Eaton Vance Floating-Rate Income Trust (NYSE:EFT) Stock Breaks Above Fifty Day Moving Average – Time to Sell?

Shares of Eaton Vance Floating-Rate Income Trust (NYSE:EFT) passed above its fifty day moving average during trading on Friday. The stock has a fifty day moving average of $10.58 and traded as high as $10.67. Eaton Vance Floating-Rate Income Trust shares last traded at $10.66, with a volume of 29,875 shares changing hands.

Eaton Vance Floating-Rate Income Trust Price Performance

The company has a 50-day moving average price of $10.58 and a 200 day moving average price of $10.80.

Eaton Vance Floating-Rate Income Trust Increases Dividend

The business also recently disclosed a monthly dividend, which will be paid on Monday, November 30th. Investors of record on Monday, November 16th will be paid a dividend of $0.0710 per share. This is a boost from Eaton Vance Floating-Rate Income Trust’s previous monthly dividend of $0.07. This represents a $0.85 dividend on an annualized basis and a dividend yield of 8.0%. The ex-dividend date is Monday, November 16th.

Institutional Investors Weigh In On Eaton Vance Floating-Rate Income Trust

Several hedge funds have recently added to or reduced their stakes in the business. Baird Financial Group Inc. raised its stake in shares of Eaton Vance Floating-Rate Income Trust by 59.4% during the second quarter. Baird Financial Group Inc. now owns 210,222 shares of the investment management company’s stock valued at $2,270,000 after acquiring an additional 78,334 shares during the last quarter. B. Riley Wealth Advisors Inc. bought a new position in Eaton Vance Floating-Rate Income Trust during the 3rd quarter worth $849,000. Bank of America Corp DE raised its stake in shares of Eaton Vance Floating-Rate Income Trust by 19.2% in the first quarter. Bank of America Corp DE now owns 839,629 shares of the investment management company’s stock worth $9,009,000 after acquiring an additional 135,373 shares during the last quarter. Park Avenue Securities LLC bought a new stake in shares of Eaton Vance Floating-Rate Income Trust in the third quarter valued at about $1,145,000. Finally, Icon Advisers Inc. Co. raised its position in shares of Eaton Vance Floating-Rate Income Trust by 13.3% during the first quarter. Icon Advisers Inc. Co. now owns 170,280 shares of the investment management company’s stock worth $1,827,000 after purchasing an additional 19,943 shares during the period.

Eaton Vance Floating-Rate Income Trust Company Profile

Eaton Vance Floating-Rate Income Trust is a closed-end investment company listed on the New York Stock Exchange under the symbol EFT. The fund seeks to provide a high level of current income, with capital appreciation as a secondary objective.

The trust invests primarily in floating-rate loans and other floating-rate debt instruments, including senior secured loans issued by companies. These investments generally have interest rates that adjust periodically, which can help reduce sensitivity to changes in prevailing interest rates compared with fixed-rate bonds.