First Trust Senior Floating Rate Income Fund II (NYSE:FCT) Share Price Passes Below 200 Day Moving Average – Here’s Why

First Trust Senior Floating Rate Income Fund II (NYSE:FCT) crossed below its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $9.68 and traded as low as $9.62. First Trust Senior Floating Rate Income Fund II shares last traded at $9.6660, with a volume of 1,136,436 shares traded.

First Trust Senior Floating Rate Income Fund II Price Performance

The stock has a 50-day moving average price of $9.64 and a two-hundred day moving average price of $9.68.

First Trust Senior Floating Rate Income Fund II Cuts Dividend

The business also recently declared a monthly dividend, which was paid on Wednesday, July 15th. Investors of record on Wednesday, July 1st were issued a $0.0813 dividend. The ex-dividend date was Wednesday, July 1st. This represents a c) annualized dividend and a yield of 10.1%.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. 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 purchasing an additional 270,048 shares in the last quarter. Focus Partners Wealth bought a new position in First Trust Senior Floating Rate Income Fund II in the fourth quarter worth about $2,436,000. Invesco Ltd. lifted its holdings in First Trust Senior Floating Rate Income Fund II by 36.6% in 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 period. Balyasny Asset Management L.P. purchased a new stake in First Trust Senior Floating Rate Income Fund II in the fourth quarter worth about $1,124,000. Finally, Almitas Capital LLC bought a new stake in First Trust Senior Floating Rate Income Fund II during the 4th quarter valued at approximately $887,000.

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.