Flaherty & Crumrine Preferred Income Fund Inc. (PFD) to Issue Monthly Dividend of $0.07 on August 31st

Flaherty & Crumrine Preferred Income Fund Inc. (NYSE:PFD) announced a monthly dividend on Wednesday, July 22nd. Stockholders of record on Monday, August 24th will be given a dividend of 0.0703 per share by the real estate investment trust on Monday, August 31st. This represents a c) dividend on an annualized basis and a dividend yield of 7.5%. The ex-dividend date is Monday, August 24th. This is a 2.0% increase from Flaherty & Crumrine Preferred Income Fund’s previous monthly dividend of $0.07.

Flaherty & Crumrine Preferred Income Fund Stock Up 0.1%

Shares of PFD opened at $11.30 on Friday. Flaherty & Crumrine Preferred Income Fund has a 12-month low of $10.98 and a 12-month high of $12.16. The stock’s fifty day simple moving average is $11.45 and its 200-day simple moving average is $11.53.

Institutional Investors Weigh In On Flaherty & Crumrine Preferred Income Fund

A number of institutional investors and hedge funds have recently modified their holdings of the business. Bard Associates Inc. acquired a new position in Flaherty & Crumrine Preferred Income Fund in the second quarter valued at approximately $19,989,000. Sit Investment Associates Inc. grew its holdings in Flaherty & Crumrine Preferred Income Fund by 8.5% during 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 acquiring an additional 91,962 shares during the period. CIBC Bancorp USA Inc. bought a new stake in shares of Flaherty & Crumrine Preferred Income Fund during the 3rd quarter valued at $5,305,000. Bank of America Corp DE bought a new stake in shares of Flaherty & Crumrine Preferred Income Fund during the 2nd quarter valued at $5,951,000. Finally, Csenge Advisory Group acquired a new position in shares of Flaherty & Crumrine Preferred Income Fund in the 2nd quarter valued at $5,243,000.

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.