Flaherty & Crumrine Preferred Income Fund Inc. (NYSE:PFD) Short Interest Down 48.9% in May

Flaherty & Crumrine Preferred Income Fund Inc. (NYSE:PFD) was the recipient of a significant decline in short interest in the month of May. As of May 31st, there was short interest totalling 6,700 shares, a decline of 48.9% from the May 15th total of 13,100 shares. Based on an average daily volume of 22,000 shares, the days-to-cover ratio is currently 0.3 days.

Flaherty & Crumrine Preferred Income Fund Stock Performance

PFD stock traded down $0.06 during mid-day trading on Friday, reaching $11.12. The company had a trading volume of 13,717 shares, compared to its average volume of 30,121. The stock’s 50-day simple moving average is $10.95 and its two-hundred day simple moving average is $11.16. Flaherty & Crumrine Preferred Income Fund has a one year low of $10.22 and a one year high of $12.08.

Flaherty & Crumrine Preferred Income Fund Increases Dividend

The business also recently declared a dividend, which was paid on Friday, May 30th. Stockholders of record on Monday, May 26th were paid a $0.0622 dividend. This is a positive change from Flaherty & Crumrine Preferred Income Fund’s previous dividend of $0.06. This represents a dividend yield of 6.72%. The ex-dividend date of this dividend was Friday, May 23rd.

Hedge Funds Weigh In On Flaherty & Crumrine Preferred Income Fund

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PFD. Sit Investment Associates Inc. raised its position in Flaherty & Crumrine Preferred Income Fund by 18.3% in the first quarter. Sit Investment Associates Inc. now owns 420,011 shares of the real estate investment trust’s stock worth $4,713,000 after acquiring an additional 65,113 shares in the last quarter. Raymond James Financial Inc. bought a new stake in shares of Flaherty & Crumrine Preferred Income Fund in the 4th quarter worth approximately $2,036,000. Smith Asset Management Co. LLC acquired a new stake in Flaherty & Crumrine Preferred Income Fund during the first quarter valued at approximately $840,000. Lido Advisors LLC bought a new stake in Flaherty & Crumrine Preferred Income Fund during the fourth quarter worth approximately $796,000. Finally, Cary Street Partners Financial LLC boosted its holdings in Flaherty & Crumrine Preferred Income Fund by 10.1% during the first quarter. Cary Street Partners Financial LLC now owns 43,500 shares of the real estate investment trust’s stock worth $488,000 after buying an additional 4,000 shares in the last quarter.

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.