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) saw a large 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 daily volume of 105,940 shares, the days-to-cover ratio is presently 0.5 days.

First Trust Senior Floating Rate Income Fund II Stock Performance

Shares of NYSE FCT traded down $0.01 during trading hours on Wednesday, reaching $9.61. The stock had a trading volume of 43,420 shares, compared to its average volume of 99,207. The business’s fifty day moving average is $9.65 and its two-hundred day moving average is $9.78. First Trust Senior Floating Rate Income Fund II has a twelve month low of $9.40 and a twelve month high of $10.29.

First Trust Senior Floating Rate Income Fund II Cuts Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Wednesday, July 1st will be paid a $0.0813 dividend. 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 hedge funds and other institutional investors have recently made changes to their positions in the business. CoreCap Advisors LLC increased its stake in First Trust Senior Floating Rate Income Fund II by 97.6% in the second quarter. CoreCap Advisors LLC now owns 3,441 shares of the investment management company’s stock valued at $33,000 after acquiring an additional 1,700 shares during the period. Global Retirement Partners LLC boosted its holdings in First Trust Senior Floating Rate Income Fund II by 181.9% during the fourth 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 in the last quarter. XTX Topco Ltd bought a new stake in shares of First Trust Senior Floating Rate Income Fund II in the 4th quarter valued at approximately $107,000. Jane Street Group LLC bought a new stake in shares of First Trust Senior Floating Rate Income Fund II in the 2nd quarter valued at approximately $144,000. Finally, Seven Mile Advisory bought a new stake in shares of First Trust Senior Floating Rate Income Fund II in the 3rd quarter valued at approximately $176,000.

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.