BlackRock MuniYield Michigan Quality Fund, Inc. has announced a monthly dividend of $0.0545 per share, a decision made on January 2, 2024. Shareholders on record as of January 20, 2024, will receive this payment on February 2, 2024. The declared dividend translates to an annual yield of 5.4%, reflecting the fund’s commitment to providing income to its investors.
Stock Performance and Investor Activity
As of the latest trading session, BlackRock MuniYield Michigan Quality Fund’s stock opened at $12.20. The fund’s 50-day moving average price stands at $11.73, while the 200-day moving average is $11.40. Over the past year, the stock has seen a minimum price of $10.57 and a maximum of $12.32, indicating a moderate level of volatility.
Recent activity among institutional investors reflects a growing interest in the fund. For instance, the Oliver Lagore Vanvalin Investment Group established a new stake in the fund valued at approximately $46,000 during the second quarter. Melfa Wealth Management Inc. increased its holdings by 6.8%, acquiring an additional 3,363 shares, bringing its total to 52,790 shares worth $583,000.
Foresight Capital Management Advisors Inc. also raised its stake by 8.3%, now owning 28,723 shares valued at $317,000. Axxcess Wealth Management LLC increased its position by 8.4%, totaling 34,700 shares worth $383,000. In a notable move, FSA Advisors Inc. boosted its holdings by a significant 117.0%, acquiring an additional 117,754 shares, resulting in a total ownership of 218,413 shares valued at $2,411,000. Currently, institutional investors hold 24.15% of the fund’s stock.
About the Fund
The BlackRock MuniYield Michigan Quality Fund (NYSE: MIY) is a closed-end management investment company that aims to deliver current income exempt from federal and Michigan personal income taxes. The fund primarily invests in investment-grade municipal securities issued by state and local governments in Michigan. Its portfolio is diversified, typically consisting of general obligation bonds and revenue bonds backed by public utilities, transportation projects, and essential municipal services.
The fund’s investment strategy emphasizes credit quality and diversification across various sectors and maturities, making it an appealing option for investors seeking tax-exempt income.
For those interested in staying updated, BlackRock MuniYield Michigan Quality Fund offers a daily summary of the latest news and analysts’ ratings, which can be received via email.
