Flaherty & Crumrine Preferred and Income Fund Inc. (NYSE:PFO) Short Interest Up 498.0% in May

Flaherty & Crumrine Preferred and Income Fund Inc. (NYSE:PFO) saw a large increase in short interest in May. As of May 29th, there was short interest totaling 16,157 shares, an increase of 498.0% from the May 14th total of 2,702 shares. Approximately 0.1% of the shares of the stock are short sold. Based on an average daily trading volume, of 45,777 shares, the short-interest ratio is presently 0.4 days.

Hedge Funds Weigh In On Flaherty & Crumrine Preferred and Income Fund

Large investors have recently modified their holdings of the company. Webster Bank N. A. purchased a new position in shares of Flaherty & Crumrine Preferred and Income Fund during the 4th quarter valued at about $28,000. Raymond James Financial Inc. purchased a new stake in shares of Flaherty & Crumrine Preferred and Income Fund during the second quarter valued at approximately $49,000. AlphaCore Capital LLC purchased a new stake in shares of Flaherty & Crumrine Preferred and Income Fund during the fourth quarter valued at approximately $127,000. Guggenheim Capital LLC purchased a new stake in shares of Flaherty & Crumrine Preferred and Income Fund during the fourth quarter valued at approximately $232,000. Finally, NewEdge Advisors LLC boosted its stake in shares of Flaherty & Crumrine Preferred and Income Fund by 9.5% during the second quarter. NewEdge Advisors LLC now owns 31,081 shares of the company’s stock valued at $287,000 after purchasing an additional 2,709 shares during the period. 12.90% of the stock is owned by hedge funds and other institutional investors.

Flaherty & Crumrine Preferred and Income Fund Stock Performance

Shares of NYSE PFO traded up $0.02 during trading hours on Wednesday, reaching $9.14. 12,547 shares of the stock traded hands, compared to its average volume of 32,049. Flaherty & Crumrine Preferred and Income Fund has a 52-week low of $8.85 and a 52-week high of $9.90. The company’s 50-day simple moving average is $9.18 and its two-hundred day simple moving average is $9.36.

Flaherty & Crumrine Preferred and Income Fund Dividend Announcement

The company also recently disclosed a monthly dividend, which will be paid on Friday, July 31st. Investors of record on Friday, July 24th will be issued a dividend of $0.0556 per share. This represents a c) dividend on an annualized basis and a dividend yield of 7.3%. The ex-dividend date of this dividend is Friday, July 24th.

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.