Short Interest in First Trust Senior Floating Rate Income Fund II (NYSE:FCT) Declines By 61.9%

First Trust Senior Floating Rate Income Fund II (NYSE:FCT) saw a significant decline in short interest in June. As of June 15th, there was short interest totaling 22,546 shares, a decline of 61.9% from the May 31st total of 59,244 shares. Based on an average trading volume of 115,997 shares, the short-interest ratio is presently 0.2 days.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of FCT. Sit Investment Associates Inc. boosted its stake in shares of First Trust Senior Floating Rate Income Fund II by 340.6% in 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 purchasing an additional 270,048 shares in the last quarter. Wolverine Asset Management LLC purchased a new position in First Trust Senior Floating Rate Income Fund II in the 4th quarter worth $962,000. Focus Partners Wealth bought a new stake in First Trust Senior Floating Rate Income Fund II in the fourth quarter worth $2,436,000. Ameriprise Financial Inc. lifted its stake in First Trust Senior Floating Rate Income Fund II by 43.1% in the third quarter. Ameriprise Financial Inc. now owns 268,985 shares of the investment management company’s stock worth $2,692,000 after purchasing an additional 80,984 shares during the last quarter. Finally, Bank of America Corp DE boosted its position in First Trust Senior Floating Rate Income Fund II by 2.0% during the second 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.

First Trust Senior Floating Rate Income Fund II Trading Up 0.9%

FCT opened at $9.65 on Friday. The stock has a 50-day moving average price of $9.69 and a 200-day moving average price of $9.81. First Trust Senior Floating Rate Income Fund II has a 12-month low of $9.40 and a 12-month high of $10.29.

First Trust Senior Floating Rate Income Fund II Cuts Dividend

The company also recently announced a monthly dividend, which will be paid on Wednesday, July 15th. Investors of record on Wednesday, July 1st will be given a $0.0813 dividend. The ex-dividend date is Wednesday, July 1st. This represents a c) dividend on an annualized basis and a yield of 10.1%.

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.