PNC Financial Services Group Inc. Buys New Holdings in BlackRock MuniYield Michigan Quality Fund, Inc. (NYSE:MIY)

PNC Financial Services Group Inc. purchased a new position in shares of BlackRock MuniYield Michigan Quality Fund, Inc. (NYSE:MIY) during the fourth quarter, Holdings Channel.com reports. The institutional investor purchased 13,745 shares of the financial services provider’s stock, valued at approximately $154,000.

A number of other institutional investors have also recently bought and sold shares of the business. Raymond James Financial Inc. acquired a new stake in BlackRock MuniYield Michigan Quality Fund in the 4th quarter valued at $928,000. Rivernorth Capital Management LLC lifted its holdings in shares of BlackRock MuniYield Michigan Quality Fund by 6.6% during the third quarter. Rivernorth Capital Management LLC now owns 404,338 shares of the financial services provider’s stock valued at $4,856,000 after acquiring an additional 25,000 shares during the period. Finally, Stifel Financial Corp boosted its stake in shares of BlackRock MuniYield Michigan Quality Fund by 30.4% in the 3rd quarter. Stifel Financial Corp now owns 102,285 shares of the financial services provider’s stock valued at $1,228,000 after purchasing an additional 23,850 shares in the last quarter. Institutional investors and hedge funds own 24.15% of the company’s stock.

BlackRock MuniYield Michigan Quality Fund Stock Performance

NYSE MIY opened at $11.41 on Tuesday. The stock’s 50 day simple moving average is $11.54 and its 200 day simple moving average is $11.65. BlackRock MuniYield Michigan Quality Fund, Inc. has a one year low of $10.97 and a one year high of $12.11.

BlackRock MuniYield Michigan Quality Fund Announces Dividend

The firm also recently declared a monthly dividend, which will be paid on Tuesday, April 1st. Investors of record on Friday, March 14th will be issued a $0.0545 dividend. The ex-dividend date is Friday, March 14th. This represents a $0.65 dividend on an annualized basis and a dividend yield of 5.73%.

BlackRock MuniYield Michigan Quality Fund 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.