Flaherty & Crumrine Preferred Income Fund Inc. (NYSE:PFD) Sees Significant Decrease in Short Interest

Flaherty & Crumrine Preferred Income Fund Inc. (NYSE:PFD) was the target of a large decline in short interest during the month of July. As of July 15th, there was short interest totaling 21,999 shares, a decline of 32.1% from the June 30th total of 32,393 shares. Based on an average daily trading volume, of 23,541 shares, the short-interest ratio is presently 0.9 days.

Flaherty & Crumrine Preferred Income Fund Stock Performance

PFD stock opened at $11.32 on Friday. Flaherty & Crumrine Preferred Income Fund has a 1 year low of $10.98 and a 1 year high of $12.16. The stock’s fifty day moving average price is $11.48 and its 200-day moving average price is $11.58.

Flaherty & Crumrine Preferred Income Fund Announces Dividend

The company also recently announced a monthly dividend, which will be paid on Friday, October 30th. Shareholders of record on Friday, October 23rd will be issued a $0.0703 dividend. The ex-dividend date of this dividend is Friday, October 23rd. This represents a c) dividend on an annualized basis and a yield of 7.5%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Western Wealth Management LLC purchased a new stake in shares of Flaherty & Crumrine Preferred Income Fund during the 1st quarter valued at about $32,000. Fifth Third Bancorp bought a new position in shares of Flaherty & Crumrine Preferred Income Fund in the 1st quarter worth approximately $98,000. Kestra Advisory Services LLC bought a new position in shares of Flaherty & Crumrine Preferred Income Fund in the 1st quarter worth approximately $128,000. Sit Investment Associates Inc. boosted its holdings in shares of Flaherty & Crumrine Preferred Income Fund by 8.5% in 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 buying an additional 91,962 shares during the last quarter. Finally, 1607 Capital Partners LLC boosted its holdings in shares of Flaherty & Crumrine Preferred Income Fund by 56.4% in the fourth quarter. 1607 Capital Partners LLC now owns 56,600 shares of the real estate investment trust’s stock worth $672,000 after buying an additional 20,400 shares during 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.