First Trust Enhanced Equity Income Fund (NYSE:FFA) Shares Pass Above Fifty Day Moving Average – Should You Sell?

First Trust Enhanced Equity Income Fund (NYSE:FFA)’s share price passed above its 50 day moving average during trading on Tuesday . The stock has a 50 day moving average of $22.52 and traded as high as $22.67. First Trust Enhanced Equity Income Fund shares last traded at $22.6010, with a volume of 11,814 shares.

First Trust Enhanced Equity Income Fund Price Performance

The company’s fifty day moving average price is $22.52 and its 200 day moving average price is $21.93.

First Trust Enhanced Equity Income Fund Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 22nd were issued a $0.3875 dividend. The ex-dividend date of this dividend was Monday, June 22nd. This represents a $1.55 dividend on an annualized basis and a yield of 6.9%.

Hedge Funds Weigh In On First Trust Enhanced Equity Income Fund

Several institutional investors have recently made changes to their positions in the stock. Exeter Financial LLC raised its position in shares of First Trust Enhanced Equity Income Fund by 0.8% during the 1st quarter. Exeter Financial LLC now owns 579,022 shares of the company’s stock worth $11,812,000 after purchasing an additional 4,796 shares during the period. Wells Fargo & Company MN lifted its holdings in shares of First Trust Enhanced Equity Income Fund by 1.0% in the 4th quarter. Wells Fargo & Company MN now owns 509,613 shares of the company’s stock worth $11,222,000 after purchasing an additional 5,162 shares during the last quarter. Invesco Ltd. boosted its position in First Trust Enhanced Equity Income Fund by 8.7% during the 4th quarter. Invesco Ltd. now owns 415,134 shares of the company’s stock valued at $9,141,000 after purchasing an additional 33,158 shares during the period. Shaker Financial Services LLC boosted its position in First Trust Enhanced Equity Income Fund by 16.8% during the 4th quarter. Shaker Financial Services LLC now owns 286,580 shares of the company’s stock valued at $6,310,000 after purchasing an additional 41,233 shares during the period. Finally, UBS Group AG grew its stake in First Trust Enhanced Equity Income Fund by 1.3% during the 4th quarter. UBS Group AG now owns 276,052 shares of the company’s stock worth $6,079,000 after buying an additional 3,556 shares during the last quarter.

About First Trust Enhanced Equity Income Fund

First Trust Enhanced Equity Income Fund (NYSE:FFA) is a closed-end management investment company managed by First Trust Advisors L.P. The fund seeks to provide total return with an emphasis on current income. To pursue its objective, the fund employs a dual strategy that combines equity ownership in U.S. companies with a systematic covered call option overlay.

FFA primarily invests in a diversified portfolio of common stocks of large- and mid-cap U.S. companies that are selected for their potential to pay dividends.