First Trust California Municipal High Income ETF (NASDAQ:FCAL) Sees Significant Drop in Short Interest

First Trust California Municipal High Income ETF (NASDAQ:FCAL) saw a significant decrease in short interest in October. As of October 15th, there was short interest totalling 10,600 shares, a decrease of 6.2% from the September 30th total of 11,300 shares. Based on an average daily volume of 24,200 shares, the days-to-cover ratio is currently 0.4 days.

Institutional Trading of First Trust California Municipal High Income ETF

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Miracle Mile Advisors LLC boosted its stake in shares of First Trust California Municipal High Income ETF by 29.1% during the 2nd quarter. Miracle Mile Advisors LLC now owns 1,717,241 shares of the financial services provider’s stock worth $85,038,000 after purchasing an additional 386,980 shares during the period. LPL Financial LLC lifted its position in shares of First Trust California Municipal High Income ETF by 14.2% during the second quarter. LPL Financial LLC now owns 664,470 shares of the financial services provider’s stock worth $32,905,000 after purchasing an additional 82,860 shares during the last quarter. Ignite Planners LLC bought a new stake in First Trust California Municipal High Income ETF during the 2nd quarter valued at about $1,534,000. Southland Equity Partners LLC grew its stake in First Trust California Municipal High Income ETF by 27.0% in the 2nd quarter. Southland Equity Partners LLC now owns 71,344 shares of the financial services provider’s stock worth $3,533,000 after acquiring an additional 15,173 shares in the last quarter. Finally, Blue Zone Wealth Advisors LLC purchased a new position in shares of First Trust California Municipal High Income ETF during the third quarter worth approximately $742,000. Hedge funds and other institutional investors own 54.39% of the company’s stock.

First Trust California Municipal High Income ETF Stock Performance

FCAL stock traded up $0.06 during trading on Friday, hitting $49.67. 638 shares of the company’s stock traded hands, compared to its average volume of 24,098. First Trust California Municipal High Income ETF has a 52 week low of $46.83 and a 52 week high of $51.97. The stock has a market capitalization of $260.77 million, a price-to-earnings ratio of 130.71 and a beta of 0.15. The business has a fifty day simple moving average of $50.05 and a 200 day simple moving average of $49.71.

First Trust California Municipal High Income ETF Increases Dividend

The business also recently disclosed a monthly dividend, which was paid on Thursday, October 31st. Stockholders of record on Tuesday, October 22nd were paid a $0.1275 dividend. This represents a $1.53 annualized dividend and a dividend yield of 3.08%. This is a positive change from First Trust California Municipal High Income ETF’s previous monthly dividend of $0.13. The ex-dividend date of this dividend was Tuesday, October 22nd. First Trust California Municipal High Income ETF’s dividend payout ratio (DPR) is presently 381.58%.

About First Trust California Municipal High Income ETF

First California Financial Group, Inc is a bank holding company for its wholly owned subsidiary First California Bank (the Bank). The Bank is a full-service commercial bank. The Bank’s operations are primarily located within the areas commonly known as the 101 corridor stretching from the City of Ventura to Calabasas, California, the Moorpark-Simi Valley corridor, the western San Fernando Valley, the Tri-Cities area of Glendale-Burbank-Pasadena, the South Bay, the Inland Empire, north San Diego County, Century City and other parts of Los Angeles, Orange San Luis Obispo and Ventura Counties in Southern California.