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

First Trust Senior Floating Rate Income Fund II (NYSE:FCT)’s share price crossed below its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $9.80 and traded as low as $9.57. First Trust Senior Floating Rate Income Fund II shares last traded at $9.60, with a volume of 128,727 shares traded.

First Trust Senior Floating Rate Income Fund II Stock Up 0.2%

The firm’s fifty day simple moving average is $9.70 and its two-hundred day simple moving average is $9.80.

First Trust Senior Floating Rate Income Fund II Cuts Dividend

The company also recently declared a monthly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Wednesday, July 1st will be given a dividend of $0.0813 per share. This represents a c) annualized dividend and a dividend yield of 10.2%. The ex-dividend date of this dividend is Wednesday, July 1st.

Institutional Investors Weigh In On First Trust Senior Floating Rate Income Fund II

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Global Retirement Partners LLC lifted its stake in shares of First Trust Senior Floating Rate Income Fund II by 181.9% in the 4th quarter. Global Retirement Partners LLC now owns 9,955 shares of the investment management company’s stock valued at $100,000 after purchasing an additional 6,424 shares during the last quarter. Alteri Wealth LLC purchased a new stake in First Trust Senior Floating Rate Income Fund II in the 3rd quarter valued at about $104,000. XTX Topco Ltd acquired a new position in First Trust Senior Floating Rate Income Fund II in the fourth quarter valued at about $107,000. Jane Street Group LLC acquired a new position in First Trust Senior Floating Rate Income Fund II in the second quarter valued at about $144,000. Finally, Seven Mile Advisory purchased a new position in First Trust Senior Floating Rate Income Fund II during the third quarter worth about $176,000.

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.