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

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

Flaherty & Crumrine Preferred and Income Fund Trading Down 0.6%

The firm’s fifty day moving average is $9.10 and its 200-day moving average is $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. Shareholders of record on Friday, October 23rd will be given a dividend of $0.0567 per share. The ex-dividend date is Friday, October 23rd. This represents a c) annualized dividend and a yield of 7.6%.

Institutional Trading of Flaherty & Crumrine Preferred and Income Fund

Several hedge funds have recently modified their holdings of the business. Sit Investment Associates Inc. grew its holdings in Flaherty & Crumrine Preferred and Income Fund by 5.9% during the fourth quarter. Sit Investment Associates Inc. now owns 1,328,546 shares of the company’s stock worth $12,555,000 after acquiring an additional 73,704 shares during the period. CIBC Bancorp USA Inc. acquired a new stake in Flaherty & Crumrine Preferred and Income Fund in the third quarter valued at $5,738,000. Pathstone Holdings LLC acquired a new stake in Flaherty & Crumrine Preferred and Income Fund in the third quarter valued at $3,073,000. Advisors Asset Management Inc. boosted its position in shares of Flaherty & Crumrine Preferred and Income Fund by 228.6% during the 4th quarter. Advisors Asset Management Inc. now owns 309,687 shares of the company’s stock worth $2,927,000 after purchasing an additional 215,441 shares in the last quarter. Finally, 1607 Capital Partners LLC boosted its position in shares of Flaherty & Crumrine Preferred and Income Fund by 32.5% during 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 in the last quarter. 12.90% of the stock is owned by institutional investors and hedge funds.

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.