BlackRock MuniYield Michigan Quality Fund, Inc. (NYSE:MIY) Short Interest Up 21.4% in May

BlackRock MuniYield Michigan Quality Fund, Inc. (NYSE:MIY) saw a large growth in short interest in May. As of May 15th, there was short interest totalling 92,600 shares, a growth of 21.4% from the April 30th total of 76,300 shares. Based on an average daily volume of 54,000 shares, the days-to-cover ratio is presently 1.7 days. Currently, 0.3% of the shares of the company are short sold.

BlackRock MuniYield Michigan Quality Fund Stock Up 0.1%

Shares of MIY opened at $11.36 on Friday. BlackRock MuniYield Michigan Quality Fund has a twelve month low of $10.81 and a twelve month high of $12.11. The stock’s 50 day moving average is $11.33 and its two-hundred day moving average is $11.47.

BlackRock MuniYield Michigan Quality Fund Announces Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Friday, June 13th will be issued a $0.0545 dividend. This represents a $0.65 dividend on an annualized basis and a yield of 5.76%. The ex-dividend date of this dividend is Friday, June 13th.

Institutional Investors Weigh In On BlackRock MuniYield Michigan Quality Fund

A number of institutional investors have recently added to or reduced their stakes in the business. Elequin Capital LP purchased a new stake in shares of BlackRock MuniYield Michigan Quality Fund during the 4th quarter worth approximately $49,000. Simon Quick Advisors LLC purchased a new stake in shares of BlackRock MuniYield Michigan Quality Fund during the 1st quarter worth approximately $116,000. Nomura Holdings Inc. purchased a new stake in BlackRock MuniYield Michigan Quality Fund in the 4th quarter valued at approximately $135,000. PNC Financial Services Group Inc. purchased a new stake in BlackRock MuniYield Michigan Quality Fund in the 4th quarter valued at approximately $154,000. Finally, Shufro Rose & Co. LLC lifted its stake in BlackRock MuniYield Michigan Quality Fund by 40.0% in the 1st quarter. Shufro Rose & Co. LLC now owns 17,500 shares of the financial services provider’s stock valued at $199,000 after buying an additional 5,000 shares in the last quarter. Hedge funds and other institutional investors own 24.15% of the company’s stock.

BlackRock MuniYield Michigan Quality Fund Company Profile

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.