BlackRock MuniYield Michigan Quality Fund, Inc. (NYSE:MIY - Get Free Report) was the target of a significant growth in short interest in October. As of October 15th, there was short interest totalling 32,100 shares, a growth of 154.8% from the September 30th total of 12,600 shares. Based on an average daily trading volume, of 56,900 shares, the days-to-cover ratio is currently 0.6 days.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Robinson Capital Management LLC grew its position in BlackRock MuniYield Michigan Quality Fund by 13.5% during the first quarter. Robinson Capital Management LLC now owns 618,081 shares of the financial services provider's stock worth $6,839,000 after buying an additional 73,671 shares in the last quarter. Melone Private Wealth LLC raised its position in BlackRock MuniYield Michigan Quality Fund by 0.5% in the 3rd quarter. Melone Private Wealth LLC now owns 378,496 shares of the financial services provider's stock worth $4,546,000 after purchasing an additional 1,809 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its stake in shares of BlackRock MuniYield Michigan Quality Fund by 2.6% during the third quarter. Allspring Global Investments Holdings LLC now owns 211,192 shares of the financial services provider's stock valued at $2,536,000 after acquiring an additional 5,287 shares during the period. Cetera Investment Advisers boosted its stake in shares of BlackRock MuniYield Michigan Quality Fund by 2.0% in the 2nd quarter. Cetera Investment Advisers now owns 179,534 shares of the financial services provider's stock valued at $2,054,000 after purchasing an additional 3,511 shares during the last quarter. Finally, Secure Asset Management LLC boosted its stake in BlackRock MuniYield Michigan Quality Fund by 4.2% in the second quarter. Secure Asset Management LLC now owns 127,633 shares of the financial services provider's stock valued at $1,460,000 after acquiring an additional 5,188 shares during the last quarter. Institutional investors own 24.15% of the company's stock.
Shares of NYSE MIY traded up $0.12 during mid-day trading on Friday, hitting $11.70. 56,464 shares of the company traded hands, compared to its average volume of 51,343. The business has a 50 day moving average of $11.86 and a two-hundred day moving average of $11.55. BlackRock MuniYield Michigan Quality Fund has a 1 year low of $9.45 and a 1 year high of $12.11.
The business also recently announced a monthly dividend, which will be paid on Friday, November 1st. Shareholders of record on Tuesday, October 15th will be paid a dividend of $0.0545 per share. The ex-dividend date of this dividend is Tuesday, October 15th. This represents a $0.65 dividend on an annualized basis and a dividend yield of 5.59%. This is a positive change from BlackRock MuniYield Michigan Quality Fund's previous monthly dividend of $0.05.
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.
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