First Trust Senior Floating Rate Income Fund II (NYSE:FCT) Stock Price Passes Below 200 Day Moving Average – What’s Next?

First Trust Senior Floating Rate Income Fund II (NYSE:FCT) 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 trading hands.

First Trust Senior Floating Rate Income Fund II Stock Performance

The stock has a 50-day moving average of $9.66 and a 200-day moving average of $9.79.

First Trust Senior Floating Rate Income Fund II Cuts Dividend

The business also recently announced 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) dividend on an annualized basis and a dividend yield of 10.2%. The ex-dividend date is Wednesday, July 1st.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of FCT. Geneos Wealth Management Inc. lifted its position in First Trust Senior Floating Rate Income Fund II by 2.6% during the second quarter. Geneos Wealth Management Inc. now owns 40,891 shares of the investment management company’s stock worth $415,000 after purchasing an additional 1,024 shares during the period. Genesis Financial Group LLC increased its holdings in First Trust Senior Floating Rate Income Fund II by 3.6% in the 1st quarter. Genesis Financial Group LLC now owns 43,114 shares of the investment management company’s stock valued at $416,000 after buying an additional 1,507 shares during the period. CoreCap Advisors LLC increased its holdings in First Trust Senior Floating Rate Income Fund II by 97.6% in the 2nd 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. Cetera Investment Advisers raised its position in shares of First Trust Senior Floating Rate Income Fund II by 3.6% in the 1st quarter. Cetera Investment Advisers now owns 65,666 shares of the investment management company’s stock valued at $633,000 after buying an additional 2,288 shares in the last quarter. Finally, Envestnet Asset Management Inc. raised its position in shares of First Trust Senior Floating Rate Income Fund II by 12.0% in the 3rd quarter. Envestnet Asset Management Inc. now owns 31,396 shares of the investment management company’s stock valued at $314,000 after buying an additional 3,373 shares in the last quarter.

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.