Short Interest in Flaherty & Crumrine Preferred Income Fund Inc. (NYSE:PFD) Drops By 35.9%

Flaherty & Crumrine Preferred Income Fund Inc. (NYSE:PFD) was the target of a large drop in short interest in the month of April. As of April 30th, there was short interest totaling 12,483 shares, a drop of 35.9% from the April 15th total of 19,464 shares. Based on an average daily trading volume, of 12,410 shares, the days-to-cover ratio is presently 1.0 days.

Hedge Funds Weigh In On Flaherty & Crumrine Preferred Income Fund

Hedge funds and other institutional investors have recently bought and sold shares of the company. Fifth Third Bancorp acquired a new position in Flaherty & Crumrine Preferred Income Fund during the first quarter worth $98,000. Kestra Advisory Services LLC acquired a new position in Flaherty & Crumrine Preferred Income Fund during the first quarter worth $128,000. Capital Investment Advisors LLC acquired a new position in Flaherty & Crumrine Preferred Income Fund during the fourth quarter worth $149,000. Cary Street Partners Financial LLC raised its holdings in Flaherty & Crumrine Preferred Income Fund by 58.1% during the fourth quarter. Cary Street Partners Financial LLC now owns 23,135 shares of the real estate investment trust’s stock worth $275,000 after purchasing an additional 8,500 shares during the last quarter. Finally, CreativeOne Wealth LLC raised its holdings in Flaherty & Crumrine Preferred Income Fund by 154.9% during the third quarter. CreativeOne Wealth LLC now owns 26,000 shares of the real estate investment trust’s stock worth $313,000 after purchasing an additional 15,800 shares during the last quarter.

Flaherty & Crumrine Preferred Income Fund Stock Up 0.4%

Shares of PFD traded up $0.05 during mid-day trading on Monday, hitting $11.36. The company’s stock had a trading volume of 64,529 shares, compared to its average volume of 22,146. The firm has a 50-day simple moving average of $11.41 and a 200 day simple moving average of $11.70. Flaherty & Crumrine Preferred Income Fund has a 1-year low of $10.86 and a 1-year high of $12.16.

Flaherty & Crumrine Preferred 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 $0.0689 per share. The ex-dividend date of this dividend is Friday, July 24th. This represents a c) annualized dividend and a yield of 7.3%.

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.