First Trust Mortgage Income Fund (NYSE:FMY) Stock Price Up 0.7% – Here’s Why

First Trust Mortgage Income Fund (NYSE:FMY)’s stock price shot up 0.7% during trading on Friday . The company traded as high as $11.77 and last traded at $11.7150. 1,119 shares were traded during trading, a decline of 80% from the average daily volume of 5,554 shares. The stock had previously closed at $11.63.

First Trust Mortgage Income Fund Stock Up 0.7%

The company’s 50 day simple moving average is $11.70 and its two-hundred day simple moving average is $11.90.

First Trust Mortgage Income Fund Announces Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Wednesday, July 1st will be given a $0.065 dividend. The ex-dividend date of this dividend is Wednesday, July 1st. This represents a c) dividend on an annualized basis and a dividend yield of 6.7%.

Institutional Investors Weigh In On First Trust Mortgage Income Fund

Several institutional investors have recently added to or reduced their stakes in the business. Raymond James Financial Inc. acquired a new position in shares of First Trust Mortgage Income Fund during the second quarter valued at about $31,000. Uhlmann Price Securities LLC boosted its stake in First Trust Mortgage Income Fund by 45.7% in the 4th quarter. Uhlmann Price Securities LLC now owns 23,674 shares of the company’s stock worth $288,000 after purchasing an additional 7,423 shares in the last quarter. Noble Wealth Management PBC grew its position in First Trust Mortgage Income Fund by 60.4% during the 4th quarter. Noble Wealth Management PBC now owns 46,681 shares of the company’s stock worth $567,000 after purchasing an additional 17,572 shares during the last quarter. Finally, Sit Investment Associates Inc. grew its holdings in shares of First Trust Mortgage Income Fund by 1.4% during the fourth quarter. Sit Investment Associates Inc. now owns 2,297,106 shares of the company’s stock valued at $27,910,000 after buying an additional 31,512 shares during 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.