Flaherty & Crumrine Preferred and Income Fund Inc. (NYSE:PFO) Short Interest Up 498.0% in May

Flaherty & Crumrine Preferred and Income Fund Inc. (NYSE:PFO) was the recipient of a large increase in short interest in May. As of May 29th, there was short interest totaling 16,157 shares, an increase of 498.0% from the May 14th total of 2,702 shares. Based on an average daily volume of 45,777 shares, the short-interest ratio is presently 0.4 days. Currently, 0.1% of the shares of the company are short sold.

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

Several institutional investors and hedge funds have recently added to or reduced their stakes in PFO. CIBC Bancorp USA Inc. bought a new position in shares of Flaherty & Crumrine Preferred and Income Fund during the third quarter valued at $5,738,000. Pathstone Holdings LLC bought a new position in shares of Flaherty & Crumrine Preferred and Income Fund during the third quarter valued at $3,073,000. Advisors Asset Management Inc. raised its stake in shares of Flaherty & Crumrine Preferred and Income Fund by 228.6% during the fourth quarter. Advisors Asset Management Inc. now owns 309,687 shares of the company’s stock valued at $2,927,000 after acquiring an additional 215,441 shares during the last quarter. 1607 Capital Partners LLC bought a new position in shares of Flaherty & Crumrine Preferred and Income Fund during the third quarter valued at $1,936,000. Finally, Closed End Fund Advisors Inc. bought a new position in shares of Flaherty & Crumrine Preferred and Income Fund during the fourth quarter valued at $909,000. Institutional investors own 12.90% of the company’s stock.

Flaherty & Crumrine Preferred and Income Fund Price Performance

Shares of NYSE:PFO remained flat at $9.14 on Friday. 14,663 shares of the company’s stock were exchanged, compared to its average volume of 31,732. The company’s fifty day moving average price is $9.19 and its two-hundred day moving average price is $9.36. Flaherty & Crumrine Preferred and Income Fund has a 1 year low of $8.85 and a 1 year high of $9.90.

Flaherty & Crumrine Preferred and Income Fund Dividend Announcement

The business also recently disclosed a monthly dividend, which will be paid on Friday, July 31st. Investors of record on Friday, July 24th will be paid a $0.0556 dividend. The ex-dividend date of this dividend is Friday, July 24th. This represents a c) annualized dividend and a yield of 7.3%.

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.