Franklin Universal Trust (NYSE:FT) Sees Large Increase in Short Interest

Key Points

• Short interest surged 138.3% to 26,320 shares as of July 31, representing about 0.1% of outstanding shares. The stock’s days-to-cover ratio remained low at 0.8 days.
• Franklin Universal Trust shares recently traded at $7.88, near the lower end of their 52-week range of $7.79 to $8.35. The trust declared a monthly dividend of $0.0425 per share, equivalent to an indicated 6.5% annual yield.
• Several institutional investors adjusted their positions, including a significant increase by Northwestern Mutual Wealth Management, while Evolve Private Wealth and Elevation Point Wealth Partners established new stakes.

Franklin Universal Trust (NYSE:FT - Get Free Report) was the recipient of a significant growth in short interest during the month of July. As of July 31st, there was short interest totaling 26,320 shares, a growth of 138.3% from the July 15th total of 11,044 shares. Approximately 0.1% of the shares of the company are short sold. Based on an average daily trading volume, of 30,999 shares, the days-to-cover ratio is presently 0.8 days.

Franklin Universal Trust Stock Performance

FT stock traded up $0.01 during midday trading on Friday, reaching $7.88. The stock had a trading volume of 31,661 shares, compared to its average volume of 43,503. The firm has a fifty day simple moving average of $7.99 and a two-hundred day simple moving average of $8.08. Franklin Universal Trust has a 52-week low of $7.79 and a 52-week high of $8.35.

Franklin Universal Trust Dividend Announcement

The company also recently disclosed a monthly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 23rd will be issued a $0.0425 dividend. The ex-dividend date of this dividend is Wednesday, September 23rd. This represents a c) dividend on an annualized basis and a dividend yield of 6.5%.

Institutional Investors Weigh In On Franklin Universal Trust

A number of institutional investors and hedge funds have recently modified their holdings of FT. Northwestern Mutual Wealth Management Co. raised its position in Franklin Universal Trust by 58,962.8% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 295,314 shares of the financial services provider's stock worth $2,363,000 after buying an additional 294,814 shares during the last quarter. Evolve Private Wealth LLC purchased a new stake in shares of Franklin Universal Trust in the 4th quarter valued at $899,000. Cetera Investment Advisers increased its stake in shares of Franklin Universal Trust by 10.5% in the fourth quarter. Cetera Investment Advisers now owns 108,336 shares of the financial services provider's stock worth $867,000 after acquiring an additional 10,297 shares during the period. Wells Fargo & Company MN increased its stake in shares of Franklin Universal Trust by 3.0% in the fourth quarter. Wells Fargo & Company MN now owns 109,700 shares of the financial services provider's stock worth $878,000 after acquiring an additional 3,218 shares during the period. Finally, Elevation Point Wealth Partners LLC acquired a new stake in shares of Franklin Universal Trust in the third quarter worth $197,000.

Franklin Universal Trust Company Profile

Franklin Universal Trust NYSE: FT is a closed-end management investment company organized under Maryland law and managed by Franklin Templeton. The trust seeks to provide a high level of current income with a secondary objective of capital appreciation. It issues common shares that trade on the New York Stock Exchange, offering investors access to a diversified portfolio of income-oriented credit instruments.

The fund's core strategy focuses on senior secured floating-rate bank loans, which typically adjust their interest rates in line with market benchmarks.

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