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

First Trust Specialty Finance and Financial Opportunities Fund (NYSE:FGB) was the recipient of a significant growth in short interest in the month of October. As of October 15th, there was short interest totalling 37,200 shares, a growth of 53.1% from the September 30th total of 24,300 shares. Based on an average trading volume of 55,100 shares, the days-to-cover ratio is presently 0.7 days.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in FGB. Hartline Investment Corp bought a new stake in shares of First Trust Specialty Finance and Financial Opportunities Fund during the 1st quarter valued at about $46,000. Shaker Financial Services LLC purchased a new position in shares of First Trust Specialty Finance and Financial Opportunities Fund during the 2nd quarter worth approximately $52,000. Virtu Financial LLC purchased a new position in shares of First Trust Specialty Finance and Financial Opportunities Fund in the 1st quarter valued at approximately $52,000. Atomi Financial Group Inc. purchased a new position in shares of First Trust Specialty Finance and Financial Opportunities Fund in the 2nd quarter valued at approximately $372,000. Finally, Alpine Global Management LLC boosted its position in shares of First Trust Specialty Finance and Financial Opportunities Fund by 11.9% during the first quarter. Alpine Global Management LLC now owns 100,000 shares of the closed-end fund’s stock valued at $377,000 after purchasing an additional 10,654 shares in the last quarter.

First Trust Specialty Finance and Financial Opportunities Fund Trading Down 1.3 %

FGB traded down $0.05 during midday trading on Friday, reaching $4.11. 168,553 shares of the company’s stock traded hands, compared to its average volume of 53,802. First Trust Specialty Finance and Financial Opportunities Fund has a 52 week low of $2.98 and a 52 week high of $4.19. The firm has a fifty day moving average of $4.03 and a two-hundred day moving average of $3.91.

First Trust Specialty Finance and Financial Opportunities Fund Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Thursday, August 22nd were paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 9.74%. The ex-dividend date of this dividend was Thursday, August 22nd.

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.