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

First Trust Senior Floating Rate Income Fund II (NYSE:FCT) was the target of 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 trading volume of 184,492 shares, the days-to-cover ratio is presently 0.1 days.

Hedge Funds Weigh In On First Trust Senior Floating Rate Income Fund II

Several large investors have recently modified their holdings of FCT. CoreCap Advisors LLC lifted its holdings in First Trust Senior Floating Rate Income Fund II by 97.6% in the second quarter. CoreCap Advisors LLC now owns 3,441 shares of the investment management company’s stock valued at $33,000 after buying an additional 1,700 shares during the period. Global Retirement Partners LLC grew its holdings in First Trust Senior Floating Rate Income Fund II by 181.9% during the 4th quarter. Global Retirement Partners LLC now owns 9,955 shares of the investment management company’s stock worth $100,000 after acquiring an additional 6,424 shares during the period. XTX Topco Ltd bought a new position in shares of First Trust Senior Floating Rate Income Fund II in the 4th quarter worth about $107,000. Jane Street Group LLC bought a new position in shares of First Trust Senior Floating Rate Income Fund II in the 2nd quarter worth about $144,000. Finally, Seven Mile Advisory acquired a new position in shares of First Trust Senior Floating Rate Income Fund II in the 3rd quarter valued at about $176,000.

First Trust Senior Floating Rate Income Fund II Stock Performance

First Trust Senior Floating Rate Income Fund II stock traded down $0.00 during midday trading on Wednesday, reaching $9.67. The company’s stock had a trading volume of 1,136,436 shares, compared to its average volume of 114,049. First Trust Senior Floating Rate Income Fund II has a 52 week low of $9.40 and a 52 week high of $10.24. The business has a 50-day moving average price of $9.61 and a 200-day moving average price of $9.72.

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. Stockholders of record on Wednesday, July 1st were paid 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%.

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.