First Trust Senior Floating Rate Income Fund II (NYSE:FCT) Sees Significant Increase in Short Interest

First Trust Senior Floating Rate Income Fund II (NYSE:FCT) saw a significant increase in short interest in the month of February. As of February 27th, there was short interest totaling 137,151 shares, an increase of 198.1% from the February 12th total of 46,012 shares. Based on an average daily trading volume, of 97,973 shares, the days-to-cover ratio is currently 1.4 days. Based on an average daily trading volume, of 97,973 shares, the days-to-cover ratio is currently 1.4 days.

First Trust Senior Floating Rate Income Fund II Stock Performance

Shares of First Trust Senior Floating Rate Income Fund II stock traded down $0.01 during trading on Friday, hitting $9.72. The stock had a trading volume of 70,609 shares, compared to its average volume of 110,974. First Trust Senior Floating Rate Income Fund II has a 1 year low of $8.61 and a 1 year high of $10.30. The stock has a 50 day simple moving average of $9.94 and a 200 day simple moving average of $9.87.

First Trust Senior Floating Rate Income Fund II Announces Dividend

The company also recently disclosed a monthly dividend, which will be paid on Monday, March 16th. Shareholders of record on Monday, March 2nd will be given a dividend of $0.097 per share. This represents a c) annualized dividend and a yield of 12.0%. The ex-dividend date is Monday, March 2nd.

Institutional Trading of First Trust Senior Floating Rate Income Fund II

A number of hedge funds have recently modified their holdings of the business. Advisors Asset Management Inc. lifted its stake in First Trust Senior Floating Rate Income Fund II by 8.4% in the 3rd quarter. Advisors Asset Management Inc. now owns 719,607 shares of the investment management company’s stock worth $7,196,000 after acquiring an additional 55,646 shares in the last quarter. Penserra Capital Management LLC lifted its position in First Trust Senior Floating Rate Income Fund II by 93.2% in the 3rd quarter. Penserra Capital Management LLC now owns 714,654 shares of the investment management company’s stock worth $7,146,000 after buying an additional 344,758 shares in the last quarter. Invesco Ltd. lifted its position in First Trust Senior Floating Rate Income Fund II by 3.0% in the 4th quarter. Invesco Ltd. now owns 653,730 shares of the investment management company’s stock worth $6,583,000 after buying an additional 18,952 shares in the last quarter. Bank of America Corp DE boosted its stake 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 buying an additional 12,835 shares during the period. Finally, Sit Investment Associates Inc. boosted its stake in shares of First Trust Senior Floating Rate Income Fund II by 340.6% during the 4th quarter. Sit Investment Associates Inc. now owns 349,329 shares of the investment management company’s stock valued at $3,518,000 after buying an additional 270,048 shares during the period.

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.