Flaherty & Crumrine Preferred and Income Fund Inc. (NYSE:PFO) Sees Significant Growth in Short Interest

Flaherty & Crumrine Preferred and Income Fund Inc. (NYSE:PFO) was the target of a large growth in short interest during the month of January. As of January 15th, there was short interest totaling 14,238 shares, a growth of 22.0% from the December 31st total of 11,668 shares. Approximately 0.1% of the company’s stock are sold short. Based on an average daily trading volume, of 23,225 shares, the days-to-cover ratio is presently 0.6 days. Based on an average daily trading volume, of 23,225 shares, the days-to-cover ratio is presently 0.6 days. Approximately 0.1% of the company’s stock are sold short.

Institutional Trading of Flaherty & Crumrine Preferred and Income Fund

Large investors have recently made changes to their positions in the company. Ameritas Advisory Services LLC acquired a new position in Flaherty & Crumrine Preferred and Income Fund during the second quarter worth approximately $32,000. D.A. Davidson & CO. grew its position in shares of Flaherty & Crumrine Preferred and Income Fund by 21.6% during the second quarter. D.A. Davidson & CO. now owns 77,228 shares of the company’s stock worth $714,000 after acquiring an additional 13,701 shares during the last quarter. Envestnet Asset Management Inc. grew its position in shares of Flaherty & Crumrine Preferred and Income Fund by 4.6% during the second quarter. Envestnet Asset Management Inc. now owns 138,408 shares of the company’s stock worth $1,280,000 after acquiring an additional 6,058 shares during the last quarter. Wolverine Asset Management LLC acquired a new position in shares of Flaherty & Crumrine Preferred and Income Fund in the 2nd quarter valued at $365,000. Finally, Invesco Ltd. raised its position in Flaherty & Crumrine Preferred and Income Fund by 17.1% in the 2nd quarter. Invesco Ltd. now owns 43,592 shares of the company’s stock valued at $403,000 after purchasing an additional 6,372 shares during the last quarter. 12.90% of the stock is owned by institutional investors and hedge funds.

Flaherty & Crumrine Preferred and Income Fund Trading Down 0.3%

Shares of NYSE PFO traded down $0.03 during mid-day trading on Tuesday, reaching $9.69. The company had a trading volume of 59,209 shares, compared to its average volume of 26,482. The firm has a 50 day simple moving average of $9.50 and a two-hundred day simple moving average of $9.51. Flaherty & Crumrine Preferred and Income Fund has a 52-week low of $8.01 and a 52-week high of $9.90.

Flaherty & Crumrine Preferred and Income Fund Announces Dividend

The company also recently disclosed a monthly dividend, which will be paid on Thursday, April 30th. Shareholders of record on Thursday, April 23rd will be issued a dividend of $0.0546 per share. The ex-dividend date of this dividend is Thursday, April 23rd. This represents a c) annualized dividend and a dividend yield of 6.8%.

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.