First Trust Senior Floating Rate Income Fund II (NYSE:FCT) Shares Pass Below 200-Day Moving Average – Time to Sell?

First Trust Senior Floating Rate Income Fund II (NYSE:FCT) shares crossed below its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of $9.83 and traded as low as $9.50. First Trust Senior Floating Rate Income Fund II shares last traded at $9.5150, with a volume of 85,573 shares trading hands.

First Trust Senior Floating Rate Income Fund II Price Performance

The business has a 50 day simple moving average of $9.87 and a 200 day simple moving average of $9.83.

First Trust Senior Floating Rate Income Fund II Dividend Announcement

The business also recently declared a monthly dividend, which will be paid on Wednesday, April 15th. Investors of record on Wednesday, April 1st will be given a dividend of $0.097 per share. The ex-dividend date is Wednesday, April 1st. This represents a c) annualized dividend and a yield of 12.2%.

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

A number of hedge funds have recently added to or reduced their stakes in the stock. Penserra Capital Management LLC raised its stake in shares of First Trust Senior Floating Rate Income Fund II by 93.2% in the third quarter. Penserra Capital Management LLC now owns 714,654 shares of the investment management company’s stock worth $7,146,000 after acquiring an additional 344,758 shares during the last quarter. Sit Investment Associates Inc. lifted its position in shares of First Trust Senior Floating Rate Income Fund II by 340.6% during the fourth quarter. Sit Investment Associates Inc. now owns 349,329 shares of the investment management company’s stock worth $3,518,000 after purchasing an additional 270,048 shares in the last quarter. Focus Partners Wealth bought a new stake in shares of First Trust Senior Floating Rate Income Fund II during the fourth quarter valued at approximately $2,436,000. Invesco Ltd. grew its stake in shares of 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 valued at $5,203,000 after purchasing an additional 137,308 shares during the last quarter. Finally, Balyasny Asset Management L.P. acquired a new stake in shares of First Trust Senior Floating Rate Income Fund II in the fourth quarter valued at approximately $1,124,000.

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.