BlackRock MuniYield Michigan Quality Fund, Inc. (NYSE:MIY) Short Interest Update

BlackRock MuniYield Michigan Quality Fund, Inc. (NYSE:MIY) was the recipient of a significant decrease in short interest in September. As of September 30th, there was short interest totalling 12,600 shares, a decrease of 36.4% from the September 15th total of 19,800 shares. Based on an average daily volume of 55,300 shares, the days-to-cover ratio is presently 0.2 days.

BlackRock MuniYield Michigan Quality Fund Price Performance

Shares of BlackRock MuniYield Michigan Quality Fund stock remained flat at $11.91 during trading hours on Monday. The stock had a trading volume of 43,532 shares, compared to its average volume of 51,064. The firm has a 50-day simple moving average of $11.84 and a 200-day simple moving average of $11.52. BlackRock MuniYield Michigan Quality Fund has a twelve month low of $9.45 and a twelve month high of $12.11.

BlackRock MuniYield Michigan Quality Fund Increases Dividend

The firm also recently announced a monthly dividend, which will be paid on Friday, November 1st. Shareholders of record on Tuesday, October 15th will be issued a $0.0545 dividend. The ex-dividend date is Tuesday, October 15th. This represents a $0.65 dividend on an annualized basis and a yield of 5.49%. This is an increase from BlackRock MuniYield Michigan Quality Fund’s previous monthly dividend of $0.05.

Institutional Trading of BlackRock MuniYield Michigan Quality Fund

A number of institutional investors have recently added to or reduced their stakes in MIY. Cetera Investment Advisers acquired a new position in BlackRock MuniYield Michigan Quality Fund during the first quarter worth about $2,026,000. Robinson Capital Management LLC boosted its position in BlackRock MuniYield Michigan Quality Fund by 13.5% during the first quarter. Robinson Capital Management LLC now owns 618,081 shares of the financial services provider’s stock worth $6,839,000 after acquiring an additional 73,671 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its stake in shares of BlackRock MuniYield Michigan Quality Fund by 52.4% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 205,905 shares of the financial services provider’s stock worth $2,356,000 after purchasing an additional 70,823 shares during the period. Rockport Wealth LLC acquired a new stake in shares of BlackRock MuniYield Michigan Quality Fund during the first quarter worth $222,000. Finally, Wolverine Asset Management LLC purchased a new stake in BlackRock MuniYield Michigan Quality Fund in the 2nd quarter valued at about $127,000. Hedge funds and other institutional investors own 24.15% of the company’s stock.

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.