Short Interest in First Trust Mid Cap Value AlphaDEX Fund (NASDAQ:FNK) Expands By 28.2%

The First Trust Mid Cap Value AlphaDEX Fund (NASDAQ:FNK) experienced a notable surge in short interest during October. As of October 15th, the total short interest had climbed to 13,200 shares, reflecting an increase of 28.2% from the 10,300 shares reported on September 30th. With an average daily trading volume of 9,800 shares, this translates to a short-interest ratio of approximately 1.3 days.

Price Movement of First Trust Mid Cap Value AlphaDEX Fund

On Monday, FNK stock saw an uptick of $0.54, bringing its price to $54.03. During trading, 6,937 shares changed hands, which is lower than its average volume of 16,155 shares. The fund's 50-day moving average stands at $53.77, while the 200-day moving average is at $52.66. Over the past year, the stock has reached a low of $41.64 and a high of $56.14. The market capitalization of the First Trust Mid Cap Value AlphaDEX Fund is currently $218.82 million, with a price-to-earnings (PE) ratio of 10.86 and a beta of 1.29.

Dividend Increase Announcement

The fund recently announced an increase in its quarterly dividend. This dividend was paid on September 30th, with a rate of $0.2554 for investors who were on record as of September 26th. The ex-dividend date was also set for September 26th. This marks an annualized dividend of $1.02, which yields a rate of 1.89%. This is an increase from the previous quarterly dividend of $0.21.

Institutional Activity

Several institutional investors and hedge funds have adjusted their stakes in FNK lately. For instance, GAMMA Investing LLC increased its position by a staggering 95.1% in the second quarter, acquiring an additional 885 shares and now holds a total of 1,816 shares valued at $93,000. Additionally, PCG Wealth Advisors LLC took a new position in FYK during the first quarter for about $238,000. Jaffetilchin Investment Partners LLC and Daymark Wealth Partners LLC also entered new positions during the first and second quarters, respectively. Cetera Advisors LLC raised its stake by 26.9% in the first quarter, currently owning 9,718 shares worth $526,000 after purchasing 2,062 more shares.

About First Trust Mid Cap Value AlphaDEX Fund

The First Trust Mid Cap Value AlphaDEX Fund is an exchange-traded fund that follows the NASDAQ AlphaDEX Mid Cap Value index. This fund selects value stocks using quantitative methods and applies an equal-tiered weighting approach. It launched on April 18, 2011, and is managed by First Trust.

Further Reading

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ETFs, Investors, Dividend