Flaherty & Crumrine Preferred and Income Fund (NYSE:PFO) Stock Price Down 0.1% – What’s Next?

Flaherty & Crumrine Preferred and Income Fund Inc. (NYSE:PFO)’s share price traded down 0.1% during trading on Thursday . The stock traded as low as $9.03 and last traded at $9.06. 20,102 shares traded hands during trading, a decline of 34% from the average daily volume of 30,279 shares. The stock had previously closed at $9.07.

Flaherty & Crumrine Preferred and Income Fund Stock Down 0.1%

The firm has a fifty day moving average price of $9.16 and a 200 day moving average price of $9.24.

Flaherty & Crumrine Preferred and Income Fund Announces Dividend

The firm also recently announced a monthly dividend, which will be paid on Friday, October 30th. Shareholders of record on Friday, October 23rd will be given a dividend of $0.0567 per share. The ex-dividend date is Friday, October 23rd. This represents a c) annualized dividend and a dividend yield of 7.5%.

Hedge Funds Weigh In On Flaherty & Crumrine Preferred and Income Fund

A number of hedge funds and other institutional investors have recently made changes to their positions in PFO. Raymond James Financial Inc. bought a new position in Flaherty & Crumrine Preferred and Income Fund during the second quarter worth about $49,000. AlphaCore Capital LLC bought a new stake in Flaherty & Crumrine Preferred and Income Fund during the 4th quarter worth approximately $127,000. Rivernorth Capital Management LLC raised its holdings in Flaherty & Crumrine Preferred and Income Fund by 7.1% during the 2nd quarter. Rivernorth Capital Management LLC now owns 22,537 shares of the company’s stock worth $208,000 after buying an additional 1,494 shares during the period. Guggenheim Capital LLC bought a new stake in shares of Flaherty & Crumrine Preferred and Income Fund in the fourth quarter valued at about $232,000. Finally, NewEdge Advisors LLC lifted its holdings in shares of Flaherty & Crumrine Preferred and Income Fund by 9.5% in the second quarter. NewEdge Advisors LLC now owns 31,081 shares of the company’s stock valued at $287,000 after purchasing an additional 2,709 shares in the last quarter. 12.90% of the stock is owned by institutional investors.

Flaherty & Crumrine Preferred and Income Fund Company Profile

Flaherty & Crumrine Preferred and Income Fund (NYSE:PFO) is a closed-end management investment company designed to provide investors with a high level of current income. The fund focuses its portfolio primarily on preferred and participating securities, including traditional preferred shares, convertible preferred instruments, trust preferred issues and other hybrid securities issued by corporations and financial institutions.

Through broad diversification across industry sectors and geographies, PFO aims to manage credit and interest-rate risk while pursuing attractive yield opportunities.