First Trust Senior Floating Rate Income Fund II (NYSE:FCT) Shares Pass Below 200 Day Moving Average – Here’s What Happened

First Trust Senior Floating Rate Income Fund II (NYSE:FCT)’s share price crossed below its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $9.79 and traded as low as $9.57. First Trust Senior Floating Rate Income Fund II shares last traded at $9.5950, with a volume of 79,286 shares changing hands.

First Trust Senior Floating Rate Income Fund II Stock Up 0.1%

The company has a 50 day moving average of $9.65 and a 200 day moving average of $9.78.

First Trust Senior Floating Rate Income Fund II Cuts Dividend

The firm 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 $0.0813 dividend. The ex-dividend date is Wednesday, July 1st. This represents a c) dividend on an annualized basis and a yield of 10.2%.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Sit Investment Associates Inc. raised its holdings 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 purchasing an additional 270,048 shares in the last quarter. Focus Partners Wealth acquired a new position in First Trust Senior Floating Rate Income Fund II during the fourth quarter worth $2,436,000. Invesco Ltd. increased its position in First Trust Senior Floating Rate Income Fund II by 36.6% during the second quarter. Invesco Ltd. now owns 512,105 shares of the investment management company’s stock worth $5,203,000 after buying an additional 137,308 shares during the last quarter. Balyasny Asset Management L.P. bought a new position in First Trust Senior Floating Rate Income Fund II during the fourth quarter valued at about $1,124,000. Finally, Wolverine Asset Management LLC acquired a new stake in shares of First Trust Senior Floating Rate Income Fund II in the fourth quarter worth about $962,000.

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.