Short Interest in Flaherty & Crumrine Preferred Income Fund Inc. (NYSE:PFD) Increases By 97.8%

Flaherty & Crumrine Preferred Income Fund Inc. (NYSE:PFD) was the target of a significant growth in short interest in May. As of May 29th, there was short interest totaling 12,882 shares, a growth of 97.8% from the May 14th total of 6,511 shares. Based on an average daily trading volume, of 32,163 shares, the days-to-cover ratio is presently 0.4 days.

Flaherty & Crumrine Preferred Income Fund Trading Up 0.3%

Shares of PFD traded up $0.04 during mid-day trading on Tuesday, reaching $11.50. The company had a trading volume of 32,550 shares, compared to its average volume of 22,402. The company’s 50 day simple moving average is $11.48 and its 200 day simple moving average is $11.65. Flaherty & Crumrine Preferred Income Fund has a 1-year low of $10.98 and a 1-year high of $12.16.

Flaherty & Crumrine Preferred Income Fund Announces Dividend

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 $0.0689 dividend. The ex-dividend date of this dividend is Friday, July 24th. This represents a c) annualized dividend and a yield of 7.2%.

Institutional Trading of Flaherty & Crumrine Preferred Income Fund

A number of hedge funds and other institutional investors have recently modified their holdings of PFD. Lido Advisors LLC increased its holdings in shares of Flaherty & Crumrine Preferred Income Fund by 1.6% during the third quarter. Lido Advisors LLC now owns 66,880 shares of the real estate investment trust’s stock worth $804,000 after buying an additional 1,069 shares in the last quarter. Western Wealth Management LLC acquired a new stake in shares of Flaherty & Crumrine Preferred Income Fund during the 1st quarter valued at $32,000. Osaic Holdings Inc. grew its position in Flaherty & Crumrine Preferred Income Fund by 7.4% during the 2nd quarter. Osaic Holdings Inc. now owns 89,755 shares of the real estate investment trust’s stock worth $1,015,000 after acquiring an additional 6,217 shares during the last quarter. Raymond James Financial Inc. grew its position in Flaherty & Crumrine Preferred Income Fund by 3.8% during the 2nd quarter. Raymond James Financial Inc. now owns 177,337 shares of the real estate investment trust’s stock worth $2,006,000 after acquiring an additional 6,569 shares during the last quarter. Finally, Bank of America Corp DE increased its holdings in Flaherty & Crumrine Preferred Income Fund by 5.5% in the 3rd quarter. Bank of America Corp DE now owns 163,028 shares of the real estate investment trust’s stock worth $1,960,000 after purchasing an additional 8,450 shares in the last quarter.

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.