Flaherty & Crumrine Preferred Income Fund Inc. (NYSE:PFD) to Issue Dividend Increase – $0.07 Per Share

Flaherty & Crumrine Preferred Income Fund Inc. (NYSE:PFD) announced a monthly dividend on Thursday, July 23rd. Shareholders of record on Monday, August 24th will be paid a dividend of 0.0703 per share by the real estate investment trust on Monday, August 31st. This represents a c) annualized dividend and a yield of 7.4%. The ex-dividend date is Monday, August 24th. This is a 2.0% increase from Flaherty & Crumrine Preferred Income Fund’s previous monthly dividend of $0.07.

Flaherty & Crumrine Preferred Income Fund Trading Down 0.7%

PFD opened at $11.39 on Friday. The firm’s fifty day moving average is $11.49 and its two-hundred day moving average is $11.60. Flaherty & Crumrine Preferred Income Fund has a twelve month low of $10.98 and a twelve month high of $12.16.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. CIBC Bancorp USA Inc. bought a new stake in shares of Flaherty & Crumrine Preferred Income Fund during the third quarter worth $5,305,000. Sit Investment Associates Inc. raised its holdings in shares of Flaherty & Crumrine Preferred Income Fund by 8.5% during the fourth 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 lifted its position in Flaherty & Crumrine Preferred Income Fund by 80.8% in the 4th quarter. Fiera Capital Corp now owns 179,838 shares of the real estate investment trust’s stock valued at $2,135,000 after acquiring an additional 80,344 shares in the last quarter. LPL Financial LLC lifted its position 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 in the last quarter. Finally, 1607 Capital Partners LLC boosted its stake in Flaherty & Crumrine Preferred Income Fund by 56.4% in the 4th quarter. 1607 Capital Partners LLC now owns 56,600 shares of the real estate investment trust’s stock worth $672,000 after purchasing an additional 20,400 shares during the period.

About Flaherty & Crumrine Preferred Income Fund

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.