Flaherty & Crumrine Preferred Income Fund (NYSE:PFD) Shares Pass Above 50-Day Moving Average – Should You Sell?

Flaherty & Crumrine Preferred Income Fund Inc. (NYSE:PFD)’s share price crossed above its 50 day moving average during trading on Wednesday . The stock has a 50 day moving average of $11.50 and traded as high as $11.59. Flaherty & Crumrine Preferred Income Fund shares last traded at $11.5150, with a volume of 23,656 shares.

Flaherty & Crumrine Preferred Income Fund Stock Up 0.1%

The firm’s 50 day moving average is $11.50 and its two-hundred day moving average is $11.62.

Flaherty & Crumrine Preferred Income Fund Dividend Announcement

The company also recently disclosed a monthly dividend, which will be paid on Friday, July 31st. Stockholders of record on Friday, July 24th will be paid a dividend of $0.0689 per share. The ex-dividend date is Friday, July 24th. This represents a c) annualized dividend and a dividend yield of 7.2%.

Hedge Funds Weigh In On Flaherty & Crumrine Preferred Income Fund

A number of hedge funds and other institutional investors have recently bought and sold shares of PFD. CIBC Bancorp USA Inc. bought a new stake in Flaherty & Crumrine Preferred Income Fund in the third quarter valued at approximately $5,305,000. Sit Investment Associates Inc. boosted its stake in shares of Flaherty & Crumrine Preferred Income Fund by 8.5% during the 4th quarter. Sit Investment Associates Inc. now owns 1,176,356 shares of the real estate investment trust’s stock worth $13,963,000 after acquiring an additional 91,962 shares during the period. Fiera Capital Corp boosted its stake in shares of Flaherty & Crumrine Preferred Income Fund by 80.8% during the 4th quarter. Fiera Capital Corp now owns 179,838 shares of the real estate investment trust’s stock worth $2,135,000 after acquiring an additional 80,344 shares during the period. 1607 Capital Partners LLC acquired a new position in shares of Flaherty & Crumrine Preferred Income Fund during the 3rd quarter worth approximately $435,000. Finally, LPL Financial LLC raised its stake in Flaherty & Crumrine Preferred Income Fund by 32.9% in the 4th quarter. LPL Financial LLC now owns 89,580 shares of the real estate investment trust’s stock valued at $1,063,000 after acquiring an additional 22,173 shares during the period.

Flaherty & Crumrine Preferred Income Fund Company Profile

Flaherty & Crumrine Preferred Income Fund (NYSE: PFD) is a closed-end management investment company that seeks to provide shareholders with a high level of current income by investing primarily in preferred securities. The fund’s portfolio typically includes both U.S. and global preferred stocks, hybrid capital instruments and other fixed-income securities that pay fixed or adjustable dividends. It may also invest in investment-grade and below-investment-grade issues to capture yield opportunities across credit quality tiers.

Since its inception in 2006, PFD has aimed to deliver attractive after-tax total returns by actively managing interest-rate and credit-risk exposure.