BlackRock MuniYield Quality Fund III (NYSE:MYI) Hits New 52-Week Low – Should You Sell?

BlackRock MuniYield Quality Fund III, Inc. (NYSE:MYI) hit a new 52-week low during trading on Wednesday. The company traded as low as $9.42 and last traded at $9.4350, with a volume of 450616 shares trading hands. The stock had previously closed at $9.64.

BlackRock MuniYield Quality Fund III Trading Down 2.0%

The business’s 50-day simple moving average is $10.40 and its 200-day simple moving average is $10.71.

BlackRock MuniYield Quality Fund III Dividend Announcement

The business also recently announced a monthly dividend, which will be paid on Tuesday, December 22nd. Shareholders of record on Friday, December 11th will be issued a dividend of $0.0555 per share. This represents a $0.67 dividend on an annualized basis and a yield of 7.1%. The ex-dividend date is Friday, December 11th.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in MYI. Rivernorth Capital Management LLC boosted its holdings in shares of BlackRock MuniYield Quality Fund III by 200.0% during the first quarter. Rivernorth Capital Management LLC now owns 5,254,333 shares of the investment management company’s stock worth $55,223,000 after purchasing an additional 3,502,884 shares during the last quarter. Bank of America Corp DE acquired a new position in shares of BlackRock MuniYield Quality Fund III during the 2nd quarter valued at about $16,031,000. Fiera Capital Corp purchased a new position in shares of BlackRock MuniYield Quality Fund III during the 4th quarter worth about $4,652,000. Allspring Global Investments Holdings LLC boosted its position in shares of BlackRock MuniYield Quality Fund III by 298.1% in the first quarter. Allspring Global Investments Holdings LLC now owns 537,780 shares of the investment management company’s stock worth $5,652,000 after acquiring an additional 402,688 shares during the last quarter. Finally, Focused Wealth Management Inc purchased a new stake in BlackRock MuniYield Quality Fund III in the second quarter valued at approximately $1,886,000. 34.01% of the stock is currently owned by hedge funds and other institutional investors.

BlackRock MuniYield Quality Fund III Company Profile

BlackRock MuniYield Quality Fund III, Inc (NYSE: MYI) is a closed-end municipal bond fund managed by BlackRock. The fund seeks to provide current income that is exempt from regular federal income tax, with capital appreciation as a secondary objective.

The fund invests primarily in long-term municipal obligations issued by states, municipalities and other public entities throughout the United States. Its portfolio may include bonds financing public infrastructure and essential services, such as transportation, education, health care, utilities and other government-related projects.