Flaherty & Crumrine Preferred Income Fund Inc. (NYSE:PFD) Short Interest Update

Flaherty & Crumrine Preferred Income Fund Inc. (NYSE:PFD) saw a significant increase in short interest in the month of May. As of May 29th, there was short interest totaling 12,882 shares, an increase of 97.8% from the May 14th total of 6,511 shares. Based on an average trading volume of 32,163 shares, the days-to-cover ratio is presently 0.4 days.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in PFD. Western Wealth Management LLC purchased a new stake in Flaherty & Crumrine Preferred Income Fund during the 1st quarter worth about $32,000. Fifth Third Bancorp purchased a new stake in Flaherty & Crumrine Preferred Income Fund during the 1st quarter worth about $98,000. Kestra Advisory Services LLC purchased a new stake in Flaherty & Crumrine Preferred Income Fund during the 1st quarter worth about $128,000. Capital Investment Advisors LLC purchased a new stake in Flaherty & Crumrine Preferred Income Fund during the 4th quarter worth about $149,000. Finally, Cary Street Partners Financial LLC increased its position in Flaherty & Crumrine Preferred Income Fund by 58.1% during the 4th 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 in the last quarter.

Flaherty & Crumrine Preferred Income Fund Price Performance

Flaherty & Crumrine Preferred Income Fund stock traded up $0.05 during midday trading on Friday, reaching $11.42. The company’s stock had a trading volume of 9,915 shares, compared to its average volume of 22,356. Flaherty & Crumrine Preferred Income Fund has a fifty-two week low of $10.98 and a fifty-two week high of $12.16. The stock’s 50 day simple moving average is $11.47 and its 200 day simple moving average is $11.66.

Flaherty & Crumrine Preferred Income Fund Dividend Announcement

The company also recently declared a monthly dividend, which will be paid on Friday, July 31st. Stockholders of record on Friday, July 24th will be paid a dividend of $0.0689 per share. This represents a c) annualized dividend and a dividend 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.