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

BlackRock MuniYield Michigan Quality Fund, Inc. (NYSE:MIY) was the recipient of 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 short-interest ratio is currently 0.8 days. Currently, 0.2% of the company’s shares are sold short.

Institutional Trading of BlackRock MuniYield Michigan Quality Fund

Several institutional investors and hedge funds have recently made changes to their positions in the company. Elequin Capital LP purchased a new stake in BlackRock MuniYield Michigan Quality Fund in the 4th quarter worth about $49,000. Nomura Holdings Inc. bought a new stake in BlackRock MuniYield Michigan Quality Fund during the fourth quarter valued at approximately $135,000. PNC Financial Services Group Inc. bought a new position in BlackRock MuniYield Michigan Quality Fund in the fourth quarter valued at $154,000. Bank of Montreal Can raised its holdings in shares of BlackRock MuniYield Michigan Quality Fund by 4.8% during the 4th quarter. Bank of Montreal Can now owns 19,740 shares of the financial services provider’s stock valued at $221,000 after buying an additional 913 shares in the last quarter. Finally, Baird Financial Group Inc. grew its position in BlackRock MuniYield Michigan Quality Fund by 91.0% during the fourth quarter. Baird Financial Group Inc. now owns 38,513 shares of the financial services provider’s stock valued at $431,000 after acquiring an additional 18,351 shares during the last quarter. Hedge funds and other institutional investors own 24.15% of the company’s stock.

BlackRock MuniYield Michigan Quality Fund Trading Down 0.4 %

NYSE MIY traded down $0.04 during trading hours on Thursday, hitting $11.26. 44,356 shares of the company’s stock were exchanged, compared to its average volume of 56,013. The stock has a 50-day simple moving average of $11.53 and a 200 day simple moving average of $11.65. 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 firm also recently announced a monthly dividend, which will be paid on Tuesday, April 1st. Investors of record on Friday, March 14th will be issued a $0.0545 dividend. The ex-dividend date is Friday, March 14th. This represents a $0.65 dividend on an annualized basis and a dividend yield of 5.81%.

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.