Short Interest in First Trust Senior Floating Rate Income Fund II (NYSE:FCT) Drops By 86.7%

First Trust Senior Floating Rate Income Fund II (NYSE:FCT) saw a significant drop in short interest during the month of July. As of July 31st, there was short interest totaling 19,096 shares, a drop of 86.7% from the July 15th total of 143,827 shares. Based on an average daily volume of 184,492 shares, the days-to-cover ratio is currently 0.1 days.

First Trust Senior Floating Rate Income Fund II Trading Down 0.0%

NYSE:FCT traded down $0.00 during trading hours on Thursday, reaching $9.67. The company had a trading volume of 1,136,436 shares, compared to its average volume of 114,049. The firm’s 50 day moving average price is $9.62 and its 200-day moving average price is $9.72. First Trust Senior Floating Rate Income Fund II has a 52 week low of $9.40 and a 52 week high of $10.24.

First Trust Senior Floating Rate Income Fund II Cuts Dividend

The company also recently disclosed a monthly dividend, which was paid on Wednesday, July 15th. Investors of record on Wednesday, July 1st were issued a $0.0813 dividend. The ex-dividend date of this dividend was Wednesday, July 1st. This represents a c) annualized dividend and a dividend yield of 10.1%.

Institutional Trading of First Trust Senior Floating Rate Income Fund II

Hedge funds have recently bought and sold shares of the company. Invesco Ltd. boosted its position in First Trust Senior Floating Rate Income Fund II by 3.0% in the fourth quarter. Invesco Ltd. now owns 653,730 shares of the investment management company’s stock worth $6,583,000 after purchasing an additional 18,952 shares during the last quarter. Bank of America Corp DE increased its position in shares of 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 valued at $6,537,000 after purchasing an additional 12,835 shares during the last quarter. Sit Investment Associates Inc. lifted its stake in shares of First Trust Senior Floating Rate Income Fund II by 340.6% in the 4th quarter. Sit Investment Associates Inc. now owns 349,329 shares of the investment management company’s stock worth $3,518,000 after purchasing an additional 270,048 shares during the period. Ameriprise Financial Inc. lifted its stake in shares of First Trust Senior Floating Rate Income Fund II by 43.1% in the 3rd quarter. Ameriprise Financial Inc. now owns 268,985 shares of the investment management company’s stock worth $2,692,000 after purchasing an additional 80,984 shares during the period. Finally, UBS Group AG boosted its holdings in shares of First Trust Senior Floating Rate Income Fund II by 20.5% in the fourth quarter. UBS Group AG now owns 252,376 shares of the investment management company’s stock worth $2,541,000 after buying an additional 42,895 shares during the last quarter.

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.