BlackRock MuniYield New York Quality Fund (NYSE:MYN) Sees Unusually-High Trading Volume – Here’s Why

BlackRock MuniYield New York Quality Fund, Inc. (NYSE:MYN) shares saw an uptick in trading volume on Wednesday . 481,674 shares changed hands during mid-day trading, an increase of 240% from the previous session’s volume of 141,764 shares.The stock last traded at $9.69 and had previously closed at $9.80.

BlackRock MuniYield New York Quality Fund Stock Down 0.2%

The company’s fifty day simple moving average is $10.00 and its two-hundred day simple moving average is $9.96.

BlackRock MuniYield New York Quality Fund Dividend Announcement

The company also recently announced a monthly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Tuesday, September 15th will be given a $0.0512 dividend. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a c) annualized dividend and a dividend yield of 6.3%.

Hedge Funds Weigh In On BlackRock MuniYield New York Quality Fund

A number of large investors have recently made changes to their positions in the company. Rivernorth Capital Management LLC boosted its stake in BlackRock MuniYield New York Quality Fund by 411.5% in the 1st quarter. Rivernorth Capital Management LLC now owns 1,722,732 shares of the investment management company’s stock valued at $16,538,000 after purchasing an additional 1,385,904 shares during the period. Bank of America Corp DE increased its position in BlackRock MuniYield New York Quality Fund by 132.7% during the 1st quarter. Bank of America Corp DE now owns 1,645,711 shares of the investment management company’s stock worth $15,799,000 after buying an additional 938,369 shares during the period. Allspring Global Investments Holdings LLC increased its position in BlackRock MuniYield New York Quality Fund by 81.9% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,238,577 shares of the investment management company’s stock worth $11,890,000 after buying an additional 557,751 shares during the period. Cetera Investment Advisers lifted its holdings in shares of BlackRock MuniYield New York Quality Fund by 504.2% during the first quarter. Cetera Investment Advisers now owns 350,425 shares of the investment management company’s stock worth $3,364,000 after buying an additional 292,427 shares in the last quarter. Finally, Fiera Capital Corp bought a new stake in shares of BlackRock MuniYield New York Quality Fund in the fourth quarter valued at about $2,856,000. Institutional investors own 29.32% of the company’s stock.

About BlackRock MuniYield New York Quality Fund

BlackRock MuniYield New York Quality Fund (NYSE: MYN) is a diversified, closed-end management investment company that seeks to deliver current income exempt from federal and New York State income taxes. The fund primarily invests in a portfolio of municipal securities, with an emphasis on investment-grade obligations issued by entities located within New York State.

The fund’s investment strategy focuses on long-term, tax-exempt income by allocating assets to general obligation bonds, revenue bonds, and other municipal debt instruments rated in the upper tiers of the major credit rating agencies.