BlackRock MuniYield Michigan Quality Fund Declares $0.05 Monthly Dividend

On January 2, 2024, the BlackRock MuniYield Michigan Quality Fund, Inc. (NYSE: MIY) announced a monthly dividend of $0.0545 per share. Shareholders on record as of January 20, 2024, will receive this payment on February 2, 2024. This dividend reflects an annualized yield of 5.4%, underscoring the fund’s commitment to providing steady income to its investors.

The ex-dividend date is set for January 20, 2024, which is the last day for investors to purchase shares in order to receive the upcoming dividend. This announcement has generated interest among existing and potential investors, given the fund’s performance and its focus on tax-exempt income.

Fund Performance and Market Position

On the day of the announcement, shares of the BlackRock MuniYield Michigan Quality Fund opened at $12.20. The fund’s performance has been relatively stable, with a 50-day moving average at $11.73 and a 200-day moving average at $11.40. Over the past year, the stock has fluctuated between a low of $10.57 and a high of $12.32, indicating a solid range for potential investors.

Several institutional investors have recently adjusted their holdings in the fund, reflecting a growing interest in its performance. For instance, the Oliver Lagore Vanvalin Investment Group acquired a new stake valued at approximately $46,000 in the second quarter. Meanwhile, Melfa Wealth Management Inc. increased its holdings by 6.8%, now owning 52,790 shares worth $583,000 after adding 3,363 shares in the last quarter.

Other notable changes include Foresight Capital Management Advisors Inc., which raised its stake by 8.3% with 28,723 shares valued at $317,000, and Axxcess Wealth Management LLC, which boosted its position by 8.4%, now holding 34,700 shares worth $383,000. Notably, FSA Advisors Inc. significantly increased its holdings by 117.0%, owning 218,413 shares valued at $2.4 million after purchasing an additional 117,754 shares during the period. Overall, institutional investors now own 24.15% of the stock.

About the BlackRock MuniYield Michigan Quality Fund

The BlackRock MuniYield Michigan Quality Fund is a closed-end management investment company dedicated to providing current income that is 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 across general obligation bonds and revenue bonds backed by essential services, such as public utilities and transportation projects.

The fund’s investment strategy emphasizes credit quality and diversification, aiming to minimize risk while maximizing income for its shareholders. As it continues to attract interest from both individual and institutional investors, the ongoing dividend payments highlight its potential as a reliable income-generating investment in the municipal bond market.