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

BlackRock MuniYield Michigan Quality Fund, Inc. (NYSE:MIY)’s share price passed below its 50 day moving average during trading on Monday . The stock has a 50 day moving average of $11.47 and traded as low as $10.96. BlackRock MuniYield Michigan Quality Fund shares last traded at $11.11, with a volume of 143,320 shares.

BlackRock MuniYield Michigan Quality Fund Stock Up 0.7 %

The firm’s fifty day simple moving average is $11.46 and its 200 day simple moving average is $11.58.

BlackRock MuniYield Michigan Quality Fund Announces Dividend

The firm also recently declared a monthly dividend, which will be paid on Thursday, May 1st. Stockholders of record on Tuesday, April 15th will be issued a dividend of $0.0545 per share. The ex-dividend date of this dividend is Tuesday, April 15th. This represents a $0.65 dividend on an annualized basis and a dividend yield of 5.89%.

Institutional Investors Weigh In On BlackRock MuniYield Michigan Quality Fund

A number of hedge funds have recently made changes to their positions in the stock. Elequin Capital LP acquired a new position in BlackRock MuniYield Michigan Quality Fund in the 4th quarter valued at approximately $49,000. Nomura Holdings Inc. bought a new stake in BlackRock MuniYield Michigan Quality Fund during the fourth quarter worth $135,000. PNC Financial Services Group Inc. purchased a new stake in shares of BlackRock MuniYield Michigan Quality Fund in the fourth quarter valued at about $154,000. Bank of Montreal Can lifted its position in shares of 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 worth $221,000 after buying an additional 913 shares in the last quarter. Finally, Capital Asset Advisory Services LLC lifted its holdings in BlackRock MuniYield Michigan Quality Fund by 66.2% during the first quarter. Capital Asset Advisory Services LLC now owns 32,000 shares of the financial services provider’s stock worth $369,000 after acquiring an additional 12,750 shares during the period. 24.15% of the stock is currently 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.