Flaherty & Crumrine Preferred Income Fund Inc. (NYSE:PFD) Sees Large Increase in Short Interest

Flaherty & Crumrine Preferred Income Fund Inc. (NYSE:PFD) was the recipient of a large growth in short interest in the month of September. As of September 30th, there was short interest totaling 35,179 shares, a growth of 69.0% from the September 15th total of 20,814 shares. Based on an average daily volume of 47,581 shares, the short-interest ratio is currently 0.7 days.

Flaherty & Crumrine Preferred Income Fund Stock Performance

Shares of PFD traded up $0.05 on Thursday, reaching $10.50. The company’s stock had a trading volume of 35,750 shares, compared to its average volume of 26,467. The stock’s 50 day simple moving average is $11.05 and its two-hundred day simple moving average is $11.32. Flaherty & Crumrine Preferred Income Fund has a 12-month low of $10.43 and a 12-month high of $12.10.

Flaherty & Crumrine Preferred Income Fund Announces Dividend

The firm also recently declared a monthly dividend, which will be paid on Friday, October 30th. Stockholders of record on Friday, October 23rd will be paid a dividend of $0.0703 per share. This represents a $0.84 annualized dividend and a dividend yield of 8.0%. The ex-dividend date is Friday, October 23rd.

Institutional Investors Weigh In On Flaherty & Crumrine Preferred Income Fund

Several hedge funds and other institutional investors have recently modified their holdings of the stock. CoreCap Advisors LLC raised its stake in Flaherty & Crumrine Preferred Income Fund by 130.0% during the 3rd quarter. CoreCap Advisors LLC now owns 2,300 shares of the real estate investment trust’s stock worth $25,000 after acquiring an additional 1,300 shares during the period. Noble Wealth Management PBC boosted its position in shares of Flaherty & Crumrine Preferred Income Fund by 31.8% in the third quarter. Noble Wealth Management PBC now owns 9,430 shares of the real estate investment trust’s stock worth $102,000 after purchasing an additional 2,273 shares during the period. Citadel Advisors LLC bought a new position in shares of Flaherty & Crumrine Preferred Income Fund in the second quarter worth approximately $194,000. Beacon Pointe Advisors LLC bought a new position in shares of Flaherty & Crumrine Preferred Income Fund in the second quarter worth approximately $165,000. Finally, 49 Wealth Management LLC purchased a new stake in shares of Flaherty & Crumrine Preferred Income Fund in the second quarter worth $188,000.

About Flaherty & Crumrine Preferred Income Fund

Flaherty & Crumrine Preferred Income Fund (NYSE: PFD) is a closed-end investment fund managed by Flaherty & Crumrine Incorporated. The fund seeks to provide investors with high current income and, to a lesser extent, opportunities for capital appreciation.

The fund invests primarily in preferred securities issued by financial institutions, utilities, telecommunications companies and other corporations. Its portfolio may also include other income-producing securities, such as hybrid securities, corporate debt and convertible securities.