First Trust Mortgage Income Fund (NYSE:FMY) Sees Large Drop in Short Interest

First Trust Mortgage Income Fund (NYSE:FMY – Get Free Report) saw a large drop in short interest in the month of May. As of May 15th, there was short interest totaling 4,567 shares, a drop of 53.8% from the April 30th total of 9,876 shares. Based on an average daily trading volume, of 4,019 shares, the days-to-cover ratio is currently 1.1 days.

First Trust Mortgage Income Fund Stock Performance

NYSE FMY traded up $0.04 during mid-day trading on Friday, hitting $11.70. The company’s stock had a trading volume of 3,534 shares, compared to its average volume of 6,186. The company’s 50 day simple moving average is $11.82 and its 200 day simple moving average is $11.97. First Trust Mortgage Income Fund has a twelve month low of $11.40 and a twelve month high of $12.39.

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First Trust Mortgage Income Fund Announces Dividend

The firm also recently declared a monthly dividend, which will be paid on Monday, June 15th. Investors of record on Monday, June 1st will be given a $0.065 dividend. The ex-dividend date of this dividend is Monday, June 1st. This represents a c) annualized dividend and a yield of 6.7%.

Hedge Funds Weigh In On First Trust Mortgage Income Fund

A number of hedge funds have recently added to or reduced their stakes in the stock. Raymond James Financial Inc. purchased a new position in First Trust Mortgage Income Fund during the 2nd quarter worth $31,000. Jones Financial Companies Lllp lifted its stake in First Trust Mortgage Income Fund by 29.4% in the third quarter. Jones Financial Companies Lllp now owns 18,267 shares of the company’s stock valued at $223,000 after purchasing an additional 4,154 shares during the last quarter. Uhlmann Price Securities LLC lifted its stake in First Trust Mortgage Income Fund by 45.7% in the fourth quarter. Uhlmann Price Securities LLC now owns 23,674 shares of the company’s stock valued at $288,000 after purchasing an additional 7,423 shares during the last quarter. Noble Wealth Management PBC lifted its stake in First Trust Mortgage Income Fund by 60.4% in the fourth quarter. Noble Wealth Management PBC now owns 46,681 shares of the company’s stock valued at $567,000 after purchasing an additional 17,572 shares during the last quarter. Finally, Sit Investment Associates Inc. lifted its stake in First Trust Mortgage Income Fund by 1.4% in the fourth quarter. Sit Investment Associates Inc. now owns 2,297,106 shares of the company’s stock valued at $27,910,000 after purchasing an additional 31,512 shares during the last quarter.

About First Trust Mortgage Income Fund

(Get Free Report)

First Trust Mortgage Income Fund (NYSE:FMY) is a closed-end management investment company that seeks to provide high current income by investing primarily in a diversified portfolio of mortgage-related securities. The fund’s investment strategy focuses on residential and commercial mortgage-backed securities (MBS) issued or guaranteed by U.S. government agencies, government-sponsored entities and private issuers, as well as other mortgage-related assets such as collateralized mortgage obligations (CMOs) and mortgage passthrough securities.

Since commencing operations in mid-2002, FMY has employed a disciplined, fundamental research process to construct a portfolio designed to capture income opportunities across the U.S.

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