BlackRock MuniYield Michigan Quality Fund, Inc. (NYSE:MIY) Short Interest Up 220.9% in March

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

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Elequin Capital LP bought a new stake in BlackRock MuniYield Michigan Quality Fund in the fourth quarter valued at $49,000. Nomura Holdings Inc. acquired a new stake in shares of BlackRock MuniYield Michigan Quality Fund in the 4th quarter valued at about $135,000. Baird Financial Group Inc. grew its stake in shares of BlackRock MuniYield Michigan Quality Fund by 91.0% in the 4th quarter. Baird Financial Group Inc. now owns 38,513 shares of the financial services provider’s stock valued at $431,000 after buying an additional 18,351 shares during the period. Bank of America Corp DE increased its position in BlackRock MuniYield Michigan Quality Fund by 11.8% in the 4th quarter. Bank of America Corp DE now owns 268,116 shares of the financial services provider’s stock valued at $2,998,000 after buying an additional 28,252 shares in the last quarter. Finally, Stifel Financial Corp raised its stake in BlackRock MuniYield Michigan Quality Fund by 25.7% during the 4th quarter. Stifel Financial Corp now owns 128,553 shares of the financial services provider’s stock worth $1,437,000 after buying an additional 26,268 shares during the period. Institutional investors and hedge funds own 24.15% of the company’s stock.

BlackRock MuniYield Michigan Quality Fund Trading Up 0.5 %

NYSE MIY traded up $0.06 during trading hours on Friday, hitting $11.30. 34,135 shares of the company’s stock were exchanged, compared to its average volume of 56,010. The stock has a 50-day simple moving average of $11.53 and a 200 day simple moving average of $11.64. BlackRock MuniYield Michigan Quality Fund has a 1-year low of $10.97 and a 1-year high of $12.11.

BlackRock MuniYield Michigan Quality Fund Announces Dividend

The business also recently disclosed a monthly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th will be paid a $0.0545 dividend. The ex-dividend date is Friday, March 14th. This represents a $0.65 annualized dividend and a dividend 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.