Flaherty & Crumrine Preferred Income Fund Inc. (NYSE:PFD) Sees Large Growth in Short Interest

Flaherty & Crumrine Preferred Income Fund Inc. (NYSE:PFD) was the target of a significant increase in short interest during the month of September. As of September 30th, there was short interest totaling 35,179 shares, an increase of 69.0% from the September 15th total of 20,814 shares. Based on an average daily volume of 47,581 shares, the days-to-cover ratio is presently 0.7 days.

Flaherty & Crumrine Preferred Income Fund Stock Down 0.2%

PFD traded down $0.03 on Friday, hitting $10.49. The company’s stock had a trading volume of 13,720 shares, compared to its average volume of 26,445. The company’s 50 day simple moving average is $11.04 and its 200-day simple moving average is $11.32. Flaherty & Crumrine Preferred Income Fund has a 12 month low of $10.43 and a 12 month high of $12.10.

Flaherty & Crumrine Preferred Income Fund Announces Dividend

The business also recently disclosed a monthly dividend, which will be paid on Friday, October 30th. Investors of record on Friday, October 23rd will be issued a dividend of $0.0703 per share. The ex-dividend date of this dividend is Friday, October 23rd. This represents a $0.84 dividend on an annualized basis and a yield of 8.0%.

Hedge Funds Weigh In On Flaherty & Crumrine Preferred Income Fund

Several hedge funds have recently bought and sold shares of PFD. CoreCap Advisors LLC lifted its stake in Flaherty & Crumrine Preferred Income Fund by 130.0% in the 3rd quarter. CoreCap Advisors LLC now owns 2,300 shares of the real estate investment trust’s stock worth $25,000 after purchasing an additional 1,300 shares in the last quarter. Northwestern Mutual Wealth Management Co. purchased a new position in Flaherty & Crumrine Preferred Income Fund during the second quarter worth about $43,000. Western Wealth Management LLC bought a new position in Flaherty & Crumrine Preferred Income Fund in the 1st quarter worth about $32,000. Allworth Financial LP bought a new position in Flaherty & Crumrine Preferred Income Fund in the 2nd quarter worth about $40,000. Finally, Fifth Third Bancorp bought a new stake in shares of Flaherty & Crumrine Preferred Income Fund during the 1st quarter valued at about $98,000.

About Flaherty & Crumrine Preferred Income Fund

Flaherty & Crumrine Preferred Income Fund (NYSE: PFD) is a closed-end investment fund managed by Flaherty & Crumrine Incorporated. The fund seeks to provide investors with high current income and, to a lesser extent, opportunities for capital appreciation.

The fund invests primarily in preferred securities issued by financial institutions, utilities, telecommunications companies and other corporations. Its portfolio may also include other income-producing securities, such as hybrid securities, corporate debt and convertible securities.