Short Interest in First Trust Intermediate Duration Preferred & Income Fund (NYSE:FPF) Expands By 142.9%

First Trust Intermediate Duration Preferred & Income Fund (NYSE:FPF) saw a large increase in short interest during the month of August. As of August 14th, there was short interest totaling 50,585 shares, an increase of 142.9% from the July 30th total of 20,826 shares. Based on an average daily trading volume, of 109,518 shares, the days-to-cover ratio is currently 0.5 days.

Hedge Funds Weigh In On First Trust Intermediate Duration Preferred & Income Fund

Several institutional investors have recently made changes to their positions in the stock. Jones Financial Companies Lllp acquired a new stake in First Trust Intermediate Duration Preferred & Income Fund in the first quarter worth $60,000. Invesco Ltd. boosted its stake in First Trust Intermediate Duration Preferred & Income Fund by 17.3% during the 2nd quarter. Invesco Ltd. now owns 773,685 shares of the company’s stock valued at $14,561,000 after purchasing an additional 114,174 shares during the period. NewEdge Advisors LLC increased its stake in shares of First Trust Intermediate Duration Preferred & Income Fund by 59.3% in the second quarter. NewEdge Advisors LLC now owns 94,040 shares of the company’s stock valued at $1,770,000 after purchasing an additional 35,004 shares during the period. Geneos Wealth Management Inc. raised its holdings in shares of First Trust Intermediate Duration Preferred & Income Fund by 18.2% during the second quarter. Geneos Wealth Management Inc. now owns 6,928 shares of the company’s stock valued at $130,000 after buying an additional 1,065 shares during the last quarter. Finally, SeaCrest Wealth Management LLC boosted its position in shares of First Trust Intermediate Duration Preferred & Income Fund by 23.7% during the third quarter. SeaCrest Wealth Management LLC now owns 16,926 shares of the company’s stock worth $317,000 after buying an additional 3,242 shares during the period.

First Trust Intermediate Duration Preferred & Income Fund Stock Performance

Shares of FPF stock traded down $0.04 on Friday, hitting $17.78. 46,170 shares of the stock traded hands, compared to its average volume of 105,364. The company’s fifty day moving average is $17.86 and its 200 day moving average is $18.14. First Trust Intermediate Duration Preferred & Income Fund has a 1-year low of $17.21 and a 1-year high of $19.75.

First Trust Intermediate Duration Preferred & Income Fund Dividend Announcement

The firm also recently disclosed a monthly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be given a dividend of $0.1375 per share. This represents a c) dividend on an annualized basis and a dividend yield of 9.3%. The ex-dividend date of this dividend is Tuesday, September 1st.

About First Trust Intermediate Duration Preferred & Income Fund

First Trust Intermediate Duration Preferred & Income Fund (NYSE: FPF) is a diversified closed-end management investment company that seeks to provide a high level of current income, with a secondary objective of capital appreciation. Listed on the New York Stock Exchange, the fund aims to deliver a consistent distribution by investing primarily in intermediate-duration preferred securities issued by U.S. and foreign corporations, financial institutions and utilities.

The fund’s portfolio is composed predominantly of fixed- and floating-rate preferred stocks, with at least 80% of its total assets invested in such securities.