First Trust Senior Floating Rate Income Fund II (NYSE:FCT) Short Interest Update

First Trust Senior Floating Rate Income Fund II (NYSE:FCT) saw a large drop in short interest in the month of June. As of June 15th, there was short interest totaling 22,546 shares, a drop of 61.9% from the May 31st total of 59,244 shares. Based on an average daily volume of 115,997 shares, the short-interest ratio is presently 0.2 days.

Institutional Investors Weigh In On First Trust Senior Floating Rate Income Fund II

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Global Retirement Partners LLC lifted its stake in shares of First Trust Senior Floating Rate Income Fund II by 181.9% in the 4th quarter. Global Retirement Partners LLC now owns 9,955 shares of the investment management company’s stock valued at $100,000 after purchasing an additional 6,424 shares during the period. XTX Topco Ltd acquired a new stake in First Trust Senior Floating Rate Income Fund II during the fourth quarter valued at $107,000. Jane Street Group LLC purchased a new position in First Trust Senior Floating Rate Income Fund II in the second quarter valued at $144,000. Seven Mile Advisory purchased a new position in First Trust Senior Floating Rate Income Fund II in the third quarter valued at $176,000. Finally, Verity Asset Management Inc. raised its position in shares of First Trust Senior Floating Rate Income Fund II by 62.0% in the third quarter. Verity Asset Management Inc. now owns 25,474 shares of the investment management company’s stock worth $255,000 after acquiring an additional 9,754 shares during the period.

First Trust Senior Floating Rate Income Fund II Stock Performance

Shares of NYSE FCT traded up $0.04 during trading on Tuesday, reaching $9.65. 100,275 shares of the company traded hands, compared to its average volume of 96,099. The firm’s fifty day simple moving average is $9.69 and its 200 day simple moving average is $9.81. First Trust Senior Floating Rate Income Fund II has a 12-month low of $9.40 and a 12-month high of $10.29.

First Trust Senior Floating Rate Income Fund II Cuts Dividend

The business also recently declared a monthly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Wednesday, July 1st will be issued a $0.0813 dividend. The ex-dividend date of this dividend is Wednesday, July 1st. This represents a c) dividend on an annualized basis and a yield of 10.1%.

First Trust Senior Floating Rate Income Fund II Company Profile

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.