XAI Octagon Floating Rate & Alternative Income Term Trust (NYSE:XFLT) Sees Large Increase in Short Interest

XAI Octagon Floating Rate & Alternative Income Term Trust (NYSE:XFLT) saw a significant growth in short interest in December. As of December 15th, there was short interest totalling 55,900 shares, a growth of 66.4% from the November 30th total of 33,600 shares. Based on an average daily trading volume, of 224,300 shares, the days-to-cover ratio is currently 0.2 days.

In other XAI Octagon Floating Rate & Alternative Income Term Trust news, insider John Yogi Spence bought 4,000 shares of the company’s stock in a transaction dated Monday, December 20th. The shares were bought at an average price of $8.53 per share, for a total transaction of $34,120.00. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider John P. Mcgarrity sold 11,100 shares of the company’s stock in a transaction dated Wednesday, December 8th. The shares were sold at an average price of $9.10, for a total value of $101,010.00. The disclosure for this sale can be found here.

Large investors have recently added to or reduced their stakes in the stock. FNY Investment Advisers LLC acquired a new position in XAI Octagon Floating Rate & Alternative Income Term Trust in the third quarter worth approximately $36,000. Geneos Wealth Management Inc. increased its holdings in XAI Octagon Floating Rate & Alternative Income Term Trust by 101.2% in the third quarter. Geneos Wealth Management Inc. now owns 10,331 shares of the company’s stock worth $88,000 after buying an additional 5,197 shares during the last quarter. Private Advisor Group LLC bought a new stake in XAI Octagon Floating Rate & Alternative Income Term Trust during the third quarter worth approximately $97,000. Bank of New York Mellon Corp bought a new stake in XAI Octagon Floating Rate & Alternative Income Term Trust during the second quarter worth approximately $113,000. Finally, Advisor Group Holdings Inc. boosted its position in XAI Octagon Floating Rate & Alternative Income Term Trust by 1,164.7% during the third quarter. Advisor Group Holdings Inc. now owns 12,343 shares of the company’s stock worth $106,000 after purchasing an additional 11,367 shares during the period.

NYSE:XFLT traded up $0.12 during mid-day trading on Monday, reaching $9.04. The stock had a trading volume of 261,620 shares, compared to its average volume of 209,240. The company has a 50 day moving average of $9.01. XAI Octagon Floating Rate & Alternative Income Term Trust has a fifty-two week low of $7.35 and a fifty-two week high of $9.85.

The company also recently disclosed a monthly dividend, which was paid on Friday, December 31st. Investors of record on Wednesday, December 15th were issued a $0.073 dividend. The ex-dividend date of this dividend was Tuesday, December 14th. This represents a $0.88 dividend on an annualized basis and a yield of 9.69%.

Separately, B. Riley assumed coverage on XAI Octagon Floating Rate & Alternative Income Term Trust in a report on Thursday, September 23rd. They issued a “buy” rating and a $10.50 target price on the stock.

XAI Octagon Floating Rate & Alternative Income Term Trust Company Profile

XAI Octagon Floating Rate & Alternative Income Term Trust invests in a dynamically managed portfolio of floating-rate credit instruments and other structured credit investments within the private markets. Under normal market conditions, the Trust will invest at least 80% of managed assets in senior secured loans, CLO debt and CLO equity.

The Trust seeks attractive total return with an emphasis on income generation across multiple stages of the credit cycle.

Read More: What is total return in investing?

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