Franklin Universal Trust (NYSE:FT) Short Interest Up 117.2% in March

Key Points

• Short interest jumped 117.2% to 17,023 shares as of March 13 (from 7,839 on Feb 26), leaving a days-to-cover of 0.4 and about 0.1% of shares sold short.
• Monthly dividend announced: $0.0425 per share payable March 31 to holders of record on March 24 (ex-dividend March 24), implying a 6.4% yield on an annualized basis.
• Recent trading saw FT at $7.91 (down $0.10) with volume below average (34,651 vs. 52,720), and a 52-week range of $6.71–$8.35 (50/200-day SMAs: $8.16/$8.05).

Franklin Universal Trust (NYSE:FT - Get Free Report) was the recipient of a large growth in short interest in March. As of March 13th, there was short interest totaling 17,023 shares, a growth of 117.2% from the February 26th total of 7,839 shares. Based on an average daily volume of 42,364 shares, the days-to-cover ratio is currently 0.4 days. Currently, 0.1% of the company's stock are sold short.

Franklin Universal Trust Price Performance

FT stock traded down $0.10 during mid-day trading on Thursday, reaching $7.91. The company had a trading volume of 34,651 shares, compared to its average volume of 52,720. The firm has a fifty day simple moving average of $8.16 and a 200 day simple moving average of $8.05. Franklin Universal Trust has a fifty-two week low of $6.71 and a fifty-two week high of $8.35.

Franklin Universal Trust Dividend Announcement

The company also recently announced a monthly dividend, which will be paid on Tuesday, March 31st. Investors of record on Tuesday, March 24th will be paid a dividend of $0.0425 per share. This represents a c) dividend on an annualized basis and a dividend yield of 6.4%. The ex-dividend date is Tuesday, March 24th.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Advisors Asset Management Inc. increased its position in shares of Franklin Universal Trust by 102.9% in the 3rd quarter. Advisors Asset Management Inc. now owns 429,450 shares of the financial services provider's stock valued at $3,453,000 after purchasing an additional 217,780 shares during the last quarter. Moloney Securities Asset Management LLC raised its holdings in shares of Franklin Universal Trust by 1.2% in the 3rd quarter. Moloney Securities Asset Management LLC now owns 691,160 shares of the financial services provider's stock valued at $5,557,000 after purchasing an additional 7,995 shares in the last quarter. CoreCap Advisors LLC lifted its position in shares of Franklin Universal Trust by 535.6% during the 3rd quarter. CoreCap Advisors LLC now owns 27,109 shares of the financial services provider's stock worth $218,000 after purchasing an additional 22,844 shares during the last quarter. Uncommon Cents Investing LLC lifted its position in shares of Franklin Universal Trust by 0.9% during the 3rd quarter. Uncommon Cents Investing LLC now owns 182,662 shares of the financial services provider's stock worth $1,469,000 after purchasing an additional 1,647 shares during the last quarter. Finally, Cetera Investment Advisers grew its stake in shares of Franklin Universal Trust by 10.5% during the fourth quarter. Cetera Investment Advisers now owns 108,336 shares of the financial services provider's stock worth $867,000 after purchasing an additional 10,297 shares in the last quarter.

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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