First Trust Senior Floating Rate Income Fund II (NYSE:FCT) Short Interest Up 119.0% in June

First Trust Senior Floating Rate Income Fund II (NYSE:FCT) was the recipient of a significant growth in short interest in June. As of June 30th, there was short interest totaling 49,368 shares, a growth of 119.0% from the June 15th total of 22,546 shares. Based on an average trading volume of 105,940 shares, the days-to-cover ratio is presently 0.5 days.

First Trust Senior Floating Rate Income Fund II Stock Down 0.1%

Shares of NYSE FCT traded down $0.01 during midday trading on Wednesday, reaching $9.61. 43,420 shares of the company traded hands, compared to its average volume of 99,207. First Trust Senior Floating Rate Income Fund II has a 12 month low of $9.40 and a 12 month high of $10.29. The stock’s 50-day simple moving average is $9.65 and its 200-day simple moving average is $9.78.

First Trust Senior Floating Rate Income Fund II Cuts Dividend

The company also recently announced a monthly dividend, which will be paid on Wednesday, July 15th. Investors of record on Wednesday, July 1st will be given a dividend of $0.0813 per share. The ex-dividend date is Wednesday, July 1st. This represents a c) dividend on an annualized basis and a dividend yield of 10.2%.

Hedge Funds Weigh In On First Trust Senior Floating Rate Income Fund II

A number of institutional investors and hedge funds have recently added to or reduced their stakes in FCT. Invesco Ltd. increased its holdings in shares of First Trust Senior Floating Rate Income Fund II by 3.0% during the fourth quarter. Invesco Ltd. now owns 653,730 shares of the investment management company’s stock worth $6,583,000 after buying an additional 18,952 shares in the last quarter. Bank of America Corp DE grew its position in First Trust Senior Floating Rate Income Fund II by 2.0% during the 2nd quarter. Bank of America Corp DE now owns 643,395 shares of the investment management company’s stock worth $6,537,000 after acquiring an additional 12,835 shares during the last quarter. Sit Investment Associates Inc. grew its position in First Trust Senior Floating Rate Income Fund II by 340.6% during the 4th quarter. Sit Investment Associates Inc. now owns 349,329 shares of the investment management company’s stock worth $3,518,000 after acquiring an additional 270,048 shares during the last quarter. Ameriprise Financial Inc. increased its holdings in First Trust Senior Floating Rate Income Fund II by 43.1% during the 3rd quarter. Ameriprise Financial Inc. now owns 268,985 shares of the investment management company’s stock valued at $2,692,000 after purchasing an additional 80,984 shares in the last quarter. Finally, UBS Group AG increased its holdings in First Trust Senior Floating Rate Income Fund II by 20.5% during the 4th quarter. UBS Group AG now owns 252,376 shares of the investment management company’s stock valued at $2,541,000 after purchasing an additional 42,895 shares in the last quarter.

About First Trust Senior Floating Rate Income Fund II

First Trust Senior Floating Rate Income Fund II (NYSE: FCT) is a diversified, closed-end management investment company that seeks to provide current income with preservation of capital. Listed on the New York Stock Exchange, the fund pursues its objective by investing primarily in senior floating rate loans and other floating rate debt instruments of U.S. and non-U.S. companies. As a closed-end vehicle, FCT issues a fixed number of common shares and may utilize leverage to enhance returns for shareholders.

Under normal market conditions, FCT allocates at least 80% of its managed assets to senior floating rate loans, which are typically secured obligations of corporate borrowers.