 after purchasing an additional 23,207 shares in the last quarter. Kestra Advisory Services LLC increased its holdings in BlackRock MuniYield Michigan Quality Fund by 19.6% in the 1st quarter. Kestra Advisory Services LLC now owns 255,984 shares of the financial services provider’s stock valued at $2,913,000 after purchasing an additional 41,945 shares in the last quarter. FSA Advisors Inc. raised its position in BlackRock MuniYield Michigan Quality Fund by 117.0% in the second quarter. FSA Advisors Inc. now owns 218,413 shares of the financial services provider’s stock valued at $2,411,000 after purchasing an additional 117,754 shares during the period. Finally, Raymond James Financial Inc. lifted its stake in shares of BlackRock MuniYield Michigan Quality Fund by 17.3% during the second quarter. Raymond James Financial Inc. now owns 96,997 shares of the financial services provider’s stock worth $1,071,000 after purchasing an additional 14,321 shares in the last quarter. 24.15% of the stock is owned by institutional investors and hedge funds.

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.