Short Interest in Franklin Universal Trust (NYSE:FT) Rises By 159.6%

Key Points

• Short interest surged 159.6% in Franklin Universal Trust to 11,044 shares as of July 15, up from 4,255 shares on June 30. Despite the increase, short interest represents approximately 0.0% of shares outstanding, with a days-to-cover ratio of 0.3.
• FT shares traded at $7.98, near the lower end of their 52-week range of $7.73 to $8.35. The stock’s 50-day and 200-day moving averages were $8.03 and $8.10, respectively.
• The trust declared a monthly dividend of $0.0425, payable September 30 to shareholders of record September 23, representing an annualized yield of approximately 6.4%. Several institutional investors also increased their positions during the fourth quarter.

Franklin Universal Trust (NYSE:FT - Get Free Report) was the target of a significant increase in short interest in July. As of July 15th, there was short interest totaling 11,044 shares, an increase of 159.6% from the June 30th total of 4,255 shares. Approximately 0.0% of the shares of the stock are short sold. Based on an average daily volume of 31,634 shares, the days-to-cover ratio is presently 0.3 days.

Franklin Universal Trust Price Performance

NYSE:FT traded down $0.03 on Monday, hitting $7.98. The company had a trading volume of 38,685 shares, compared to its average volume of 30,939. The firm has a 50 day moving average of $8.03 and a two-hundred day moving average of $8.10. Franklin Universal Trust has a 52 week low of $7.73 and a 52 week high of $8.35.

Franklin Universal Trust Announces Dividend

The firm also recently declared a monthly dividend, which will be paid on Wednesday, September 30th. Investors of record on Wednesday, September 23rd will be given a $0.0425 dividend. The ex-dividend date of this dividend is Wednesday, September 23rd. This represents a c) annualized dividend and a yield of 6.4%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Advisors Asset Management Inc. grew its position in Franklin Universal Trust by 60.5% during the fourth quarter. Advisors Asset Management Inc. now owns 689,053 shares of the financial services provider's stock worth $5,512,000 after buying an additional 259,603 shares in the last quarter. Northwestern Mutual Wealth Management Co. lifted its holdings in Franklin Universal Trust by 58,962.8% in the fourth 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 period. Janney Montgomery Scott LLC lifted its position in Franklin Universal Trust by 10.2% during the 4th quarter. Janney Montgomery Scott LLC now owns 255,823 shares of the financial services provider's stock valued at $2,047,000 after acquiring an additional 23,630 shares during the period. Commonwealth Equity Services LLC increased its holdings in shares of Franklin Universal Trust by 43.2% during the fourth quarter. Commonwealth Equity Services LLC now owns 242,061 shares of the financial services provider's stock valued at $1,936,000 after acquiring an additional 73,030 shares in the last quarter. Finally, Uncommon Cents Investing LLC lifted its position in Franklin Universal Trust by 1.5% in the 4th quarter. Uncommon Cents Investing LLC now owns 185,420 shares of the financial services provider's stock valued at $1,483,000 after acquiring an additional 2,758 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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