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

Flaherty & Crumrine Preferred Income Fund Inc. (NYSE:PFD) saw a significant drop in short interest in the month of February. As of February 28th, there was short interest totalling 10,400 shares, a drop of 32.9% from the February 13th total of 15,500 shares. Based on an average daily volume of 28,500 shares, the days-to-cover ratio is presently 0.4 days.

Flaherty & Crumrine Preferred Income Fund Trading Up 0.3 %

Shares of NYSE:PFD traded up $0.03 during trading on Friday, hitting $11.26. 6,903 shares of the company’s stock traded hands, compared to its average volume of 32,687. The company has a 50-day moving average price of $11.28 and a 200-day moving average price of $11.47. Flaherty & Crumrine Preferred Income Fund has a 52 week low of $9.80 and a 52 week high of $12.08.

Flaherty & Crumrine Preferred Income Fund Announces Dividend

The business also recently declared a monthly dividend, which will be paid on Wednesday, April 30th. Shareholders of record on Wednesday, April 23rd will be paid a $0.061 dividend. This represents a $0.73 dividend on an annualized basis and a yield of 6.50%. The ex-dividend date is Wednesday, April 23rd.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in PFD. Cary Street Partners Financial LLC bought a new stake in Flaherty & Crumrine Preferred Income Fund in the 4th quarter valued at $444,000. Bridgewealth Advisory Group LLC boosted its position in shares of Flaherty & Crumrine Preferred Income Fund by 112.6% during the fourth quarter. Bridgewealth Advisory Group LLC now owns 27,733 shares of the real estate investment trust’s stock worth $316,000 after buying an additional 14,688 shares during the period. Lido Advisors LLC bought a new position in shares of Flaherty & Crumrine Preferred Income Fund during the fourth quarter worth about $796,000. Stifel Financial Corp acquired a new stake in Flaherty & Crumrine Preferred Income Fund in the 4th quarter valued at approximately $307,000. Finally, Guggenheim Capital LLC bought a new stake in Flaherty & Crumrine Preferred Income Fund in the 4th quarter valued at approximately $228,000.

About Flaherty & Crumrine Preferred Income Fund

Flaherty & Crumrine Preferred Income 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 the stocks of companies operating in the financials sector. The fund primarily invests in preferred securities.