Summit X LLC Trims Stock Holdings in Flaherty & Crumrine Preferred and Income Fund Inc. $PFO

Summit X LLC cut its position in shares of Flaherty & Crumrine Preferred and Income Fund Inc. (NYSE:PFO) by 8.5% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 57,112 shares of the company’s stock after selling 5,320 shares during the quarter. Summit X LLC’s holdings in Flaherty & Crumrine Preferred and Income Fund were worth $528,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in PFO. Envestnet Asset Management Inc. grew its position in Flaherty & Crumrine Preferred and Income Fund by 14.1% during the first quarter. Envestnet Asset Management Inc. now owns 132,350 shares of the company’s stock valued at $1,220,000 after acquiring an additional 16,321 shares during the period. Invesco Ltd. lifted its stake in shares of Flaherty & Crumrine Preferred and Income Fund by 195.7% in the 1st quarter. Invesco Ltd. now owns 37,220 shares of the company’s stock valued at $343,000 after purchasing an additional 24,633 shares in the last quarter. Sit Investment Associates Inc. grew its holdings in shares of Flaherty & Crumrine Preferred and Income Fund by 12.1% during the 1st quarter. Sit Investment Associates Inc. now owns 608,217 shares of the company’s stock worth $5,608,000 after purchasing an additional 65,415 shares during the period. Baird Financial Group Inc. acquired a new stake in Flaherty & Crumrine Preferred and Income Fund during the 1st quarter worth approximately $288,000. Finally, Ameritas Advisory Services LLC purchased a new position in Flaherty & Crumrine Preferred and Income Fund in the second quarter valued at approximately $32,000. Hedge funds and other institutional investors own 12.90% of the company’s stock.

Flaherty & Crumrine Preferred and Income Fund Trading Down 0.4%

PFO opened at $9.59 on Monday. Flaherty & Crumrine Preferred and Income Fund Inc. has a 52-week low of $8.01 and a 52-week high of $9.90. The company has a 50 day moving average of $9.66 and a two-hundred day moving average of $9.32.

Flaherty & Crumrine Preferred and Income Fund Increases Dividend

The firm also recently declared a monthly dividend, which will be paid on Friday, November 28th. Investors of record on Thursday, November 20th will be given a dividend of $0.0525 per share. This is a positive change from Flaherty & Crumrine Preferred and Income Fund’s previous monthly dividend of $0.05. The ex-dividend date of this dividend is Thursday, November 20th. This represents a c) dividend on an annualized basis and a yield of 6.6%.

About Flaherty & Crumrine Preferred and Income Fund

Flaherty & Crumrine Preferred Income Opportunity Fund Inc is a closed ended equity mutual fund launched and managed by Flaherty & Crumrine Incorporated. The fund invests in the public equity markets of the United States. It invests in stocks of companies operating in the financial services sector.