BlackRock MuniYield Michigan Quality Fund, Inc. to Issue Monthly Dividend of $0.05 (NYSE:MIY)

BlackRock MuniYield Michigan Quality Fund, Inc. (NYSE:MIY) declared a monthly dividend on Friday, November 17th, Wall Street Journal reports. Investors of record on Thursday, February 15th will be given a dividend of 0.0465 per share by the financial services provider on Friday, March 1st. This represents a $0.56 annualized dividend and a yield of 5.26%. The ex-dividend date of this dividend is Wednesday, February 14th.

BlackRock MuniYield Michigan Quality Fund Stock Up 1.0 %

MIY traded up $0.10 on Friday, hitting $10.60. The company’s stock had a trading volume of 79,329 shares, compared to its average volume of 61,439. The company’s 50 day simple moving average is $10.02 and its 200-day simple moving average is $10.63. BlackRock MuniYield Michigan Quality Fund has a 12 month low of $9.45 and a 12 month high of $12.04.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of MIY. Rivernorth Capital Management LLC boosted its stake in BlackRock MuniYield Michigan Quality Fund by 73.1% in the 2nd quarter. Rivernorth Capital Management LLC now owns 357,082 shares of the financial services provider’s stock worth $3,946,000 after purchasing an additional 150,768 shares during the period. Logan Stone Capital LLC bought a new position in BlackRock MuniYield Michigan Quality Fund in the 4th quarter valued at $1,200,000. Morgan Stanley boosted its holdings in BlackRock MuniYield Michigan Quality Fund by 21.7% in the 4th quarter. Morgan Stanley now owns 413,947 shares of the financial services provider’s stock valued at $4,591,000 after purchasing an additional 73,905 shares during the period. Wells Fargo & Company MN boosted its holdings in BlackRock MuniYield Michigan Quality Fund by 36.5% in the 2nd quarter. Wells Fargo & Company MN now owns 219,290 shares of the financial services provider’s stock valued at $2,883,000 after purchasing an additional 58,589 shares during the period. Finally, JPMorgan Chase & Co. bought a new position in BlackRock MuniYield Michigan Quality Fund in the 4th quarter valued at $374,000. 19.63% of the stock is owned by institutional investors.

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.