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

Flaherty & Crumrine Preferred Income Fund Inc. (NYSE:PFD) was the target of a significant drop in short interest in the month of July. As of July 15th, there was short interest totaling 21,999 shares, a drop of 32.1% from the June 30th total of 32,393 shares. Based on an average daily volume of 23,541 shares, the days-to-cover ratio is presently 0.9 days.

Flaherty & Crumrine Preferred Income Fund Stock Performance

Shares of PFD stock opened at $11.34 on Friday. Flaherty & Crumrine Preferred Income Fund has a fifty-two week low of $10.98 and a fifty-two week high of $12.16. The company has a 50 day moving average price of $11.48 and a 200 day moving average price of $11.58.

Flaherty & Crumrine Preferred Income Fund Announces Dividend

The firm also recently declared a monthly dividend, which will be paid on Friday, October 30th. Shareholders of record on Friday, October 23rd will be given a $0.0703 dividend. This represents a c) annualized dividend and a yield of 7.4%. The ex-dividend date of this dividend is Friday, October 23rd.

Hedge Funds Weigh In On Flaherty & Crumrine Preferred Income Fund

Institutional investors have recently modified their holdings of the business. Western Wealth Management LLC purchased a new stake in shares of Flaherty & Crumrine Preferred Income Fund during the first quarter worth $32,000. Fifth Third Bancorp purchased a new position in Flaherty & Crumrine Preferred Income Fund in the first quarter valued at $98,000. Kestra Advisory Services LLC acquired a new position in Flaherty & Crumrine Preferred Income Fund during the 1st quarter worth $128,000. Sit Investment Associates Inc. grew its stake in Flaherty & Crumrine Preferred Income Fund by 8.5% during the 4th quarter. Sit Investment Associates Inc. now owns 1,176,356 shares of the real estate investment trust’s stock worth $13,963,000 after purchasing an additional 91,962 shares in the last quarter. Finally, 1607 Capital Partners LLC grew its stake in Flaherty & Crumrine Preferred Income Fund by 56.4% during the 4th quarter. 1607 Capital Partners LLC now owns 56,600 shares of the real estate investment trust’s stock worth $672,000 after purchasing an additional 20,400 shares in the last quarter.

About Flaherty & Crumrine Preferred Income Fund

Flaherty & Crumrine Preferred Income Fund (NYSE: PFD) is a closed-end management investment company that seeks to provide shareholders with a high level of current income by investing primarily in preferred securities. The fund’s portfolio typically includes both U.S. and global preferred stocks, hybrid capital instruments and other fixed-income securities that pay fixed or adjustable dividends. It may also invest in investment-grade and below-investment-grade issues to capture yield opportunities across credit quality tiers.

Since its inception in 2006, PFD has aimed to deliver attractive after-tax total returns by actively managing interest-rate and credit-risk exposure.