First Trust Intermediate Duration Preferred & Income Fund (NYSE:FPF) Shares Pass Above 50 Day Moving Average – What’s Next?

First Trust Intermediate Duration Preferred & Income Fund (NYSE:FPF)’s stock price passed above its fifty day moving average during trading on Wednesday . The stock has a fifty day moving average of $17.89 and traded as high as $17.95. First Trust Intermediate Duration Preferred & Income Fund shares last traded at $17.72, with a volume of 92,526 shares changing hands.

First Trust Intermediate Duration Preferred & Income Fund Stock Performance

The firm’s 50-day simple moving average is $17.88 and its 200 day simple moving average is $18.18.

First Trust Intermediate Duration Preferred & Income Fund Dividend Announcement

The firm also recently announced a monthly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be paid a dividend of $0.1375 per share. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a c) annualized dividend and a yield of 9.3%.

Institutional Investors Weigh In On First Trust Intermediate Duration Preferred & Income Fund

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Northwestern Mutual Wealth Management Co. lifted its stake in First Trust Intermediate Duration Preferred & Income Fund by 765.3% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 2,622 shares of the company’s stock valued at $48,000 after purchasing an additional 2,319 shares during the last quarter. Centaurus Financial Inc. acquired a new position in First Trust Intermediate Duration Preferred & Income Fund in the 2nd quarter worth about $1,028,000. Bank of America Corp DE acquired a new stake in shares of First Trust Intermediate Duration Preferred & Income Fund during the second quarter valued at about $1,724,000. Allworth Financial LP bought a new stake in shares of First Trust Intermediate Duration Preferred & Income Fund during the second quarter worth about $47,000. Finally, Global Retirement Partners LLC bought a new stake in shares of First Trust Intermediate Duration Preferred & Income Fund during the second quarter worth about $315,000.

First Trust Intermediate Duration Preferred & Income Fund Company Profile

First Trust Intermediate Duration Preferred & Income Fund (NYSE: FPF) is a diversified closed-end management investment company that seeks to provide a high level of current income, with a secondary objective of capital appreciation. Listed on the New York Stock Exchange, the fund aims to deliver a consistent distribution by investing primarily in intermediate-duration preferred securities issued by U.S. and foreign corporations, financial institutions and utilities.

The fund’s portfolio is composed predominantly of fixed- and floating-rate preferred stocks, with at least 80% of its total assets invested in such securities.