Flaherty & Crumrine Preferred and Income Fund (NYSE:PFO) Trading Down 0.1% – Here’s What Happened

Flaherty & Crumrine Preferred and Income Fund Inc. (NYSE:PFO) was down 0.1% during mid-day trading on Thursday . The stock traded as low as $9.03 and last traded at $9.06. 20,102 shares were traded during mid-day trading, a decline of 34% from the average session volume of 30,279 shares. The stock had previously closed at $9.07.

Flaherty & Crumrine Preferred and Income Fund Stock Performance

The business has a 50-day moving average price of $9.16 and a 200-day moving average price of $9.24.

Flaherty & Crumrine Preferred and Income Fund Dividend Announcement

The firm also recently announced a monthly dividend, which will be paid on Friday, October 30th. Investors of record on Friday, October 23rd will be paid a dividend of $0.0567 per share. This represents a c) annualized dividend and a yield of 7.5%. The ex-dividend date is Friday, October 23rd.

Institutional Investors Weigh In On Flaherty & Crumrine Preferred and Income Fund

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PFO. Sit Investment Associates Inc. increased its holdings in shares of Flaherty & Crumrine Preferred and Income Fund by 5.9% during the fourth quarter. Sit Investment Associates Inc. now owns 1,328,546 shares of the company’s stock valued at $12,555,000 after acquiring an additional 73,704 shares in the last quarter. CIBC Bancorp USA Inc. acquired a new stake in Flaherty & Crumrine Preferred and Income Fund in the 3rd quarter worth approximately $5,738,000. Pathstone Holdings LLC purchased a new stake in Flaherty & Crumrine Preferred and Income Fund during the 3rd quarter worth approximately $3,073,000. Advisors Asset Management Inc. increased its stake in Flaherty & Crumrine Preferred and Income Fund by 228.6% during the 4th quarter. Advisors Asset Management Inc. now owns 309,687 shares of the company’s stock valued at $2,927,000 after purchasing an additional 215,441 shares in the last quarter. Finally, 1607 Capital Partners LLC increased its stake in Flaherty & Crumrine Preferred and Income Fund by 32.5% during the 4th quarter. 1607 Capital Partners LLC now owns 263,244 shares of the company’s stock valued at $2,488,000 after purchasing an additional 64,634 shares in the last quarter. 12.90% of the stock is currently owned by hedge funds and other institutional investors.

About Flaherty & Crumrine Preferred and Income Fund

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.