Blackrock MuniYield New Jersey Fund increases against the trend 02 December 2019

NEWS BITES - NORTH AMERICA

Blackrock MuniYield New Jersey Fund, Inc. (NYSE:MYJ), Blackrock MuniYield New Jersey Fund's unit price has increased 2.0c (0.1%) from its previous trading session to close at $US15.15. Compared with the S&P 500 Index which fell 27.1 points (0.9%) in the day, the relative price increase was 1.0%. There were 31,400 units worth $US475,710 traded today. The volume was 0.7 times the average daily trading volume of 45,158 units. Today the stock traded between its three-day high of $US15.16 and five-day low of $US15.11.

Stock Summary

Today's close (USD)15.15
52-Week Range (USD)12.2-15.7
SectorTotal Nyse Market
Shares Outstanding24,158,000
Market Cap$US366 million

Highlights in today's Report:

SECTION 1 TODAY'S BULLISH SIGNALS

SECTION 2 TODAY'S BEARISH SIGNALS

RECAP FROM PREVIOUS REPORTS (UPDATED AT THE LAST PRICE OF $US15.15):

SECTION 3 THE PAST WEEK

SECTION 4 ONGOING BULLISH PARAMETERS

SECTION 5 ONGOING BEARISH PARAMETERS

SECTION 6 REPORTED BUYING AND SELLING

SECTION 7 RANKING

SECTION 8 SUMMARY FINANCIALS

SECTION 9 CORPORATE PROFILE

SECTION 1 BLACKROCK MUNIYIELD NEW JERSEY FUND BULLISH SIGNALS

1.1 Undervaluation [compared with sector average]:

Dividend Yield

+ To quote Benjamin Graham: "A dividend yield of at least two-thirds the triple-A bond yield"; the stock's dividend yield is 2.7 times the triple-A bond yield of 1.8%.

+ The relative yield of MYJ, defined by its yield of 4.8%, divided by average yield of dividend yielding stocks in the S&P 500 Index of 1.6% is 293.9%. This suggests Blackrock MuniYield New Jersey Fund unit is undervalued in dividend yield terms.

MCap/Total Assets

+ Tobin's Q Ratio, defined as MCap divided by Total Assets, is 0.6. Compared with the rest of the market the unit is undervalued.

1.2 Uptrend:

Price/Moving Average Price:

+ The price to 200-day MAP ratio is 1.04, a bullish indicator. In the past 200 days this ratio has exceeded 1.04 187 times suggesting further upside. The 50-day MAP of $US15.23 is higher than the 200-day MAP of $US14.62, another bullish indicator.

Past Week:

+ Blackrock MuniYield New Jersey Fund, Inc. is placed 704/2702 in BuySellSignals' ranking of NYSE performers in the past week, a percentile ranking of 74.

+ In the past week, volume was 0.5 times average and the units were up 0.5%. Monday's close price is at a 0.2% premium to its 5-day Volume Weighted Average Price (VWAP) of $US15.11.

Past Month:

+ In the past three months the unit has hit a new 52-week high six times, pointing to an uptrend.

+ The present value of $US1,000 (PV1000) invested one month ago in Blackrock MuniYield New Jersey Fund is $US1,013, comprising a capital gain of $US9 and dividend reinvested of $US4.

PV$10001-week1-month1-year
MYJ.NYSE1,0051,0131,279
S&P 500 Index9941,0091,128

1.3 High Price Performance Indicator and rank of Blackrock MuniYield New Jersey Fund in the NYSE market:

DescriptionMYJ ValueRank In Market
Volatility %0.3In Top Quartile

Oversold/Bullish Signals:

+ The Stochastic indicator of 9.3 has pierced the oversold line of 20; this indicates the price is close to its 14-day low and is likely to revert to an uptrend.

SECTION 2 BLACKROCK MUNIYIELD NEW JERSEY FUND BEARISH SIGNALS

2.1 Overvaluation Indicator and rank of Blackrock MuniYield New Jersey Fund in the NYSE market:

DescriptionValueRank In Market
Price to Sales20.6In Bottom 1%

2.2 Downtrend:

Price/Moving Average Price and MACD:

+ The Price/MAP of 1.04 for MYJ is lower than the Price/MAP for the S&P 500 Index of 1.09.

+ The Moving Average Convergence Divergence (MACD) indicator of 12-day Exponential Moving Average (EMA) of 15.16 minus the 26-day EMA of 15.19 is negative suggesting a bearish signal. Both the 12-day EMA as well as the 26-day EMA are falling, another bearish signal.

Relative Strength (6 months):

+ In the NYSE market of 1,863 stocks and 283 units traded today, the unit has a 6-month relative strength of 46 which means it has underperformed 54.0% of the market.

2.3 Low Price Performance Indicators and rank of Blackrock MuniYield New Jersey Fund in the NYSE market:

DescriptionMYJ ValueRank In Market
Today's Trading Turnover$US475,710In Bottom Quartile
MCap$US366 millionIn Bottom Quartile

RECAP FROM PREVIOUS REPORTS (UPDATED AT THE LAST PRICE OF $US15.15):

SECTION 3 THE PAST WEEK

3.1 Snapshot: Blackrock MuniYield New Jersey Fund unit was up 7.0c or 0.5% in the past week. Volume in the week was 0.5 times average trading of 180,632 shares. It underperformed the S&P 500 index in 4 out of 5 days.

DayBlackrock MuniYield New Jersey FundClose price [USD]Price change %Relative change %Comment
FridayRises for a third consecutive day, a three-day rise of 0.3%15.130.10.5Price rise on rising relative strength
WednesdayIncreases15.120.2-0.2Top Rise
TuesdayRises 0.2% from 14-day low15.090.1-0.2Price rise on rising relative strength
MondayFalls for a third consecutive day, a three-day fall of 0.5%15.08-0.1-0.8Falls for a third consecutive day
FridayDrops to 22-day low15.09-0.3-0.5Steepest Fall

3.2 Volatility:

+ Blackrock MuniYield New Jersey Fund is at a discount of 3.7% to its 12-month high of $US15.73 on October 09. It is also at a premium of 24.3% to the 12-month low of $US12.19 on December 26, 2018.

SECTION 4 ONGOING BULLISH PARAMETERS

4.1 Moving Annual Return (Past 5 years)

Based on a dynamic start date of 5 years ago, the real rate of return has averaged 13.7%. The Moving Annual Return has been positive in 4 of the last 5 years. An investment a year ago in MYJ would have produced a return of 27.4%.

MYJClose (USD)Dividends (USD)Capital Gain / (Loss) %% YieldAnnual Return %
Dec 0215.150.7321.65.827.4
1 Yr ago12.460.82(11.0)5.8(5.1)
2 Yrs ago140.95.16.811.9
3 Yrs ago13.320.9110.77.518.3
4 Yrs ago12.030.917.98.116.1

Close 5 years ago $US11.15

4.2 Increased ADVT past five years

Avg. Daily Volume Traded 12 months ended Dec 02, thousand units

YearADVT
201945.2
201844.7
201719.4
201623.1
201524.5

In the past five years, Average Daily Volume of Trading (ADVT) has increased 84.5% to 45,158 units.

4.3 Increased VWAP

Past five years, 12 months ended Dec 02 (USD)

YearHigh PriceVWAPLow Price
201915.7313.8512.19
201814.7312.7311.88
201715.413.7612.84
201614.7413.5911.85
201512.3311.636.31

In the past five years Volume Weighted Average Price (VWAP) has increased by 19.1% to $US13.85.

4.4 Increased Average Daily Turnover

Past five years, 12 months ended Dec 02 (USD thousand)

YearAverage Daily Turnover
2019620.9
2018571.5
2017267.6
2016317.0
2015287.1

In the past five years, average daily unit turnover has increased 116.3% to $US620,914. This suggests increased liquidity.

4.5 Turnover Rate & Turnover Period:

+ The turnover rate in the 12 months to date was 43.9% (or a turnover period of 2 years 3 months). The average length of ownership of the unit is 3.2 times the average holding period of 8 months for units in the S&P 500 Index suggests a larger number of core investors, making a long-term investment safer.

SECTION 5 ONGOING BEARISH PARAMETERS

5.1 Performance:

+ Return on Equity 2.5% [10.5%].

+ Return on Assets 1.5% [2.6%].

+ As per the Du Pont analysis, Return on Equity [ROE] is less than stellar at 2.5%. ROE is computed as net profit margin of 52.3% times asset turnover [sales/assets] of 0.03 times leverage factor [total assets/shareholders' equity] of 1.7.

5.2 Low Performance Indicators and rank of Blackrock MuniYield New Jersey Fund in the NYSE market:

DescriptionValueRank In Market
Return on Equity [ROE] %2.5In Bottom Quartile
Return on Assets [ROA] %1.5In Bottom Quartile

SECTION 6 BLACKROCK MUNIYIELD NEW JERSEY FUND REPORTED BUYING AND SELLING

6.1 Institutional Buying and Selling Quarter Ended September 30

Total reported Institutional buying = 18,592 units

Total reported Institutional selling = 302,851 units

Net reported institutional selling = 284,259 units

6.2 Reported Holdings of Institutions as at Sep 30, 2019

Total = 1,585,696 units

Market Value = $US24.1 million

Institutions hold 6.6% of Issued Shares.

SECTION 7 BLACKROCK MUNIYIELD NEW JERSEY FUND RANKING

Rank of Blackrock MuniYield New Jersey Fund in the Total NYSE Market [out of 2077 stocks]

DescriptionValueIn Total NYSE Market
MCap (USD)366M1,548
Total Assets (USD)628.8M1,596
Revenue (USD)17.8M1,753
Net Profit (USD)9.3M1,360
Return on Equity %2.51,314
Net Profit Margin %52.3208
Price to Book1.0443
Yield %4.8587
PV1000 (1Year) USD1,279511

SECTION 8 BLACKROCK MUNIYIELD NEW JERSEY FUND SUMMARY FINANCIALS

8.1 Dividend History

Trailing 12 months dividend for the 12 months ended December 02 has deteriorated from 90.50c in 2015 to 72.60c in 2019.

8.2 Annual Report: Key Parameters

FY2018 Annual Report: Blackrock MuniYield New Jersey Fund reports Net Profit of $US9.3m


Release Date: January 17, 2019

Blackrock MuniYield New Jersey Fund (NYSE:MYJ) reported net profit for the year-ended 31 July 2018 of $US9.3m.

Highlights

- Total revenue of $US17.8m

- Net profit of $US9.3m

- Total Liabilities to Operating Cash Flow of 18.0: this compares unfavourably with the Joseph Piotroski benchmark of <4

- Total liabilities to Total assets of 0.4

- Current ratio of 2.0

- Working capital to total assets of 0.4%

- Retained earnings to total assets of 0.4%

Annual Report: 2018

Company Name : Blackrock MuniYield New Jersey Fund, Inc. (MYJ)
July 312018
Description$US m
Total Revenue17.8
Profit/(Loss) after Tax9.3
Working Capital2.5
Current Assets5.2
Current Liabilities2.6
Shareholders' Funds376.2
Total Liabilities252.6
Total Assets628.8
Cash and cash equivalents0.1
Operating Cash Flow14
Net Assets376.2
Net Tangible Assets376.2
AuditorDeloitte & Touche LLP

Performance Ratios

July 312018
Return on Equity (%)2.5
Return on Assets (%)1.5
Total Liabilities to Operating Cash Flow18
Total Liabilities/Total Assets0.4
Common Size Ratios by Assets %
Total non-current assets to Total Assets 99.2
Other non-current assets to Total Assets 99.1
Total current assets to Total Assets 0.8
Common Size Ratios by Revenues %
Sales and marketing expenses to Revenues 0.1

SECTION 9 CORPORATE PROFILE

9.1 Activities

BlackRock MuniYield New Jersey Fund, Inc. (the Fund), formerly known as MuniYield New Jersey Fund, Inc., is a non-diversified, closed-end management investment company. The Fund seeks to provide a high level of current income exempt from federal and New Jersey income taxes. It invests primarily in a portfolio of long-term, investment-grade municipal obligations, the interest on which is exempt from federal income tax and New Jersey personal income taxes.

9.2 Top Management

The chief executive officer is John Perlowski and the chief financial officer is Neal Andrews.

9.3 Issued Capital and MCap

Based on 24,158,000 issued shares the market capitalisation is $US366 million.

COMPANY IDENTIFIERS

Physical Address: 100 Bellevue Parkway Wilmngton, DE 19809 United States

State/Province/Country: DE, United States

Country of Incorporation: United States

Exchange: New York Stock Exchange

ISIN: US09254Y1091

N:MYJ; MYJ.N

PermID: 4295901262

RIC: MYJ.N

CIK: 884216

CUSIP: 09254Y109

Blackrock Muniyield New Jersey, Blackrock Muniyield New Jersey Fund Inc, Blackrock Muniyield New Jersey Fund, Inc

Source: www.BuySellSignals.com