First Trust Mortgage Income Fund (NYSE:FMY) Trading 1% Higher – Time to Buy?

First Trust Mortgage Income Fund (NYSE:FMY) traded up 1% on Friday . The stock traded as high as $12.34 and last traded at $12.2650. 11,311 shares were traded during mid-day trading, a decline of 3% from the average session volume of 11,668 shares. The stock had previously closed at $12.14.

First Trust Mortgage Income Fund Stock Performance

The company has a 50 day moving average price of $12.03 and a 200-day moving average price of $12.15.

First Trust Mortgage Income Fund Dividend Announcement

The business also recently declared a monthly dividend, which will be paid on Thursday, January 15th. Investors of record on Wednesday, December 31st will be issued a $0.065 dividend. The ex-dividend date is Wednesday, December 31st. This represents a c) annualized dividend and a yield of 6.4%.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in FMY. Jones Financial Companies Lllp boosted its stake in shares of First Trust Mortgage Income Fund by 4,163.3% during the 1st quarter. Jones Financial Companies Lllp now owns 325,927 shares of the company’s stock valued at $3,983,000 after purchasing an additional 318,282 shares in the last quarter. Raymond James Financial Inc. bought a new position in First Trust Mortgage Income Fund in the second quarter worth about $31,000. Finally, Noble Wealth Management PBC raised 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 worth $567,000 after buying an additional 17,572 shares in the last quarter.

About First Trust Mortgage Income Fund

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.