BlackRock MuniYield Michigan Quality Fund (NYSE:MIY) Stock Crosses Below Fifty Day Moving Average of $11.46

Shares of BlackRock MuniYield Michigan Quality Fund, Inc. (NYSE:MIY) crossed below its 50 day moving average during trading on Tuesday . The stock has a 50 day moving average of $11.46 and traded as low as $11.09. BlackRock MuniYield Michigan Quality Fund shares last traded at $11.13, with a volume of 66,344 shares trading hands.

BlackRock MuniYield Michigan Quality Fund Stock Down 0.3 %

The company has a fifty day moving average price of $11.46 and a two-hundred day moving average price of $10.98.

BlackRock MuniYield Michigan Quality Fund Dividend Announcement

The company also recently disclosed a monthly dividend, which will be paid on Wednesday, May 1st. Stockholders of record on Monday, April 15th will be issued a $0.0465 dividend. This represents a $0.56 annualized dividend and a dividend yield of 5.02%. The ex-dividend date is Friday, April 12th.

Institutional Investors Weigh In On BlackRock MuniYield Michigan Quality Fund

Hedge funds have recently modified their holdings of the stock. AQR Arbitrage LLC lifted its holdings in shares of BlackRock MuniYield Michigan Quality Fund by 90.2% during the third quarter. AQR Arbitrage LLC now owns 205,914 shares of the financial services provider’s stock worth $2,045,000 after purchasing an additional 97,635 shares during the period. Robinson Capital Management LLC lifted its holdings in shares of BlackRock MuniYield Michigan Quality Fund by 13.0% during the third quarter. Robinson Capital Management LLC now owns 389,193 shares of the financial services provider’s stock worth $3,853,000 after purchasing an additional 44,837 shares during the period. Axxcess Wealth Management LLC acquired a new stake in shares of BlackRock MuniYield Michigan Quality Fund during the third quarter worth $143,000. Foresight Capital Management Advisors Inc. acquired a new stake in shares of BlackRock MuniYield Michigan Quality Fund during the fourth quarter worth $195,000. Finally, Saba Capital Management L.P. lifted its holdings in shares of BlackRock MuniYield Michigan Quality Fund by 70.4% during the third quarter. Saba Capital Management L.P. now owns 664,020 shares of the financial services provider’s stock worth $6,594,000 after purchasing an additional 274,244 shares during the period. 24.15% of the stock is owned by institutional investors and hedge funds.

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.