Flaherty & Crumrine Preferred and Income Fund (NYSE:PFO) Stock Price Down 0.6% – Here’s What Happened

Flaherty & Crumrine Preferred and Income Fund Inc. (NYSE:PFO)’s stock price dropped 0.6% during mid-day trading on Thursday . The company traded as low as $8.96 and last traded at $8.96. Approximately 40,382 shares were traded during mid-day trading, an increase of 50% from the average session volume of 26,927 shares. The stock had previously closed at $9.01.

Flaherty & Crumrine Preferred and Income Fund Stock Performance

The stock has a 50-day moving average price of $9.10 and a 200 day moving average price of $9.17.

Flaherty & Crumrine Preferred and Income Fund Announces Dividend

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 paid a dividend of $0.0567 per share. This represents a c) dividend on an annualized basis and a yield of 7.6%. The ex-dividend date of this dividend is Friday, October 23rd.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the stock. Rivernorth Capital Management LLC boosted its holdings in shares of Flaherty & Crumrine Preferred and Income Fund by 7.1% in the second quarter. Rivernorth Capital Management LLC now owns 22,537 shares of the company’s stock valued at $208,000 after buying an additional 1,494 shares during the period. Noble Wealth Management PBC raised its holdings in shares of Flaherty & Crumrine Preferred and Income Fund by 3.0% during the second quarter. Noble Wealth Management PBC now owns 100,360 shares of the company’s stock worth $927,000 after acquiring an additional 2,911 shares during the period. Sit Investment Associates Inc. lifted its position in Flaherty & Crumrine Preferred and Income Fund by 5.9% in the 4th quarter. Sit Investment Associates Inc. now owns 1,328,546 shares of the company’s stock valued at $12,555,000 after acquiring an additional 73,704 shares in the last quarter. Mustico Financial Group Inc. lifted its position in Flaherty & Crumrine Preferred and Income Fund by 6.3% in the 4th quarter. Mustico Financial Group Inc. now owns 81,339 shares of the company’s stock valued at $770,000 after acquiring an additional 4,788 shares in the last quarter. Finally, 1607 Capital Partners LLC boosted its stake in Flaherty & Crumrine Preferred and Income Fund by 32.5% in the 4th quarter. 1607 Capital Partners LLC now owns 263,244 shares of the company’s stock worth $2,488,000 after purchasing an additional 64,634 shares during the period. Institutional investors own 12.90% of the company’s stock.

Flaherty & Crumrine Preferred and Income Fund Company Profile

Flaherty & Crumrine Preferred and Income Fund (NYSE:PFO) is a closed-end management investment company designed to provide investors with a high level of current income. The fund focuses its portfolio primarily on preferred and participating securities, including traditional preferred shares, convertible preferred instruments, trust preferred issues and other hybrid securities issued by corporations and financial institutions.

Through broad diversification across industry sectors and geographies, PFO aims to manage credit and interest-rate risk while pursuing attractive yield opportunities.