First Trust Institutional Preferred Securities and Income ETF (NYSEARCA:FPEI) Sees Significant Drop in Short Interest

First Trust Institutional Preferred Securities and Income ETF (NYSEARCA:FPEI) was the target of a significant decline in short interest during the month of March. As of March 13th, there was short interest totaling 215,413 shares, a decline of 39.8% from the February 26th total of 358,006 shares. Based on an average daily volume of 469,421 shares, the days-to-cover ratio is currently 0.5 days. Currently, 0.2% of the shares of the stock are sold short.

Institutional Investors Weigh In On First Trust Institutional Preferred Securities and Income ETF

Several hedge funds have recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC purchased a new position in shares of First Trust Institutional Preferred Securities and Income ETF in the 4th quarter worth about $29,000. Arax Advisory Partners purchased a new position in shares of First Trust Institutional Preferred Securities and Income ETF during the 4th quarter valued at about $36,000. Colonial Trust Co SC lifted its position in First Trust Institutional Preferred Securities and Income ETF by 137.5% in the 4th quarter. Colonial Trust Co SC now owns 1,900 shares of the company’s stock worth $37,000 after buying an additional 1,100 shares during the last quarter. AE Wealth Management LLC lifted its position in First Trust Institutional Preferred Securities and Income ETF by 147.3% in the 3rd quarter. AE Wealth Management LLC now owns 2,728 shares of the company’s stock worth $53,000 after buying an additional 1,625 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new stake in First Trust Institutional Preferred Securities and Income ETF in the fourth quarter worth approximately $84,000.

First Trust Institutional Preferred Securities and Income ETF Price Performance

Shares of NYSEARCA:FPEI traded down $0.06 during trading on Friday, reaching $18.74. The company had a trading volume of 666,174 shares, compared to its average volume of 434,113. The company has a fifty day moving average of $19.39 and a two-hundred day moving average of $19.39. First Trust Institutional Preferred Securities and Income ETF has a 12 month low of $17.81 and a 12 month high of $19.61.

First Trust Institutional Preferred Securities and Income ETF Cuts Dividend

The business also recently announced a monthly dividend, which was paid on Friday, February 27th. Investors of record on Friday, February 20th were given a $0.0855 dividend. The ex-dividend date was Friday, February 20th. This represents a c) annualized dividend and a yield of 5.5%.

About First Trust Institutional Preferred Securities and Income ETF

The First Trust Institutional Preferred Securities and Income ETF (FPEI) is an exchange-traded fund that mostly invests in broad credit fixed income. The fund is actively managed to provide current income and total return by investing in global institutional preferred and income-producing debt securities. FPEI was launched on Aug 22, 2017 and is managed by First Trust.