Flaherty & Crumrine Preferred Income Fund (NYSE:PFD) Share Price Crosses Below Two Hundred Day Moving Average – Time to Sell?

Shares of Flaherty & Crumrine Preferred Income Fund Inc. (NYSE:PFD) passed below its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $11.45 and traded as low as $11.10. Flaherty & Crumrine Preferred Income Fund shares last traded at $11.1110, with a volume of 34,684 shares traded.

Flaherty & Crumrine Preferred Income Fund Stock Performance

The firm’s 50-day moving average is $11.37 and its 200-day moving average is $11.45.

Flaherty & Crumrine Preferred Income Fund Announces Dividend

The firm also recently announced a monthly dividend, which will be paid on Friday, October 30th. Stockholders of record on Friday, October 23rd will be given a $0.0703 dividend. The ex-dividend date of this dividend is Friday, October 23rd. This represents a c) dividend on an annualized basis and a dividend yield of 7.6%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Bard Associates Inc. bought a new stake in shares of Flaherty & Crumrine Preferred Income Fund during the second quarter valued at approximately $19,989,000. CIBC Bancorp USA Inc. purchased a new stake in Flaherty & Crumrine Preferred Income Fund during the third quarter valued at $5,305,000. Bank of America Corp DE purchased a new stake in shares of Flaherty & Crumrine Preferred Income Fund during the 2nd quarter valued at about $5,951,000. Csenge Advisory Group bought a new position in Flaherty & Crumrine Preferred Income Fund in the second quarter worth approximately $5,243,000. Finally, Sit Investment Associates Inc. raised its holdings in Flaherty & Crumrine Preferred Income Fund by 8.5% in the 4th quarter. Sit Investment Associates Inc. now owns 1,176,356 shares of the real estate investment trust’s stock worth $13,963,000 after purchasing an additional 91,962 shares during the period.

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.