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

BlackRock MuniYield Michigan Quality Fund, Inc. (NYSE:MIY) saw a large drop in short interest in the month of February. As of February 15th, there was short interest totalling 28,000 shares, a drop of 42.3% from the January 31st total of 48,500 shares. Based on an average daily trading volume, of 66,600 shares, the short-interest ratio is presently 0.4 days.

Hedge Funds Weigh In On BlackRock MuniYield Michigan Quality Fund

A number of large investors have recently modified their holdings of the company. Elequin Capital LP bought a new stake in BlackRock MuniYield Michigan Quality Fund during the 4th quarter valued at $49,000. Nomura Holdings Inc. acquired a new stake in shares of BlackRock MuniYield Michigan Quality Fund in the 4th quarter worth about $135,000. PNC Financial Services Group Inc. bought a new position in BlackRock MuniYield Michigan Quality Fund in the 4th quarter valued at about $154,000. Bank of Montreal Can boosted its stake in BlackRock MuniYield Michigan Quality Fund by 4.8% during the 4th quarter. Bank of Montreal Can now owns 19,740 shares of the financial services provider’s stock valued at $221,000 after purchasing an additional 913 shares during the last quarter. Finally, Baird Financial Group Inc. increased its holdings in BlackRock MuniYield Michigan Quality Fund by 91.0% during the 4th quarter. Baird Financial Group Inc. now owns 38,513 shares of the financial services provider’s stock worth $431,000 after purchasing an additional 18,351 shares in the last quarter. 24.15% of the stock is currently owned by institutional investors.

BlackRock MuniYield Michigan Quality Fund Stock Up 0.3 %

MIY stock traded up $0.04 during trading on Monday, reaching $11.72. 91,556 shares of the stock were exchanged, compared to its average volume of 49,274. The firm’s 50 day moving average is $11.46 and its 200 day moving average is $11.67. BlackRock MuniYield Michigan Quality Fund has a twelve month low of $10.97 and a twelve month high of $12.11.

BlackRock MuniYield Michigan Quality Fund Announces Dividend

The company also recently announced a monthly dividend, which will be paid on Monday, March 3rd. Stockholders of record on Friday, February 14th will be given a dividend of $0.0545 per share. This represents a $0.65 dividend on an annualized basis and a dividend yield of 5.58%. The ex-dividend date is Friday, February 14th.

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.