BlackRock MuniYield Michigan Quality Fund, Inc. (NYSE:MIY) Short Interest Down 45.4% in February

BlackRock MuniYield Michigan Quality Fund, Inc. (NYSE:MIY) was the target of a significant drop in short interest in February. As of February 28th, there was short interest totalling 15,300 shares, a drop of 45.4% from the February 13th total of 28,000 shares. Based on an average daily volume of 61,700 shares, the short-interest ratio is presently 0.2 days. Currently, 0.1% of the shares of the stock are sold short.

Hedge Funds Weigh In On BlackRock MuniYield Michigan Quality Fund

A number of hedge funds and other institutional investors have recently bought and sold shares of MIY. Raymond James Financial Inc. bought a new position in BlackRock MuniYield Michigan Quality Fund in the fourth quarter valued at approximately $928,000. LPL Financial LLC boosted its position in shares of BlackRock MuniYield Michigan Quality Fund by 55.4% during the fourth quarter. LPL Financial LLC now owns 117,812 shares of the financial services provider’s stock worth $1,317,000 after purchasing an additional 41,989 shares in the last quarter. Wolverine Asset Management LLC boosted its position in shares of BlackRock MuniYield Michigan Quality Fund by 339.5% during the third quarter. Wolverine Asset Management LLC now owns 48,704 shares of the financial services provider’s stock worth $585,000 after purchasing an additional 37,622 shares in the last quarter. Bank of America Corp DE boosted its position in shares of BlackRock MuniYield Michigan Quality Fund by 11.8% during the fourth quarter. Bank of America Corp DE now owns 268,116 shares of the financial services provider’s stock worth $2,998,000 after purchasing an additional 28,252 shares in the last quarter. Finally, Stifel Financial Corp boosted its position in shares of BlackRock MuniYield Michigan Quality Fund by 25.7% during the fourth quarter. Stifel Financial Corp now owns 128,553 shares of the financial services provider’s stock worth $1,437,000 after purchasing an additional 26,268 shares in the last quarter. 24.15% of the stock is owned by institutional investors.

BlackRock MuniYield Michigan Quality Fund Price Performance

MIY stock traded down $0.07 during midday trading on Friday, reaching $11.47. The company’s stock had a trading volume of 53,005 shares, compared to its average volume of 56,013. BlackRock MuniYield Michigan Quality Fund has a 52 week low of $10.97 and a 52 week high of $12.11. The business’s 50-day simple moving average is $11.54 and its 200-day simple moving average is $11.67.

BlackRock MuniYield Michigan Quality Fund Announces Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th will be paid a $0.0545 dividend. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.65 dividend on an annualized basis and a yield of 5.70%.

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.