Flaherty & Crumrine Preferred and Income Fund (NYSE:PFO) Trading Down 0.8% – Time to Sell?

Flaherty & Crumrine Preferred and Income Fund Inc. (NYSE:PFO)’s share price fell 0.8% during trading on Friday . The company traded as low as $9.07 and last traded at $9.08. 56,545 shares were traded during mid-day trading, an increase of 61% from the average session volume of 35,023 shares. The stock had previously closed at $9.15.

Flaherty & Crumrine Preferred and Income Fund Price Performance

The stock has a 50 day simple moving average of $9.19 and a 200 day simple moving average of $9.42.

Flaherty & Crumrine Preferred and Income Fund Announces Dividend

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

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

Large investors have recently bought and sold shares of the stock. CIBC Bancorp USA Inc. bought a new position in shares of Flaherty & Crumrine Preferred and Income Fund during the third quarter valued at $5,738,000. Pathstone Holdings LLC bought a new position in Flaherty & Crumrine Preferred and Income Fund in the third quarter valued at about $3,073,000. Advisors Asset Management Inc. lifted its holdings in Flaherty & Crumrine Preferred and Income Fund by 228.6% in the fourth quarter. Advisors Asset Management Inc. now owns 309,687 shares of the company’s stock valued at $2,927,000 after acquiring an additional 215,441 shares during the period. 1607 Capital Partners LLC bought a new position in Flaherty & Crumrine Preferred and Income Fund in the third quarter valued at about $1,936,000. Finally, Closed End Fund Advisors Inc. bought a new position in Flaherty & Crumrine Preferred and Income Fund in the fourth quarter valued at about $909,000. 12.90% of the stock is owned by hedge funds and other institutional investors.

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.