Short Interest in Flaherty & Crumrine Preferred Income Fund Inc. (NYSE:PFD) Declines By 47.8%

Flaherty & Crumrine Preferred Income Fund Inc. (NYSE:PFD) was the target of a large decrease in short interest in May. As of May 15th, there was short interest totaling 6,511 shares, a decrease of 47.8% from the April 30th total of 12,483 shares. Based on an average daily volume of 19,259 shares, the short-interest ratio is presently 0.3 days.

Hedge Funds Weigh In On Flaherty & Crumrine Preferred Income Fund

Institutional investors and hedge funds have recently bought and sold shares of the company. Fiera Capital Corp acquired a new stake in shares of Flaherty & Crumrine Preferred Income Fund in the third quarter valued at about $1,196,000. Fifth Third Bancorp acquired a new stake in shares of Flaherty & Crumrine Preferred Income Fund in the first quarter valued at about $98,000. Kestra Advisory Services LLC acquired a new stake in shares of Flaherty & Crumrine Preferred Income Fund in the first quarter valued at about $128,000. Sit Investment Associates Inc. increased its stake in shares of Flaherty & Crumrine Preferred Income Fund by 8.5% in the fourth quarter. Sit Investment Associates Inc. now owns 1,176,356 shares of the real estate investment trust’s stock valued at $13,963,000 after buying an additional 91,962 shares during the period. Finally, 1607 Capital Partners LLC increased its stake in shares of Flaherty & Crumrine Preferred Income Fund by 56.4% in the fourth quarter. 1607 Capital Partners LLC now owns 56,600 shares of the real estate investment trust’s stock valued at $672,000 after buying an additional 20,400 shares during the period.

Flaherty & Crumrine Preferred Income Fund Price Performance

PFD traded down $0.05 on Monday, reaching $11.46. The stock had a trading volume of 11,185 shares, compared to its average volume of 22,496. Flaherty & Crumrine Preferred Income Fund has a fifty-two week low of $10.97 and a fifty-two week high of $12.16. The firm has a 50-day moving average of $11.42 and a 200-day moving average of $11.67.

Flaherty & Crumrine Preferred Income Fund Dividend Announcement

The company also recently announced a monthly dividend, which will be paid on Friday, July 31st. Shareholders of record on Friday, July 24th will be issued a $0.0689 dividend. This represents a c) dividend on an annualized basis and a yield of 7.2%. The ex-dividend date of this dividend is Friday, July 24th.

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.