Sit Investment Associates Inc. Acquires 270,048 Shares of First Trust Senior Floating Rate Income Fund II $FCT

Sit Investment Associates Inc. increased its holdings in First Trust Senior Floating Rate Income Fund II (NYSE:FCT) by 340.6% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 349,329 shares of the investment management company’s stock after purchasing an additional 270,048 shares during the period. Sit Investment Associates Inc.’s holdings in First Trust Senior Floating Rate Income Fund II were worth $3,518,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of FCT. Global Retirement Partners LLC lifted its position in shares of First Trust Senior Floating Rate Income Fund II by 181.9% in the fourth quarter. Global Retirement Partners LLC now owns 9,955 shares of the investment management company’s stock worth $100,000 after buying an additional 6,424 shares in the last quarter. Alteri Wealth LLC bought a new stake in First Trust Senior Floating Rate Income Fund II in the third quarter worth $104,000. XTX Topco Ltd purchased a new position in shares of First Trust Senior Floating Rate Income Fund II during the 4th quarter worth about $107,000. Jane Street Group LLC bought a new stake in First Trust Senior Floating Rate Income Fund II in the second quarter worth about $144,000. Finally, Seven Mile Advisory purchased a new position in First Trust Senior Floating Rate Income Fund II during the 3rd quarter valued at $176,000.

First Trust Senior Floating Rate Income Fund II Price Performance

Shares of FCT opened at $9.61 on Friday. First Trust Senior Floating Rate Income Fund II has a 12-month low of $9.40 and a 12-month high of $10.29. The firm has a fifty day moving average price of $9.70 and a 200-day moving average price of $9.80.

First Trust Senior Floating Rate Income Fund II Cuts Dividend

The company also recently declared a monthly dividend, which will be paid on Wednesday, July 15th. Investors of record on Wednesday, July 1st will be issued 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%.

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.