BlackRock MuniYield Michigan Quality Fund (NYSE:MIY) Stock Passes Below 50-Day Moving Average of $10.87

BlackRock MuniYield Michigan Quality Fund, Inc. (NYSE:MIY) crossed below its fifty day moving average during trading on Wednesday . The stock has a fifty day moving average of $10.87 and traded as low as $10.48. BlackRock MuniYield Michigan Quality Fund shares last traded at $10.51, with a volume of 51,681 shares trading hands.

BlackRock MuniYield Michigan Quality Fund Stock Performance

The company’s 50-day moving average price is $10.87 and its 200 day moving average price is $10.99.

BlackRock MuniYield Michigan Quality Fund Announces Dividend

The company also recently announced a monthly dividend, which will be paid on Monday, October 2nd. Investors of record on Friday, September 15th will be issued a $0.0345 dividend. This represents a $0.41 annualized dividend and a yield of 3.94%. The ex-dividend date of this dividend is Thursday, September 14th.

Institutional Investors Weigh In On BlackRock MuniYield Michigan Quality Fund

Several hedge funds and other institutional investors have recently added to or reduced their stakes in MIY. Virtu Financial LLC purchased a new stake in BlackRock MuniYield Michigan Quality Fund in the 4th quarter worth approximately $111,000. Summit Trail Advisors LLC purchased a new stake in BlackRock MuniYield Michigan Quality Fund in the 2nd quarter worth approximately $113,000. CWM LLC increased its holdings in BlackRock MuniYield Michigan Quality Fund by 33.7% in the 2nd quarter. CWM LLC now owns 13,280 shares of the financial services provider’s stock worth $147,000 after acquiring an additional 3,350 shares in the last quarter. West Michigan Advisors LLC bought a new position in BlackRock MuniYield Michigan Quality Fund in the 1st quarter worth approximately $161,000. Finally, Capital Asset Advisory Services LLC bought a new position in BlackRock MuniYield Michigan Quality Fund in the 4th quarter worth approximately $165,000. 19.63% of the stock is owned by hedge funds and other institutional investors.

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.