Flaherty & Crumrine Preferred Income Fund Inc. (NYSE:PFD) Short Interest Update

Flaherty & Crumrine Preferred Income Fund Inc. (NYSE:PFD) was the recipient of a significant drop in short interest during the month of August. As of August 14th, there was short interest totaling 3,134 shares, a drop of 75.6% from the July 30th total of 12,830 shares. Based on an average trading volume of 37,841 shares, the days-to-cover ratio is presently 0.1 days.

Institutional Trading of Flaherty & Crumrine Preferred Income Fund

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PFD. Beacon Pointe Advisors LLC acquired a new stake in Flaherty & Crumrine Preferred Income Fund during the second quarter worth about $165,000. 49 Wealth Management LLC purchased a new stake in shares of Flaherty & Crumrine Preferred Income Fund during the 2nd quarter worth about $188,000. Bank of America Corp DE acquired a new stake in Flaherty & Crumrine Preferred Income Fund during the 2nd quarter worth approximately $1,972,000. Fiduciary Financial Advisors purchased a new position in Flaherty & Crumrine Preferred Income Fund in the second quarter valued at approximately $720,000. Finally, Northwestern Mutual Wealth Management Co. purchased a new position in Flaherty & Crumrine Preferred Income Fund in the second quarter valued at approximately $43,000.

Flaherty & Crumrine Preferred Income Fund Stock Performance

PFD remained flat at $11.28 during trading on Friday. The company’s stock had a trading volume of 36,330 shares, compared to its average volume of 24,377. Flaherty & Crumrine Preferred Income Fund has a 52 week low of $10.98 and a 52 week high of $12.16. The business has a fifty day simple moving average of $11.43 and a 200 day simple moving average of $11.50.

Flaherty & Crumrine Preferred Income Fund Dividend Announcement

The firm also recently announced a monthly dividend, which will be paid on Friday, October 30th. Investors of record on Friday, October 23rd will be given a dividend of $0.0703 per share. The ex-dividend date is Friday, October 23rd. This represents a c) annualized dividend and a yield of 7.5%.

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.