First Trust Mortgage Income Fund (NYSE:FMY) Stock Price Up 0.7% – Time to Buy?

First Trust Mortgage Income Fund (NYSE:FMY)’s stock price rose 0.7% during trading on Friday . The stock traded as high as $11.77 and last traded at $11.7150. 1,119 shares were traded during trading, a decline of 80% from the average session volume of 5,554 shares. The stock had previously closed at $11.63.

First Trust Mortgage Income Fund Stock Performance

The stock has a 50-day moving average of $11.70 and a 200-day moving average of $11.90.

First Trust Mortgage Income Fund Announces Dividend

The business also recently announced a monthly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Wednesday, July 1st will be paid a $0.065 dividend. This represents a c) dividend on an annualized basis and a yield of 6.7%. The ex-dividend date is Wednesday, July 1st.

Hedge Funds Weigh In On First Trust Mortgage Income Fund

Institutional investors have recently modified their holdings of the company. Raymond James Financial Inc. bought a new stake in First Trust Mortgage Income Fund in the 2nd quarter valued at about $31,000. Noble Wealth Management PBC grew its position in First Trust Mortgage Income Fund by 60.4% in the 4th quarter. Noble Wealth Management PBC now owns 46,681 shares of the company’s stock worth $567,000 after purchasing an additional 17,572 shares during the last quarter. Uhlmann Price Securities LLC grew its position in First Trust Mortgage Income Fund by 45.7% in the 4th quarter. Uhlmann Price Securities LLC now owns 23,674 shares of the company’s stock worth $288,000 after purchasing an additional 7,423 shares during the last quarter. Finally, Sit Investment Associates Inc. increased its stake in shares of First Trust Mortgage Income Fund by 1.4% in the fourth quarter. Sit Investment Associates Inc. now owns 2,297,106 shares of the company’s stock valued at $27,910,000 after purchasing an additional 31,512 shares during the period.

About First Trust Mortgage Income Fund

First Trust Mortgage Income Fund (NYSE:FMY) is a closed-end management investment company that seeks to provide high current income by investing primarily in a diversified portfolio of mortgage-related securities. The fund’s investment strategy focuses on residential and commercial mortgage-backed securities (MBS) issued or guaranteed by U.S. government agencies, government-sponsored entities and private issuers, as well as other mortgage-related assets such as collateralized mortgage obligations (CMOs) and mortgage passthrough securities.

Since commencing operations in mid-2002, FMY has employed a disciplined, fundamental research process to construct a portfolio designed to capture income opportunities across the U.S.