First Trust Senior Floating Rate Income Fund II (NYSE:FCT) Stock Passes Below Two Hundred Day Moving Average – Time to Sell?

First Trust Senior Floating Rate Income Fund II (NYSE:FCT) shares passed below its two hundred day moving average during trading on Wednesday . The stock has a two hundred 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.

First Trust Senior Floating Rate Income Fund II Trading Up 0.1%

The company has a 50 day moving average of $9.69 and a 200-day moving average of $9.80.

First Trust Senior Floating Rate Income Fund II Announces Dividend

The company also recently announced a monthly dividend, which was paid on Monday, June 15th. Investors of record on Monday, June 1st were paid a dividend of $0.097 per share. The ex-dividend date of this dividend was Monday, June 1st. This represents a c) annualized dividend and a yield of 12.1%.

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

Several hedge funds have recently bought and sold shares of the company. Sit Investment Associates Inc. raised its position in First Trust Senior Floating Rate Income Fund II by 340.6% in 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 acquired a new stake in First Trust Senior Floating Rate Income Fund II in the 4th quarter valued at about $2,436,000. Invesco Ltd. raised its position in First Trust Senior Floating Rate Income Fund II by 36.6% in the 2nd 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 in the last quarter. Balyasny Asset Management L.P. acquired a new stake in First Trust Senior Floating Rate Income Fund II in the 4th quarter valued at about $1,124,000. Finally, Wolverine Asset Management LLC acquired a new stake in First Trust Senior Floating Rate Income Fund II in the 4th quarter valued at about $962,000.

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.