BFC Capital Trust II PFD TR 7.20% (NASDAQ:BANFP) Stock Short Interest Declines 78.0%

BFC Capital Trust II PFD TR 7.20% (NASDAQ:BANFP) saw a large drop in short interest in October. As of October 15th, there was short interest totaling 385 shares, a drop of 78.0% from the September 30th total of 1,748 shares. Based on an average daily volume of 888 shares, the days-to-cover ratio is presently 0.4 days.

Institutional Inflows and Outflows

A hedge fund recently bought a new position in BFC Capital Trust II PFD TR 7.20% stock. Thurston Springer Miller Herd & Titak Inc. acquired a new stake in BFC Capital Trust II PFD TR 7.20% (NASDAQ:BANFP) in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 1,586 shares of the company’s stock, valued at approximately $41,000.

BFC Capital Trust II PFD TR 7.20% Stock Performance

NASDAQ:BANFP traded up $0.23 during mid-day trading on Thursday, hitting $26.17. The company’s stock had a trading volume of 509 shares, compared to its average volume of 917. BFC Capital Trust II PFD TR 7.20% has a fifty-two week low of $25.55 and a fifty-two week high of $29.75. The stock has a fifty day moving average of $27.22 and a 200-day moving average of $26.60.

BFC Capital Trust II PFD TR 7.20% Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th were paid a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a dividend yield of 6.9%. The ex-dividend date of this dividend was Wednesday, September 30th.

BFC Capital Trust II is a statutory business trust associated with BFC Financial Corporation and is not an operating company. The trust was established to issue trust preferred securities, including its 7.20% trust preferred securities traded under the Nasdaq symbol BANFP.

The trust’s primary purpose is to hold qualifying subordinated debt issued by its corporate sponsor and use the related interest payments to fund distributions on its preferred securities. As a result, its activities are centered on financing and administration rather than the sale of products or services.

BFC Financial Corporation has historical ties to the BankAtlantic banking organization and has operated as a financial services and investment holding company.