BlackRock MuniYield Michigan Quality Fund, Inc. (NYSE:MIY) Plans Dividend Increase – $0.05 Per Share

BlackRock MuniYield Michigan Quality Fund, Inc. (NYSE:MIY) declared a monthly dividend on Thursday, November 16th, Wall Street Journal reports. Stockholders of record on Friday, January 12th will be paid a dividend of 0.0465 per share by the financial services provider on Thursday, February 1st. This represents a $0.56 annualized dividend and a dividend yield of 5.31%. The ex-dividend date is Thursday, January 11th. This is an increase from BlackRock MuniYield Michigan Quality Fund’s previous monthly dividend of $0.03.

BlackRock MuniYield Michigan Quality Fund Stock Performance

NYSE MIY opened at $10.50 on Friday. The stock’s 50 day moving average is $10.02 and its 200 day moving average is $10.63. BlackRock MuniYield Michigan Quality Fund has a twelve month low of $9.45 and a twelve month high of $12.04.

Hedge Funds Weigh In On BlackRock MuniYield Michigan Quality Fund

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Virtu Financial LLC bought a new position in shares of BlackRock MuniYield Michigan Quality Fund in the 4th quarter worth about $111,000. West Michigan Advisors LLC purchased a new position in shares of BlackRock MuniYield Michigan Quality Fund during the first quarter valued at approximately $161,000. Bank of Montreal Can purchased a new position in shares of BlackRock MuniYield Michigan Quality Fund during the first quarter valued at approximately $180,000. Susquehanna International Group LLP purchased a new stake in shares of BlackRock MuniYield Michigan Quality Fund in the 1st quarter worth approximately $182,000. Finally, Envestnet Asset Management Inc. grew its stake in shares of BlackRock MuniYield Michigan Quality Fund by 16.7% in the 2nd quarter. Envestnet Asset Management Inc. now owns 16,020 shares of the financial services provider’s stock worth $211,000 after buying an additional 2,291 shares during the last quarter. Hedge funds and other institutional investors own 19.63% 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.