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

BlackRock MuniYield Michigan Quality Fund, Inc. (NYSE:MIY) was the recipient of a significant increase in short interest in the month of March. As of March 15th, there was short interest totalling 49,100 shares, an increase of 220.9% from the February 28th total of 15,300 shares. Based on an average trading volume of 57,900 shares, the days-to-cover ratio is currently 0.8 days. Currently, 0.2% of the shares of the company are sold short.

Institutional Investors Weigh In On BlackRock MuniYield Michigan Quality Fund

A number of hedge funds have recently added to or reduced their stakes in the stock. PNC Financial Services Group Inc. bought a new position in BlackRock MuniYield Michigan Quality Fund in the 4th quarter worth approximately $154,000. Stifel Financial Corp boosted its stake in shares of BlackRock MuniYield Michigan Quality Fund by 30.4% during the 3rd quarter. Stifel Financial Corp now owns 102,285 shares of the financial services provider’s stock worth $1,228,000 after acquiring an additional 23,850 shares in the last quarter. Rivernorth Capital Management LLC increased its stake in BlackRock MuniYield Michigan Quality Fund by 6.6% in the 3rd quarter. Rivernorth Capital Management LLC now owns 404,338 shares of the financial services provider’s stock worth $4,856,000 after purchasing an additional 25,000 shares in the last quarter. Nomura Holdings Inc. purchased a new position in shares of BlackRock MuniYield Michigan Quality Fund in the fourth quarter worth approximately $135,000. Finally, Elequin Capital LP purchased a new stake in shares of BlackRock MuniYield Michigan Quality Fund in the fourth quarter worth approximately $49,000. 24.15% of the stock is currently owned by institutional investors.

BlackRock MuniYield Michigan Quality Fund Stock Up 0.5 %

NYSE:MIY opened at $11.30 on Friday. The stock has a 50 day moving average of $11.53 and a 200-day moving average of $11.64. BlackRock MuniYield Michigan Quality Fund has a 52 week low of $10.97 and a 52 week high of $12.11.

BlackRock MuniYield Michigan Quality Fund Dividend Announcement

The business also recently disclosed a monthly dividend, which will be paid on Tuesday, April 1st. Investors of record on Friday, March 14th will be paid a dividend of $0.0545 per share. 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 5.79%.

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.