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 stock price passed below its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $9.76 and traded as low as $9.62. First Trust Senior Floating Rate Income Fund II shares last traded at $9.6410, with a volume of 84,077 shares.

First Trust Senior Floating Rate Income Fund II Price Performance

The company’s fifty day moving average price is $9.63 and its 200 day moving average price is $9.76.

First Trust Senior Floating Rate Income Fund II Cuts Dividend

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

Hedge Funds Weigh In On First Trust Senior Floating Rate Income Fund II

Hedge funds and other institutional investors have recently bought and sold shares of the stock. CoreCap Advisors LLC raised its position in shares of First Trust Senior Floating Rate Income Fund II by 97.6% during the 2nd quarter. CoreCap Advisors LLC now owns 3,441 shares of the investment management company’s stock worth $33,000 after purchasing an additional 1,700 shares during the period. Global Retirement Partners LLC boosted its position in First Trust Senior Floating Rate Income Fund II by 181.9% during 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 period. XTX Topco Ltd bought a new position in First Trust Senior Floating Rate Income Fund II during the 4th quarter worth $107,000. Jane Street Group LLC bought a new position in First Trust Senior Floating Rate Income Fund II during the 2nd quarter worth $144,000. Finally, Seven Mile Advisory bought a new position in First Trust Senior Floating Rate Income Fund II during the 3rd quarter worth $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.