Short Interest in First Trust Senior Floating Rate Income Fund II (NYSE:FCT) Declines By 41.5%

First Trust Senior Floating Rate Income Fund II (NYSE:FCT) was the target of a large drop in short interest in May. As of May 15th, there was short interest totaling 75,237 shares, a drop of 41.5% from the April 30th total of 128,517 shares. Based on an average trading volume of 71,731 shares, the days-to-cover ratio is presently 1.0 days.

First Trust Senior Floating Rate Income Fund II Stock Performance

FCT traded up $0.03 during midday trading on Thursday, reaching $9.59. 55,751 shares of the company were exchanged, compared to its average volume of 94,412. First Trust Senior Floating Rate Income Fund II has a one year low of $9.40 and a one year high of $10.29. The company’s fifty day moving average price is $9.69 and its 200 day moving average price is $9.80.

First Trust Senior Floating Rate Income Fund II Dividend Announcement

The business also recently declared a monthly dividend, which will be paid on Monday, June 15th. Investors of record on Monday, June 1st will be given a $0.097 dividend. This represents a c) dividend on an annualized basis and a yield of 12.1%. The ex-dividend date of this dividend is Monday, June 1st.

Institutional Trading of First Trust Senior Floating Rate Income Fund II

Several institutional investors and hedge funds have recently made changes to their positions in FCT. Geneos Wealth Management Inc. increased its position in shares of First Trust Senior Floating Rate Income Fund II by 2.6% during the second quarter. Geneos Wealth Management Inc. now owns 40,891 shares of the investment management company’s stock valued at $415,000 after buying an additional 1,024 shares during the period. Genesis Financial Group LLC grew its stake in First Trust Senior Floating Rate Income Fund II by 3.6% during the first quarter. Genesis Financial Group LLC now owns 43,114 shares of the investment management company’s stock valued at $416,000 after acquiring an additional 1,507 shares in the last quarter. Cetera Investment Advisers grew its stake in First Trust Senior Floating Rate Income Fund II by 3.6% during the first quarter. Cetera Investment Advisers now owns 65,666 shares of the investment management company’s stock valued at $633,000 after acquiring an additional 2,288 shares in the last quarter. Envestnet Asset Management Inc. grew its stake in First Trust Senior Floating Rate Income Fund II by 12.0% during the third quarter. Envestnet Asset Management Inc. now owns 31,396 shares of the investment management company’s stock valued at $314,000 after acquiring an additional 3,373 shares in the last quarter. Finally, Truist Financial Corp increased its holdings in First Trust Senior Floating Rate Income Fund II by 14.8% during the 3rd quarter. Truist Financial Corp now owns 34,731 shares of the investment management company’s stock worth $347,000 after acquiring an additional 4,473 shares during the period.

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.