First Trust SSI Strategic Convertible Securities ETF (NASDAQ:FCVT) Stock Jumps 1.6% – Here’s What Happened

First Trust SSI Strategic Convertible Securities ETF (NASDAQ:FCVT) shares were up 1.6% on Wednesday. The company traded as high as $44.62 and last traded at $44.32. 4,215 shares were traded during mid-day trading, a decline of 85% from the average session volume of 27,790 shares. The stock had previously closed at $43.62.

First Trust SSI Strategic Convertible Securities ETF Stock Performance

The stock has a 50-day moving average of $47.25 and a 200-day moving average of $48.60.

First Trust SSI Strategic Convertible Securities ETF Announces Dividend

The company also recently declared a monthly dividend, which was paid on Friday, October 30th. Shareholders of record on Wednesday, October 21st were issued a $0.0450 dividend. The ex-dividend date was Wednesday, October 21st. This represents a $0.54 annualized dividend and a yield of 1.3%.

Institutional Investors Weigh In On First Trust SSI Strategic Convertible Securities ETF

Several institutional investors and hedge funds have recently added to or reduced their stakes in FCVT. Concurrent Investment Advisors LLC boosted its position in First Trust SSI Strategic Convertible Securities ETF by 64.4% during the 2nd quarter. Concurrent Investment Advisors LLC now owns 283,615 shares of the company’s stock valued at $15,251,000 after buying an additional 111,050 shares during the period. Integrity Alliance LLC. bought a new stake in First Trust SSI Strategic Convertible Securities ETF in the 3rd quarter worth $299,000. Bank of America Corp DE grew its holdings in First Trust SSI Strategic Convertible Securities ETF by 14.4% in the 1st quarter. Bank of America Corp DE now owns 46,152 shares of the company’s stock worth $2,039,000 after acquiring an additional 5,805 shares during the last quarter. Csenge Advisory Group purchased a new position in shares of First Trust SSI Strategic Convertible Securities ETF in the third quarter valued at about $234,000. Finally, City Center Advisors LLC purchased a new position in shares of First Trust SSI Strategic Convertible Securities ETF in the second quarter valued at about $215,000.

About First Trust SSI Strategic Convertible Securities ETF

The First Trust SSI Strategic Convertible Securities ETF (FCVT) is an exchange-traded fund that mostly invests in broad credit fixed income. The fund is an actively managed fund of convertible securities from within and outside the US. FCVT was launched on Nov 4, 2015 and is managed by First Trust.