First Trust Specialty Finance and Financial Opportunities Fund (NYSE:FGB) Sees Significant Growth in Short Interest

First Trust Specialty Finance and Financial Opportunities Fund (NYSE:FGB) saw a large increase in short interest in the month of October. As of October 31st, there was short interest totalling 54,800 shares, an increase of 47.3% from the October 15th total of 37,200 shares. Based on an average daily trading volume, of 59,700 shares, the days-to-cover ratio is currently 0.9 days.

First Trust Specialty Finance and Financial Opportunities Fund Stock Performance

FGB traded up $0.08 during trading on Friday, reaching $4.25. 76,718 shares of the company’s stock were exchanged, compared to its average volume of 53,580. First Trust Specialty Finance and Financial Opportunities Fund has a 1 year low of $3.26 and a 1 year high of $4.29. The company’s fifty day simple moving average is $4.10 and its 200-day simple moving average is $3.96.

First Trust Specialty Finance and Financial Opportunities Fund Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Friday, November 22nd will be issued a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 9.41%. The ex-dividend date of this dividend is Friday, November 22nd.

Institutional Investors Weigh In On First Trust Specialty Finance and Financial Opportunities Fund

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Rivernorth Capital Management LLC boosted its stake in shares of First Trust Specialty Finance and Financial Opportunities Fund by 81.8% in the third quarter. Rivernorth Capital Management LLC now owns 384,102 shares of the closed-end fund’s stock worth $1,563,000 after buying an additional 172,880 shares during the last quarter. Commonwealth Equity Services LLC lifted its holdings in First Trust Specialty Finance and Financial Opportunities Fund by 9.3% in the second quarter. Commonwealth Equity Services LLC now owns 173,378 shares of the closed-end fund’s stock valued at $674,000 after acquiring an additional 14,718 shares during the period. Atomi Financial Group Inc. boosted its position in First Trust Specialty Finance and Financial Opportunities Fund by 13.0% in the 3rd quarter. Atomi Financial Group Inc. now owns 107,998 shares of the closed-end fund’s stock worth $440,000 after purchasing an additional 12,408 shares in the last quarter. Good Life Advisors LLC grew its stake in shares of First Trust Specialty Finance and Financial Opportunities Fund by 102.8% during the 3rd quarter. Good Life Advisors LLC now owns 107,026 shares of the closed-end fund’s stock worth $436,000 after purchasing an additional 54,240 shares during the period. Finally, Alpine Global Management LLC grew its stake in shares of First Trust Specialty Finance and Financial Opportunities Fund by 11.9% during the 1st quarter. Alpine Global Management LLC now owns 100,000 shares of the closed-end fund’s stock worth $377,000 after purchasing an additional 10,654 shares during the period.

About First Trust Specialty Finance and Financial Opportunities Fund

First Trust Specialty Finance and Financial Opportunities Fund is a closed-ended equity mutual fund launched and managed by First Trust Advisors L.P. It is co-managed by Confluence Investment Management LLC. The fund invests in the public equity markets of the United States. It seeks to invest in stocks of companies operating in the specialty finance and other financial sectors.