First Trust Municipal High Income ETF (NASDAQ:FMHI) Sees Significant Drop in Short-Term Interest


Municipal high-income ETF First Trust (NASDAQ: FMHI – Get Rating) benefited from a significant drop in short-term interest rates during the month of April. As of April 30, there was short interest totaling 43,500 shares, down 40.9% from the April 15 total of 73,600 shares. Based on an average daily volume of 89,600 shares, the day-to-cover ratio is currently 0.5 days.

FMHI stock traded at $0.23 midday Friday, hitting $47.70. 66,387 shares were traded, against an average volume of 86,874. The stock’s 50-day moving average price is $50.42 and its 200-day moving average price is $53.57. The First Trust Municipal High Income ETF has a fifty-two-week low of $47.62 and a fifty-two-week high of $57.76.

The company also recently disclosed a monthly dividend, which was paid on Friday, April 29. Investors of record on Friday, April 22 received a dividend of $0.13 per share. The ex-dividend date was Thursday, April 21. This represents an annualized dividend of $1.56 and a yield of 3.27%.

A number of hedge funds have recently changed their stock holdings. Nations Financial Group Inc. IA ADV increased its holdings in First Trust Municipal High Income ETF by 42.6% in the first quarter. Nations Financial Group Inc. IA ADV now owns 6,360 shares of the company worth $326,000 after purchasing an additional 1,900 shares in the last quarter. Flow Traders US LLC acquired a new position in First Trust Municipal High Income ETF during the first quarter worth $429,000. Principle Wealth Partners LLC increased its holdings in First Trust Municipal High Income ETF by 37.1% in the first quarter. Principle Wealth Partners LLC now owns 12,427 shares of the company worth $636,000 after buying 3,360 additional shares in the last quarter. DHJJ Financial Advisors Ltd. increased its position in municipal high-income ETF First Trust by 24.7% in the first quarter. DHJJ Financial Advisors Ltd. now owns 6,101 shares of the company worth $315,000 after purchasing an additional 1,207 shares in the last quarter. Finally, Citigroup Inc. increased its position in First Trust Municipal High Income ETF by 8.5% during the first quarter. Citigroup Inc. now owns 87,742 shares of the company worth $4,493,000 after purchasing an additional 6,900 shares last quarter.

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